CUNA Mutual Group acquires fintech to streamline pre-approved insurance offers

October 16, 2020.
Madison, Wisconsin (AV9/Creative Commons)

Madison, Wisconsin (AV9/Creative Commons)

CUNA Mutual Group acquired CuneXus, a fintech that examines customer financial information and offers pre-approved loan products, the insurer and financial services provider said on Thursday. 

Wisconsin-based CUNA Mutual Group works with credit unions to offer a range of insurance, investment and retirement products. It will offer complementary insurance to CuneXus loans, which are underwritten by participating credit unions. The Santa Rosa, California-based fintech removes most of the customer’s work in accessing its “click-to-activate” loans.

“Adding CuneXus’ robust platform to our own product development expertise provides a tremendous opportunity for us to expand our reach and protect more consumers digitally through our lending insurance and payment protection products," said Ronny Chapman, the group’s senior vice president. "The platform’s flexibility and configurability may potentially allow us to add additional products in the future.”

The acquisition puts CUNA Mutual on a similar path to many other insurers that are increasingly shifting to digital operations. McKinsey said this month that insurers will need to focus on automated processes as part of a tech-focused shift to remain profitable in the coming decade.

The company has sought to provide digital tools to credit unions, which generally don’t have the resources or infrastructure to develop internal digital products at the pace or scale of major banks. In February, the group launched cloud-based analytics products for credit unions through its subsidiary, AdvantEdge Analytics. Last November, CUNA Mutual rolled out a regulatory tech offering for credit unions to manage employee and executive benefits. 

“We are continuing our journey into a more diverse, digital-first world,” said Robert N. Trunzo, CUNA Mutual Group’s president and CEO. “Our company is committed to using technology to enhance consumers’ access to financial solutions that work for them and create a more equitable financial system and society.”

CUNA Mutual Group was founded in 1935 as . It held $21.7 billion in cash and investments on June 30.

“In a more diverse, digital-first world, our company is committed to using technology to enhance consumers’ access to financial solutions that work for them," Chapman said.