These days, it’s not the why, but the how…
I always catch some flak from members when I compare fraternals to credit unions. Rest assured, I fully understand the difference between the arguments justifying the fraternal tax exemption versus those used by credit unions. But from a purely operational and historical perspective, fraternals and credit unions share many characteristics. That’s why I thought this article by Credit Union National Association President Jim Nussle was so interesting. His comments about credit unions building awareness among members and nonmembers and being disrupters by providing innovative solutions in the marketplace can be applied directly to fraternals. Take a look and let me know what you think.
Push button, get mortgage. That is Quicken Loan’s catch phrase that sums up the way they’ve reinvented the home mortgage industry. A little company called Mass Mutual (you may have heard of them) is trying to do the same thing to the life insurance industry with its “start up” called Haven. Take a look at this article from the May 2017 issue of Best’s Review and see if you can borrow their philosophy about recreating the customer experience.
Finally, fraternals have been in the news of late, too, and much of that coverage has been stimulated by programs at Alliance meetings and conferences. In case you haven’t seen it, here’s a summary.
August 14, 2017
American Fraternal Alliance Applauds NAIC Approval of Amended Principle-Based Reserving Small Company Exemption.
August 14, 2017