Securian Financial and Temenos, the banking software company, have joined forces to create a real-time, integrated solution to make it easier and more efficient for credit unions to manage their members’ credit protection claims.
Securian Financial has offered credit protection products through credit unions since 1951. The products include debt protection and credit insurance and are designed to help a borrower from becoming delinquent on loan payments when faced with the unexpected.
As part of its strategy to continue enhancing the ways credit unions can increase operational efficiency with their credit protection programs, Securian Financial chose to work with Temenos.
The Temenos Infinity Solution is the leading digital banking product in driving customer acquisition and facilitating digital banking engagement. Currently, more than 600 credit unions use Temenos Infinity to manage their collections processes.
Securian Financial has teamed with Temenos to create a behind-the-scenes integration between the Temenos Infinity Collections Module and Securian Financial credit protection claims data. This new integration, named Securian Connector, allows mutual credit union clients to use the features of both systems combined in one.
With the Securian Connector, all of a credit union’s open Securian Financial credit protection claim and payment information is automatically uploaded into Temenos Infinity Collections. New claims can be initiated in real time, with instant transmission to Securian Financial. The customer’s loan information automatically populates in the claim workflow, eliminating the need for manual input by credit union staff. The streamlined process saves time, increases efficiency and decreases the potential for human error.
“We are proud to team up with Temenos to offer this innovative solution to our joint clients,” said Bill Gould, senior vice president, affinity solutions, Securian Financial. “While Temenos’ Infinity offers connectors between credit union collections and insurance carrier claims systems for other types of insurance products, we believe the Securian Connector is the first of its kind in the credit protection market.”
“At Temenos, we continuously look for ways to collaborate with other leading providers to deliver the best, most seamless, feature-rich experience for our customers and their account holders. During a time of socioeconomic uncertainty in the wake of COVID-19, it is important now more than ever to equip financial institutions with the tools to manage their financial health. We are delighted to work with Securian Financial to bring this new integration to our customers,” said Larry Edgar-Smith, vice president, business solutions & product strategy, Temenos Infinity.
