Lumbee Guaranty Bank is planning to launch a digital insurance agency through a partnership with Insuritas, a digital insurance agency platform.
The launch will be made possible through a joint venture with Community Insurance Services LLC, a subsidiary of North Carolina Bankers Association.
Headquartered in Pembroke N.C., Lumbee Guaranty Bank serves Cumberland, Hoke and Robeson Counties by offering a full range of financial services across fourteen branch locations.
"We are excited for the opportunity to work with Insuritas and Community Insurance Services in this new venture. This partnership will allow our Bank to continue to offer first-class products and services that help meet the financial needs of our customers," said Kyle R. Chavis, Chief Executive Officer of Lumbee Guaranty Bank in a press release.
The new digital insurance agency will offer 40 carrier options.
Insuritas is excited for the announcement of the partnership, Insuritas Chairman and CEO Jeffrey Chesky said. "Through our unique partnership with the NCBA, the bank will now be able to provide simple, seamless access to competitive options for their customers' insurance needs, all with a focus on delivering the right coverages at the right price at the right time," he stated in the release.
Peter Gwaltney, president of the North Carolina Bankers Association, sees the benefit in the partnership as well. "Building recurring fee income from helping customers and expanding customer wallet share will be increasingly important to our community banks, and this innovative partnership between the NCBA and Insuritas continues to allow our community bank members to provide a full service insurance agency platform without the traditional capital, execution and reputation risks of buying or building a local agency," Gwaltney said.
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