How Insuritas has created new revenue streams for financial institutions through embedded insurance agencies

BUNDLE by Insuritas empowers financial institutions with an important source of annuitizing non-interest income by providing them with tailored, full-service digital insurance agencies that are integrated into their existing customer ecosystems. 

In recent years, financial institutions of all sizes have been faced with a growing difficulty to generate revenue at the same pace they have traditionally done. Rising interest rates and a decline in consumer spending have resulted in fewer loans being granted as well as a decline in fee-based revenue for banks and financial institutions. These are two of the largest factors contributing to financial institutions experiencing difficult revenue growth. Insuritas has created the BUNDLE platform to give banks and financial institutions the ability to increase non-interest income while providing an added service to customers. 

BUNDLE by Insuritas is its award-winning, full-service digital insurance agency platform that embeds insurance offers within the financial institution’s ecosystem, enabling banks and credit unions of all sizes to offer a variety of insurance products to their customers and members. It’s important to note that while Insuritas plays the role of an agency operator, applying its technical, operational, and marketing expertise for the agency that it creates, the financial institution maintains ownership of the agency and the insurance policies that their customers purchase.  

Insuritas’ digital insurance assistant, Lily, is seamlessly woven into multi-channel, automated outreach and nurturing campaigns to ensure strategic, scalable agency awareness. All marketing outreach and nurturing is white-labeled and tailored for the financial institution’s agency brand.  

Through its platform, Insuritas offers its partners the ability to embed a plethora of property and casualty (P&C) insurance products that their customers purchase every year, including but not limited to home, auto, renters, pet and business. This ultimately provides a considerable non-interest revenue source for financial institutions who are searching for additional methods to generate income while providing tangible value for their invaluable customer base.  

With over two decades of experience in embedding insurance agencies, Insuritas has pioneered a process that is seamless and turnkey for its financial institution partners. From agency creation, licensing and appointments, to agency launch, maturity, and long term growth, Insuritas is able to work closely with cross-functional bank and credit union teams to ensure that their respective agency is compliant, transparent, and provides a positive value for their customers.  

Insuritas has been able to successfully implement white-labeled, scalable insurance programs into banks and credit unions because the company has a specialized team that’s focused and knowledgeable in all aspects of agency operation. With seasoned subject matter experts in-house, Insuritas has built an execution team that can quickly and efficiently set up a functioning insurance agency in the matter of months, not years. For financial institutions facing a revenue crunch, this efficiency can translate into substantial recurring income.  

Insuritas has developed a high reputation for its outstanding commitment within the financial institution vertical. This is demonstrated by its track record over the past two decades, with over 250 financial institution agencies successfully launched and 40+ insurance carrier partnerships in effect. While Insuritas has focused its embedded agency efforts on financial institutions, the company is seeking to expand BUNDLE into other applicable verticals, including online retailers, car dealerships, and corporate employee benefits. 

What’s next for the organization? In continuing to pioneer the embedded insurance space, Insuritas has developed the unique ability to integrate their insurance capabilities directly into a financial institution’s ecosystem through a proprietary suite of APIs, which connects with loan origination platforms to provide customers with an insurance quote in the direct moment of interest. This enables loan applicants to quote and purchase the insurance that they need, without having to transition to another website or platform.By streamlining the consumer journey, Insuritas is able to maximize quote and sales conversions for high intent customers.   

Insuritas was founded by CEO and President, Jeffrey Chesky, who recognized the gaps and inefficiency in various financial institution’s prior attempts to integrate insurance alongside traditional banking products. This was primarily driven by a lack of understanding and knowledge of the bank’s execution teams, who were not accustomed to the complexities in launching an insurance agency. Chesky pioneered the embedded insurance agency model to provide banks and credit unions of all sizes with a scalable digital insurance platform that effectively enriches a financial institution’s product portfolio with the insurance products that its customers purchase every year. 

Chesky notes, “Through BUNDLE by Insuritas, our embedded insurance agency as a service, financial institutions can continue to provide simple, seamless access to competitive options for their customers’ insurance needs, all with a focus on delivering the right coverages, at the right price, at the right time. As a pioneer of embedded insurance, we are very proud of what we have accomplished for financial institutions and look forward to providing continued, recurring value for our partners and their customers.”