#United States #San Francisco #Lending #Clutch #TruStage™

Clutch and TruStage™ Launch Enhanced Protection Products Plan Selection

In a strategic move to enhance the lending experience for credit unions and their members, Clutch (WithClutch, Inc.) and TruStage™ have unveiled the Protection Products Plan Selection. This innovative upgrade to Clutch's digital application platform introduces automation in plan selection, eligibility checking, and pricing for GAP and Debt Protection/Credit Insurance. This transformative approach aims to modernize the lending ecosystem, ensuring that these institutions meet the evolving needs of their members efficiently.

Features of the Protection Products Plan Selection

The launch of this feature represents a significant step toward a fully self-service and compliant online loan protection process. Here are key functionalities that will streamline lending operations:

• - Live Access to Protection Options: Applicants for a personal loan, auto loan, or credit card can now see various protection options in real time, compliant with the latest pricing and disclosures fetched directly from the TruStage Product API.
• - Dynamic Eligibility Understanding: The platform dynamically filters available plans based on several factors, including borrower profile, age, and employment status, thereby presenting relevant offers only to the applicants.
• - On-the-Spot Coverage Selection: Members can select their desired coverage directly during their loan application—no follow-up calls needed. This feature facilitates a seamless experience.

Insights from Leadership

Corrin Maier, Vice President of Lending Payment Protection at TruStage, commented, "This launch reflects our ongoing commitment to driving digital transformation in the credit union ecosystem." By integrating real-time product selection with automated eligibility checks, the platform empowers credit unions to serve members more swiftly and accurately.

Tamanna Kottwani, Head of Product at Clutch, emphasized that manual follow-up procedures have historically hindered the adoption of protection products. "This new capability eliminates that bottleneck, allowing credit unions to augment attach rates and speed up funding while minimizing back-office tasks," Kottwani stated.

Key Benefits of the New Plan Selection

The advantages of the Protection Products Plan Selection are notable:

• - Instant Quotes: Loan applicants receive instant pricing information for each plan, simplifying decision-making directly through the TruStage API.
• - Audit-Ready Tracking: Every disclosure is meticulously logged and applicant choices are directly recorded into the loan origination system (LOS), maintaining robust visibility for compliance and underwriting.
• - Accelerated Closings: If loan amounts and terms remain unchanged, staff can proceed without additional client outreach, significantly reducing the time required to finalize loans and enhancing attach rates.

Looking Ahead

Nicholas Hinrichsen, CEO and Co-Founder of Clutch, shared his excitement for this development: "This release brings us closer to our long-term vision of a seamless, fully self-service digital lending experience." The expanded partnership with TruStage™ signifies a robust push towards equipping credit unions with the necessary tools to enhance member value and operational efficacy.

About Clutch

Clutch is a FinTech innovator focusing on modernizing credit union operations by delivering advanced digital solutions that enhance loan origination and deposit account onboarding. With a suite of services launched since its inception in 2020, Clutch aims to provide secure and efficient experiences for both members and staff, thereby boosting operational effectiveness and customer satisfaction. To date, Clutch has funded over $10 billion in consumer loans and gathered deposits, underscoring its role in driving financial innovation.

About TruStage™

TruStage™ is a reputable provider of insurance, investment, and technology services, grounded in the belief that financial stability should be available to all. With a commitment to cultivating an equitable financial landscape and community engagement, TruStage™ empowers individuals at every life stage to make informed financial decisions. For more insights, explore their offerings at trustage.com.