February 2023 Newsletter

Upcoming Industry Events

February 5-9

CUES Symposium - Wailea, HI

February 7

Chattanooga Chapter Meeting - Chattanooga, TN

Louisville Chapter Meeting - Louisville, KY

February 9-10

Carolinas CUL LAUNCH Conference - Concord, NC

February 14-16

LSCI's University of Lending - Schaumburg, IL & Online

February 15

LSCU Southernmost Chapter Networking & Educational Dinner - Miami, FL

February 15-17

Education Credit Union Council - St. Petersburg, FL

February 26 - March 2

CUNA Governmental Affairs Conference - Washington, D.C.

February 27

Knoxville Area Chapter Meeting - Knoxville, TN

Industry News

Auto Insurers' Rising Rates Are No Accident

Auto insurers are racing to catch up with higher costs to cover claims from both repairs and bodily injuries. Travelers reported that payouts and expenses were more than premiums earned in the fourth quarter. They, like other auto insurers, have been pushing through premium increases to try to cover loss ratios. However, premium increases are a slow process as they first have to be approved by state authorities and then they have to wait for the policies to come up for renewal to apply the increase. Additionally, insurers have to consider how the rising rates will impact consumer growth.

Read Full Article

wsj.com

New Home Sales Rise in December, But Still Significantly Below One Year Earlier

New home sales rose 2.3% in December to 616,000 annualized units, but sales were still 26.6% lower than a year ago. New home sales in 2022 ended with the smallest annual total sold since 2018. Curt Long, NAFCU's Chief Economist and Vice President of Research, expects slow and choppy growth to continue in new home sales over the first half of 2023.

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cutoday.info

Raving Fan Review of the Month

Thank you, ISI, for helping us understand our risk from uninsured borrowers. You were even able to help us identify an indirect dealer that was not verifying insurance at loan origination. Your attention to detail is second to none!

Credit Union Loan Officer

See what other Raving Fans are saying about ISI!

Data/Industry Trends

Lease vs. Loan

The cost of auto leases are up driving consumers to get a loan instead of a lease.

Learn More

Consumers are Shopping for Better Auto Insurance Rates

With the historic rate increases, the cost of auto insurance is the highest it's been in years, forcing consumers to shop for better deals. Over 4% of all insurance customers switched their insurance carrier during the 4th quarter 2022.

Learn More

February Holidays, Fun Facts, and Folklore!

February is the shortest month of the year but is still full of important holidays and celebrations! Find out what all is happening this month!

Everything you need to know about February

almanac.com

The holidays are over and we are all sticking to our New Year's resolutions, right?

If your borrower's New Year resolution is to have auto insurance, it is more likely they will start the New Year breaking that resolution.

For Q4 2022, the shopping rate for auto insurance was observed to be 12.1%. This means that policyholders are looking to save money because of rising rates. If they are unable to find a rate savings, they will likely let their insurance lapse.

January and February are two of the highest months for borrowers to let their auto insurance coverage lapse. Many borrowers are mentally stressed and financial stretched after the holidays and this has an impact on whether they pay for their auto insurance or pay their credit card bill.

Help your borrowers remember the importance of carrying insurance and not letting their coverage lapse.

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.