DUBLIN, Ohio–Excess Share Insurance (ESI) is working with the fintech Acrisure to launch Campio, a new insurance agency is offering solutions to both credit unions and their members, including bond coverage and later, health insurance.
ESI said the new agency offers a comprehensive bond package designed specifically for credit unions, including fidelity bonds to protect institutions against losses caused by fraud, employee dishonesty, cyber incidents, and other operational risks.
“As options in the fidelity bond market narrow and costs rise, Campio provides a competitive alternative with dependable protection, simplified implementation, and a partner that understands the regulatory and operational realities faced by credit unions,” the companies said. “The program is supported by access to leading insurance carriers and firsthand guidance from licensed agents, helping credit unions secure coverage that meets requirements while managing cost and complexity.”
Campio, which means “champion” in Latin, is owned by ESI and powered by Acrisure, which will help to deliver national reach, access to a broad carrier network, and personalized agent support, ESI stated.
A ‘Natural Extension’
Theresa Mason, president and CEO of American Share Insurance—the provider of deposit insurance to CUs in some states—and its affiliate, Excess Share Insurance, as well as Campio, said the new insurance offerings are “just a natural extension of what ASI has been doing in the credit union space” as its “mission is to help credit unions.”
Mason said credit unions that are members of the company’s Advisory Council have been offering feedback on the challenges they face, including a more complex risk environment and, specifically, greater cyber exposures.
“Margins are tight and the regulatory expectations are still extremely high, so we think Campio can actually help them and expand their competitive insurance solutions while staying within the cooperative space,” Mason said. “We think now is a really good time to offer them more choices and opportunities to protect themselves and their members.”
An Exercise in Renewal, Not Asking Right Questions
Jennifer Middendorf, who is heading up Campio and who brings “deep experience across insurance, banking, and wealth management,” according to the company, said that in many cases credit unions have longstanding relationships in the bond space and “it becomes an exercise in renewal as opposed to saying, ‘Where is our risk today and how do we continue to look at that thoughtfully?’ And then when I look at our members’ experiences with insurance, I see countless examples of customers who just don’t understand how their insurance works. In many cases they buy it because they have to have it and that’s as far as the conversation has ever gone.
“So, we are really looking to step away from that transactional experience to a relationship-first, education-first focus, because we know that if we can establish that level of protection, we build that trust…” she added.
Standalone Agency
Mason said Campio is a standalone agency that will offer access to independent carriers through Acrisure. “They have national scale with actual agents, (and will) bring insurance solutions to both the credit union as well as their members over time,” Mason said.
When it introduces products to members through Campio, it will also mark the first time ASI has had a member-facing, retail offering
The Gap in ‘Education’
At several points during their discussion with the CU Daily, Mason and Middendorf stressed “education” as a key need among both credit union leaders and members when it comes to insurance.
“We think education…and helping the members and the credit unions understand the risk and the exposure is really important to our mission,” Mason said.
Mason added she has often heard that people don’t read their insurance policies and don’t understand what they have/don’t have until they need to file a claim. If the CU/member is educated and then still opts for the most basic of coverage, at least they were informed when they made their choice, said Mason.
Idea in Works for Several Years
Mason said discussions about offering the new insurance offerings have been ongoing inside the company for several years.
Middendorf, who joined the company in January to lead the effort, said Campio is seeking to solve for two problems it sees in the market: a lack of choice in fidelity bonds, especially around cyber-risks, as well as the aforementioned gap in education.
“While there is cyber coverage in the market, I think it’s often not so much the coverage that they have but it’s keeping up with the constantly changing risk,” Middendorf said. “We know that if we’re protecting our credit unions, we can then extend and protect our members. A big key to that is there are fintechs out there, there are insurance programs out there, but I think what is missing is really that education piece. When our credit unions and their members are educated it makes them be a part of their risk management decisions. It’s not a transaction they do because they have to buy it, but it really helps them take an active role in protecting themselves and their best interests.”
The business-to-business line, which offers what Middendorf said is a comprehensive fidelity bond package, is being made available through an exclusive bundled contract with Acrisure that includes flexibility should its carrier or underwriting appetite change, the company said.
Phasing In Health Insurance
Plans are to phase in the offerings to retail members.
Health insurance is an issue many of the company’s credit unions said is a struggle, especially smaller CUs with few employees, which face extremely high premiums if they can obtain coverage at all, Mason pointed out.
“This will be an opportunity for Campio to be able to bring health insurance to the very small credit union,” Mason said, adding that many CUs also serve small businesses that have similar needs the credit union can now help meet.
Turnkey Marketing Program
For the member-facing piece Middendorf said Campio will offer a turnkey marketing program that will include enrollment and service support, with a goal of removing the burden from the credit union. A digital interface will be available that leads the member directly to Acrisure for fulfillment.
“Acrisure has more than 18,000 agents who understand insurance in specific areas of the country,” Mason explained. “They have people who are actually going to talk to people and actually know what’s important about the coverage in that specific area of the country.”
Campio will get its official launch during America’s Credit Unions’ GAC next week and then be rolled out to the broader market, Mittendorf said, adding the company plans to use feedback from CU leaders at the meeting to continue to “strengthen the model.”
For info: ChooseCampio.com.
