BURLINGTON, ON, Dec. 14, 2017 /CNW/ - Today, CUMIS announced a new partnership with Grow Technologies that will allow Canadian credit unions to provide online solutions enabling their members to protect their loans with creditor insurance, whether they apply in a branch or on their smartphone, tablet or computer.
A number of credit unions across the country have recently selected Grow, a leading enterprise fintech provider, as their technology partner to offer account opening, AI powered financial literacy solutions, and online lending to better serve their members. CUMIS is working with Grow and its credit union partners to provide the option to purchase creditor insurance through their omnichannel application process. A pilot program will be launched in early 2018.
"We are excited to work with Grow and our credit union partners to enhance the member experience by providing new options for people to do more banking wherever and whenever they choose," said Bob Hague, President Credit Union Distribution. "Members of participating credit unions will have quick and convenient digital access to loans and lines of credit with the peace of mind that comes with our comprehensive creditor insurance."
"We're excited to be integrating CUMIS' industry leading insurance offering into our AI-driven digital banking platform to improve the lives of credit union members across Canada," said Kevin Sandhu, CEO of Grow. "Having worked with the Canadian credit union system for several years, we are thrilled to collaborate with CUMIS to reshape how creditor insurance can help protect the wellbeing of Canadians in digital and omnichannel settings. CUMIS' offering will be available for a wide variety of applications including loans, lines of credit and overdraft protection, with the aim to extend the insurance offering to our upcoming applications in autos and mortgage lending as well."
CUMIS is the leading provider of insurance-related products and services to the Canadian credit union system. By partnering with CUMIS, credit unions can offer their members many types of insurance, including credit and mortgage protection, life, disability and critical illness, home, auto, travel and employee benefits. CUMIS also provides insurance to credit unions themselves. Through its partnership with Grow, CUMIS creditor insurance will be offered through digital channels for the first time.
The CUMIS Group Limited partners with credit unions to deliver competitive insurance and financial solutions. In doing so, it creates financial security and promotes the growth and success of the credit union system in Canada. CUMIS's principal companies are CUMIS Life Insurance Company and CUMIS General Insurance Company, and it has a 50 per cent interest in Credential Financial Inc. CUMIS is jointly owned by Co-operators Life Insurance Company and Central 1 Credit Union. For more information, visit cumis.com.
Grow Technologies is a leading enterprise fintech company, working with top global financial institutions to leverage cutting edge technology and advanced data analytics to reinvent the banking experience for consumers and businesses alike. Grow's white labeled digital banking platform is powering a new generation of data-driven banking products and services, including lending, account opening, financial education and a host of API services covering digital compliance, fraud detection, data analytics and more. For more information, visit poweredbygrow.com.
SOURCE The CUMIS Group Limited
For further information: Leonard Sharman, CUMIS, (519) 767-3937; Sean O'Connor, Senior Vice President, Partnerships, Grow Technologies, [email protected], (604) 353-7186