SavvyMoney has announced a significant integration with TruStage to enhance the loan application process by offering tailor-made insurance options. SavvyMoney is renowned for providing financial wellness tools and personalized loan offerings, while TruStage is well-known for its insurance, investment, and technology solutions. This strategic partnership aims to educate borrowers on relevant loan protection products, ultimately improving their financial wellness. An initial pilot launch with 48 credit unions demonstrated positive engagement, with significant borrower interest in the insurance options provided.
Seamless Integration and Positive Initial Results
The collaboration introduces a seamless API connection that integrates each financial institution’s TruStage account with SavvyMoney’s platform. This setup displays relevant loan protection products based on the specific loan type, ensuring borrowers receive personalized information. Controlled A/B testing during the pilot phase revealed that over 40% of applicants expressed interest in TruStage insurance products. Importantly, this interest did not reduce the number of loan applications submitted. By allowing consumers to indicate interest without having to commit to a purchase, the integration offers valuable insights for lending teams, which can enable more informed decision-making.
The customization and relevance of loan protection options have been key to the successful engagement seen so far. JB Orecchia, President and CEO of SavvyMoney, reported that the integration has processed over 11,000 loan applications across more than 50 credit unions, with a noticeable increase in borrower interest in insurance products. This success demonstrates the potential of this partnership to enhance the loan application process for both financial institutions and their consumers.
Enhanced Personalization and Efficient Lending
The partnership emphasizes the importance of personalization in loan offerings. The integration provides each borrower with customized protection options tailored to their specific loan circumstances. This high level of personalization not only enhances the relevance of the products offered but also contributes to a more streamlined and user-friendly loan application process. The intuitive interface of SavvyMoney’s “Credit Score & More” feature ensures that borrowers can easily navigate their options, allowing them to make informed decisions about their financial protection needs.
Financial institutions benefit from this integration by gaining a holistic understanding of borrower needs. This awareness facilitates a more efficient lending workflow, providing institutions with the tools they need to better serve their customers. For borrowers, the process of exploring protection options becomes part of their loan application journey, adding value and peace of mind. Corrin Maier, Vice President of Lending Payment Protection at TruStage, highlighted the commitment to providing affordable and accessible protection options that empower both borrowers and financial institutions alike.
A Significant Advancement in Financial Wellness
The collaboration between SavvyMoney and TruStage represents a significant step forward in the realm of financial wellness and consumer empowerment. By combining their expertise, both companies have created a solution that is not only innovative but also highly practical. Borrowers are presented with protection options that are specifically relevant to their loan types, making it easier for them to understand and choose the coverage that best fits their financial situation. Initial results have been encouraging, with a substantial number of applicants showing interest in TruStage insurance products without experiencing a drop in loan applications. This indicates that borrowers value having the option to explore loan protection without feeling pressured to commit on the spot. The fact that over 50 credit unions have already adopted the integration speaks volumes about its effectiveness and potential for scalability.
Looking Towards the Future
SavvyMoney has announced a key integration with TruStage to streamline the loan application process by incorporating custom insurance options. SavvyMoney is well-regarded for its financial wellness tools and personalized loan services, while TruStage is recognized for its broad range of insurance, investment, and technology solutions. This strategic collaboration seeks to educate borrowers on pertinent loan protection products, thereby enhancing their overall financial wellness. A pilot launch involving 48 credit unions showcased positive outcomes, with notable borrower interest in the provided insurance options. This integration aims to offer enhanced value by ensuring borrowers have access to relevant insurance products that can safeguard their financial futures. The successful pilot underscores the potential for this partnership to significantly impact financial well-being for a broader audience, meeting the diverse needs of borrowers in the credit union space.