Credit Union Group Honors Securian
ST. PAUL, Minn., July 17 /PRNewswire/ — Securian Financial Group, the exclusive NAFCU Services Corporation “Preferred Partner” for credit insurance and debt protection programs, received a 2009 Innovation Award from the credit union group for designing the Payment Assurance product.
The Payment Assurance debt protection product cancels or suspends a borrower’s loan payment for up to six months per occurrence of involuntary unemployment. As a non-contributory program, Payment Assurance allows a financial institution to cover all or select loan portfolios at no charge to the borrower.
“Payment Assurance provides a competitive marketing advantage by attracting more loans, reducing loan delinquency and protecting borrowers across multiple loan types,” said John Gibbons, managing director of Securian’s financial institution sales and marketing unit. “Involuntary unemployment is one of the most significant causes for loan delinquency right now. Credit unions that offer Payment Assurance can keep loans out of the collection queue and better manage lending risk in this challenging economy.”
The Innovation Award recognizes excellence in providing products and services for credit unions and enhancing their ability to compete in a crowded financial services marketplace. The winners were selected by the NAFCU Services Advisory Committee, which is composed exclusively of credit union executives from across the country, representing credit unions of all sizes.
“Credit unions are looking for innovative solutions now more than ever,” said David Frankil, president of NAFCU Services. “It should come as no surprise that the winning solutions all address pressing needs for both credit unions and their members.”
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with industry providers to offer products and services at a discount to credit unions. Currently, it offers 25 Preferred Partner programs.
Securian Financial Group has served financial institutions for over 50 years, providing insurance, debt protection, loan documents, and marketing services to more than 4,000 financial institutions across the United States. Securian helps provide financial security for individuals and businesses in the form of insurance, retirement products and services, and investments. The company has nearly $775 billion of life insurance in force, $25 billion in assets under management as of June 30, 2009 and a nationwide work force of 3,600 employees. Securian serves more than 9,000,000 individuals in the U.S.
SOURCE Securian Financial Group