CUNA Mutual Group has acquired ForeverCar in an effort to further boost its digital capabilities, according to a recent announcement. ForeverCar aims to protect vehicle owners from expensive car repairs with mechanical repair coverage 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, according to a CUNA Mutual Group press release. Combined with the recent acquisition of CuneXus (as previously reported), 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.
ForeverCar currently contracts with 180 credit unions as their official MRC provider and maintaining those credit union – and member – relationships will be the top priority during the integration process, the press release stated.
“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 Trunzo, president/CEO of 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.”