In this episode:
:39 – Get to know Patrick and Brandon.
6:06 – How insurance carriers have responded to the increased volatility of the past three years.
8:35 – The primary types of claims driving the rise in fraud and liability cases.
11:31 – Will the rise of AI create new challenges for credit unions in fighting fraud?
14:36 – Why is the credit union space such a prime target for fraudsters?
18:24 – The challenges credit unions face when transferring risk to insurance.
21:09 – What’s preventing credit unions from acquiring the resources needed to fight fraud?
25:33 – Steps credit unions can take to mitigate risks and potentially lower premiums.
28:04 – How insurers are addressing the growing threat of social engineering fraud and account takeovers.
33:20 – How insurance carriers are adjusting their underwriting approach for credit unions.
36:00 – Key traits credit unions should look for in a partner to help navigate insurance contracts and risk management.
40:55 – How increased competition will shape what insurance carriers offer credit unions in the future.