CUMIS offers critical illness insurance, tiered administration fees in new iCLIC release

October 2, 2007 – CUMIS Life Insurance Company is pleased to announce the latest release of its popular iCLIC insurance application software.

“We’re very excited to be launching iCLIC Release 2,” says Gabe Kalmar, President and COO, CUMIS Life Insurance Company. “CUMIS Life understands how important having a solid technological infrastructure is to the success of credit unions. We’re committed to providing our customers with state-of-the-art solutions that make the lending process easier, create additional revenue opportunities and help ensure the financial security of their members.”

In addition to providing credit union lenders with a convenient, online point-of-sale solution for submitting CUIS creditor life and disability insurance applications, iCLIC Release 2 allows them to expand critical illness insurance, which is currently only available on mortgages, to include fixed-term loans and lines of credit through their single and monthly premium creditor products. Plus, it accommodates tiered administration fees. 

CUIS Critical Illness Insurance pays a member a lump-sum tax-free benefit to pay off their loan if they are diagnosed with one of three covered illnesses (cancer, heart attack and stroke), allowing them to focus on their recovery rather than financial burdens.

The new tiered administration fee functionality allows credit unions to adjust their pricing and fees for loans exceeding their loan amount threshold. This feature makes it easier for credit unions to sell insurance on larger loans – because it’s more affordable for members.

More than 40 Canadian credit unions have already opted to integrate iCLIC Release 2 into their infrastructure. Implementation begins this month.

About The CUMIS Group Limited
The CUMIS Group Limited (CUMIS) markets a diverse portfolio of insurance and financial products and other services to Canadian credit unions, caisses populaires and their members. The organization helps its customers grow their businesses and strengthen their relationships with members through its line of individual life, credit and property and casualty insurance and retirement services products. Its principal companies are CUMIS Life Insurance Company, CUMIS General Insurance Company and Canadian Northern Shield Insurance Company. CUMIS also has a 50 per cent interest in Credential Financial Inc.

About the CUIS program
CUMIS has management responsibility for its joint marketing program with The Co-operators called the Credit Union Insurance Services (CUIS) program. The CUIS program has allowed for the integration of both organizations’ products and services, providing financial co-operatives with a portfolio of industry-leading insurance and related services. The CUIS program also assists customers with their member marketing efforts through a consulting service known as Strategic Solutions Group. CUMIS and The Co-operators jointly own CUIS Brokerage Services Limited, which helps credit unions successfully administer their property and casualty insurance brokerages.

For more information on iCLIC Release 2, credit unions should contact their CUMIS account manager or customer.service@cumis.com.