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CUNA Mutual State National complete account transitions
MADISON, Wis. and BEDFORD, Texas (5/24/10)--CUNA Mutual Group and State National Companies have transitioned several hundred tracked collateral protection insurance credit union accounts from CUNA Mutual to State National. In July, the two formed an alliance to expand automobile collateral protection insurance (CPI) to credit unions nationwide. CPI protects the collateral on credit unions’ loan portfolios against uninsured physical damage exposures. State National, which carries CPI as its core focus, assumed underwriting, claims processing, customer service and insurance tracking responsibilities for all of CUNA Mutual’s tracked collateral protection insurance business. Tracked programs generate notices to members who are not in compliance with their loan agreement to maintain a minimum level of physical damage insurance. When proof of insurance is not provided, a policy is placed on the collateral to protect the credit union in case the collateral is damaged and has to be repossessed. State National also offers InsurTrak, a tracking and program management platform, and myloaninsurance.com, an online tool that allows members to submit proof of private insurance, which makes the program administration efficient and cost-effective, the companies said.
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