CUNA Mutual Group Acquires ForeverCar to Further Boost Firm's Digital Capabilities
Purchase of Mechanical Repair Coverage Start-Up Will Help Protect More Consumers Digitally
MADISON, Wis., Nov. 12, 2020 /PRNewswire/ -- On the heels of its acquisition of CuneXus Oct. 15, CUNA Mutual Group today announced yet another move to bolster its digital capabilities by acquiring ForeverCar. The Chicago-based start-up company protects vehicle owners from expensive car repairs with Mechanical Repair Coverage (MRC) policies delivered through online channels.
CMFG Ventures, the venture capital entity of CUNA Mutual Group, was an early-stage investor in ForeverCar in October 2016. Combined with the acquisition of CuneXus, adding ForeverCar's digital platform and marketing capabilities further enhances CUNA Mutual Group's lending and insurance product portfolio and its ability to reach and protect more consumers digitally.
"Our investments in start-ups such as ForeverCar and CuneXus, coupled with our focus on modernizing and digitizing our product portfolio, are essential efforts in responding to a rapidly evolving consumer experience," said Robert N. Trunzo, president and CEO, CUNA Mutual Group. "We've been committed to helping people achieve financial security for more than 85 years, and lending insurance products, including MRC, have been an essential pillar of how we protect consumers and help them achieve a brighter financial future."
MRC is a core offering in CUNA Mutual Group's lending solutions and payment protection products portfolio. The firm will continue to sell its MRC policies through the ForeverCar platform.
ForeverCar currently contracts with 180 credit unions as their official MRC provider. Maintaining those credit union – and member – relationships will be the top priority during the integration process. The acquisition of ForeverCar expands CUNA Mutual Group's direct-to-consumer channels and provides new growth opportunities.
Terms of the transaction were not disclosed. ForeverCar's current customers will be fully supported, and the company will continue to operate in its Chicago location.
About ForeverCar:
ForeverCar is a full-service provider of car repair protection plans that gives people complete and honest information, transforming the way people buy and benefit from extended car coverage. ForeverCar is the first online service to display quotes and enable purchasing of car repair protection plans, giving car owners full visibility into what's covered. ForeverCar offers the most comprehensive coverage in the U.S., with many plan options providing the equivalent of a manufacturer's bumper-to-bumper warranty. For more information, visit www.forevercar.com
About CMFG Ventures:
CMFG Ventures, LLC is the venture capital entity within CUNA Mutual Group that focuses on strategic, early-stage investments in the credit union, financial services, and insurance industries. Additional information about the company can be found at www.cmfgventures.com.
About CUNA Mutual Group:
Built on the principle of "people helping people," CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located at 5910 Mineral Point Road, Madison, WI 53705.
©2020 CUNA Mutual Group, All Rights Reserved
SOURCE CUNA Mutual Group
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