July 2024 Newsletter

Upcoming Industry Events

July 9-11

NCUA DEI Summit 2024 - Minneapolis, MN

July 10-12

Spark! 2024 - Boston, MA

July 14-20

Credit Union Management School - Madison, WI

July 17-21

2024 NCUMA Summer Conference - Nassau, Bahamas

July 21-24

2024 World Credit Union Conference - Boston, MA

July 21-24

CUFEN Conference - Reno, NV

July 28-31

2024 Southeast Regional Directors' Conference - Williamsburg, VA

July 30-Aug 2

CU Leadership Convention - Las Vegas, NV

Industry News

No One Wants a New Car Now.' WSJ Columnist Offers His Take on Why

Dan Neal from the Wall Street Journal reports that fewer people are interested in new cars, as the average vehicle age in the U.S. has risen to 12.6 years. High costs of new vehicles (around $47,000) and rising insurance premiums are major factors. Consumers are now opting for cheaper, used cars under warranty instead.

Neal notes a growing belief that new cars, regardless of being gas, electric, or hybrid, are inferior to older models. Concerns include privacy issues with digitally connected cars, dislike of stop/start systems, and continuously variable transmissions. Additionally, many consumers prefer older features like manual transmissions and built-in CD players. Social media feedback highlights that newer models of popular cars are seen as less desirable than their predecessors.

Read Full Article

cutoday.com

As Hurricane Season Ramps Up, Insurance Providers Are Dropping Clients in High-Risk Areas

High insurance costs and rising premiums have led some companies to drop homeowners in high-risk areas. This trend leaves many scrambling for new policies, especially in states like Texas, Florida, and Louisiana, where rates are among the highest. Nationally, insurance rates increased by 11.3% last year and are expected to rise another 6% this year.

Homeowners in hurricane-prone areas face limited options. Some are considering moving out of high-risk states, while others are looking for alternative insurance solutions, such as bundling policies, raising deductibles, or making home improvements to reduce premiums. As the season progresses, homeowners need to prepare for potential storms and insurance challenges.

Read Full Article

ibtimes.com

What Others Are Saying About ISI

"Stella was such a blessing. She knew exactly what we were needing, and she was a tremendous help. She made the process so quick and so simple it was such a relief. Thank you very much, Stella. Big, big kudos!"

From a borrower of

City Credit Union (TX)

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

Chocolate Bayou Community Federal Credit Union

Crossroads Financial Credit Union

First State Bank

Data/Industry Trends

In-vehicle Technology Can Increase Distracted Driving

Casey Kempton, president of personal lines at Nationwide, discussed the impact of in-vehicle technology on distracted driving, emphasizing the importance of data in the insurance sector. This data is crucial for rating policies, understanding customers, and engaging in the market. Telematics is rapidly evolving to assess good driving behavior, giving consumers more control.

Read Full Article

insurancebusinessmag.com

Fannie Mae Issues a New Forecast for Home Price Growth Through 2025

Over 100 housing experts participated in predicting higher growth for 2024 than previously estimated but lower for 2025. The 30-year fixed mortgage rate is expected to rise to 6.6% by the end of 2024. Despite rising rates, home listings are increasing as the "lock-in effect" diminishes, although affordability challenges may slow sales.

Read Full Article

cutoday.com

July Holidays, Fun Facts, and Folklore!

See the summer weather map and get seasonal advice for a month dedicated to freedom, independence, and celebrations of country and culture!

Everything you need to know about July

almanac.com

Mid-Year Insurance Program Health Check: Review and Adjust Your Financial Goals

As we reach the midpoint of the year, it's an excellent time to review your portfolio insurance goals and assess your progress. Here are some key steps to ensure you remain on track for a successful year:

Evaluate Program Performance: Examine your premiums generated compared to losses paid, losses paid by type, which portion of your portfolio is contributing to the losses paid.

Analyze Market Conditions: Stay informed about current market conditions and economic indicators. Adjust your risk assessments and lending criteria to navigate challenges and seize new opportunities. Longer term loans and increasing loan balances will and are having impacts across all types of insurance programs.

Engage with Borrowers: Reach out to borrowers to check in on their financial health, including reminding them of the requirement to provide proof of insurance as well as the additional products and services your financial institution has available for them. This engagement can help you anticipate potential issues early, reducing the risk of defaults.

Revisit Financial Projections: Update your insurance needs projections based on delinquency ratios, loan credit quality, borrower's ability to pay, just to name a few of the factors.

ISI provides comprehensive and unbiased reviews of your collateral insurance protection program. Whether your portfolio is insured by a force-placed program or a blanket program, we provide a detailed analysis on how you can further utilize your current program, ensuring its long-term success.

Click to Start Your Program Analysis and Review!

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.