April 2025 Newsletter

Upcoming Industry Events

April 1-2

CU Growth & Innovation Summit - Oak Brook, IL

April 5-6

Credit Union Cherry Blossom Run - Washington D.C.

April 8-10

LSCI Collections Institute - Online

April 13-15

Small Credit Union Conference - Spokane, WA

April 14-16

velera - Denver, CO

April 21-23

inVest48 - Columbus, OH

April 22-24

Tennessee League Convention & Expo - Gatlinburg, TN

April 28-May 1

inclusiv Conference - Cleveland, OH

Announcements

Industry News

Rising Number of Uninsured Drivers Increases Auto Insurance Costs, Report Warns

The rising number of uninsured drivers in the U.S. (now at 14%) is pushing auto insurance costs higher for all motorists, according to a report from Mercury Insurance. Insurers are compensating for the increased risk by raising premiums, with insured drivers collectively paying $16 billion for uninsured and underinsured motorist coverage in recent years.

To mitigate financial risks, Mercury Insurance advises drivers to carry uninsured motorist coverage, consider umbrella policies, and practice safe driving habits. While affordability remains a challenge, the company emphasizes that auto insurance is essential for financial protection, and policyholders can explore discounts to help lower costs.

Read Full Article

insurancebusinessmag.com

Widespread Price Increases, Extreme Weather Events and Long Repair Cycle Times Strain Customer Satisfaction with Homeowners Insurance Claims

The J.D. Power 2025 U.S. Property Claims Satisfaction Study reveals a growing frustration among homeowners filing insurance claims. With 27 catastrophic events in 2024 and rising premiums, policyholders are paying more for slower service. The average claim now takes over 44 days to finalize, the longest since 2008. Customer satisfaction drops significantly when repairs exceed 31 days, and insurer-initiated premium increases further erode trust. Clear communication and digital tools can help mitigate dissatisfaction, particularly among younger customers. Chubb ranks highest in claims satisfaction, followed by Amica and The Hartford.

Read Full Article

jdpower.com

What Others Are Saying About ISI

"ISI provides excellent service not only to us as a business partner but to our members as well."

SPC Credit Union

See what other Raving Fans are saying about ISI!

Celebrating Milestone Anniversaries This Month

We are thankful for our lender partners, who are essential to our continued success! Listed below are those celebrating milestone anniversaries with ISI this month!

Celebrating 5 Years

Iowa Heartland Credit Union

Omaha Douglas Federal Credit Union

Omaha Police Federal Credit Union

Celebrating 15 Years

Elliott Community Federal Credit Union

Data/Industry Trends

The Average Cost of Car Insurance in the U.S.

The average annual cost of car insurance among the cheapest providers is $2,068, but rates vary based on factors like location, age, and driving history. USAA offers the lowest average rate at $1,335, though it's limited to military families, while Erie and Auto-Owners also provide competitive rates. Visit the link for a full report and breakdown of costs by insurer and factors that impact pricing.

Read Full Article

usnews.com

1 in 7 Homes Does Not Have Insurance as Premiums Skyrocket

A new study by LendingTree reveals that over 11 million U.S. homeowners (about 1 in 7) lack home insurance, largely due to rising premiums. Home insurance costs increased by 33% from 2020 to 2023, averaging $2,530 annually. Experts warn that skipping insurance, especially in disaster-prone regions, puts homeowners at significant financial risk. High insurance costs may also discourage homebuyers in expensive markets.

Read Full Article

realtor.com

April Holidays, Fun Facts, and Folklore!

Spring is in full bloom, bringing longer days, fresh beginnings, and the joy of Easter. See what the month of April holds with special holidays, recipes, and gardening tips!

Everything you need to know about April

almanac.com

Stay Proactive with Coverage Monitoring

Monitoring borrower insurance coverage isn’t just about compliance—it’s about protecting your institution and your borrowers..

Regularly reviewing policies helps identify lapses early, allowing for timely borrower communication and reducing the need for force-placed insurance. A proactive approach minimizes financial risk, streamlines operations, and fosters stronger borrower relationships by preventing unexpected coverage gaps. With rising insurance costs and evolving regulations, consistent oversight ensures your CPI program remains effective and efficient. Strengthening partnerships with insurance providers and refining internal workflows can enhance efficiency and improve the overall borrower experience.

President

ISI

tmaccurdy@isicpi.com

704-957-5024

Connect with Us:

Contact Info:

Phone: 800-749-5440

Email: management@isicpi.com

Website: insurancesystemsincorporated.com

ISI is an administrator of Collateral Protection Insurance (CPI) and Blanket Lenders Single Interest (BLSI) for financial institutions. We provide insurance, lending, and marketing products to the financial institution marketplace. Our mission is to deliver the best products and services in the industry through responsive service, comprehensive coverage, and advanced technology. We combine the lender's vision and our proven plan to create a portfolio that matches the lender's needs for a successful program and partnership.