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Solutions

Financial Institutions Solutions Overview

by Jessica Kosiewicz on November 14, 2017

insurance administration for financial institutions

Selman & Company markets and administers insurance programs for over 800 financial institutions nationwide and internationally, and we have developed solid relationships with over 25 independent brokerage agencies with the ability to reach all fifty states. Insurance administration for financial institutions is a core function that helps our clients add value, increase member engagement, and generate revenue beyond assets under management and fees.

Credit unions and financial institutions work diligently to build lifelong, financial partnerships with their members. Through affordable financial products and member benefits, banks and credit unions strive to ensure the financial well-being of their members. Today, we provide comprehensive customer service to millions of financial institution members and customers nationwide. We continually strive to expand our product offerings.

Available Products:

    • Accidental Death & Dismemberment
    • Cancer Protection
    • Group Term Life
    • Disability Insurance
    • Guaranteed Issue Term Life
    • Medicare Supplement
    • TRICARE/CHAMPVA Supplement
    • And more...

Selman & Company has established strategic and beneficial relationships with nationally recognized, quality insurance companies highly rated by A.M. Best Company and other independent industry analysts. Our strength, leadership and execution are widely recognized and valued by many of the world’s largest and most financially secure insurance companies giving Selman the opportunity to deliver the best combination of products and services to our clients based on their specific demographics and needs.

Core Capabilities

  • Client Management
  • Marketing
  • Administrative Services
  • Customer Contact
  • Claims
  • Compliance

Strengthen the Value of Membership

Adding a group, discounted insurance program or enhancing a current program is an excellent way to:

      • Differentiate yourself from your competitors
      • Enhance current relationships to retain members
      • Help contribute to the growth of your credit union or institution
      • Add significant revenue that drops right to your bottom line

Example Solutions

Specialist Medical Association – Selman & Company assumed the management of administrative functions for the life and accident program for a Specialist Medical Association in 2011.  Following the transition, the program continues to grow by offering products to association members. We efficiently administer more than $1.4 million in insurance premium.

Large Alumni Association – We administer a $3.5 million block of life and disability income insurance sponsored by a Large Alumni Association.  Benefits are underwritten by multiple carriers and administrative stability is  paramount. More than 4,500 policies converted to SelmanCo's insurance administration platform during the transition, with the goal of ensuring broader data security and easing member access to make payments and policy changes.  In addition, as the Alumni Association transitioned from direct mail to digital marketing, Selman & Company was retained to manage all new digital marketing efforts through the utilization of email, content marketing, banner ads, and re-marketing channels.

For more information about improving revenue and increasing the value of your membership, contact us:

Let's Talk

Topics: Financial Institutions

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SelmanCo is one of the largest, privately-held US life and supplemental health insurance administration firms that specializes in reducing cost and increasing efficiency for associations, credit unions, banks, employers, and insurance companies. Our workforce of 200 professionals is headquartered in Cleveland, OH, with offices in Keene, NH and Baltimore, MD.

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Contact

One Integrity Parkway
Cleveland, OH 44143-1500
Phone: 800.735.6262
Fax: 440.646.9339
  

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