The new agency, Ocean State Insurance Services, LLC, will be integrated within the credit union’s ecosystem and provide members with a wide range of insurance options, including auto, home, and commercial coverage. The initiative is designed to generate recurring fee income for the credit union while offering members more competitive insurance solutions.
Michael Garvey, CEO of Ocean State Credit Union, highlighted the importance of this new service amid rising insurance costs. “With insurance rates increasing for so many this year, we look forward to establishing our agency as a key provider to help our members save more on their insurance needs across the board,” Garvey said.
Through the partnership with Insuritas, Ocean State Credit Union will offer a seamless, digitally powered insurance platform, providing a variety of insurance products to both retail and commercial members. The new agency will deliver auto, home, renters, pet, identity theft, and travel insurance, among other offerings, while partnering with over 40 carriers to ensure members have access to the right coverage at competitive prices.
Ocean State Insurance Services, LLC is set to launch in late 2024, further expanding the credit union’s portfolio of financial services and reinforcing its commitment to being a comprehensive provider for its members.
Jeffrey Chesky, Chairman and CEO of Insuritas, expressed excitement about the collaboration. “We’re delighted to partner with Ocean State Credit Union to provide a full-service, digitally powered insurance agency to their members in the Rhode Island market,”
Chesky added “The platform will allow Ocean State Credit Union to offer simple, seamless access to competitive options for their members’ insurance needs, all with a focus on delivering the right coverages at the right price.”
