(Calgary, AB; Burlington, ON - February 23, 2018) - Collabria and CUMIS Life Insurance Company announced today a new joint venture to deliver balance protection insurance to cardholders of Collabria's partner financial institutions, starting in March 2018.
The balance protection product will provide cardholders with peace of mind and will protect them in the event they are unable to pay their balances due to: accidental dismemberment/paraplegia, critical illness, disability, job loss, job strike or death.
Additionally, this enhancement will provide Collabria's partners with another revenue sharing opportunity at an affordable price to cardholders.
"Collabria is excited to partner with CUMIS to provide this product enhancement to cardholders, which provides protection for cardholders for unexpected life events," said Collabria CEO John Dundas. "Additionally, through our partnership with CUMIS, Collabria continues to partner with cooperative system partners to further strengthen the cooperative system across Canada. We are also excited to provide our partners with an additional revenue opportunity."
"We're delighted to partner with Collabria to bring another valuable solution to credit unions and their members," said Bob Hague, President Credit Union Distribution, CUMIS. "Members of participating credit unions will have access to industry leading protection, giving them and their families peace of mind. We're happy to see so many credit unions embracing the Collabria program and are excited to be the insurer of choice for the program."
Collabria is a unique payment solutions provider created to deliver customized, end-to-end credit card products and services. At its core, what sets Collabria apart is its foundation in partnership, collaboration and responsiveness. With Collabria, you'll never have to settle for "one size fits all" programs. Instead, Collabria professionals work with you to design solutions built around the exact needs of your financial institution and your customers. For more information, visit collabriafinancial.ca.
The CUMIS Group Limited partners with credit unions to deliver competitive insurance and financial solutions. In doing so, it creates financial security and promotes the growth and success of the credit union system in Canada. CUMIS's principal companies are CUMIS Life Insurance Company and CUMIS General Insurance Company, and it has a 50 per cent interest in Credential Financial Inc. CUMIS is jointly owned by Co-operators Life Insurance Company and Central 1 Credit Union. For more information, visit cumis.com.