Clutch's Digital Protection Products - Provisional Quote

What is Clutch's Digital Protection Products - Provisional Quote feature?

It is a way for Credit Unions that partner with TruStage™ on their offering to present their existing  payment protection products (GAP, MRC, DP/CI) with an estimated cost (”provisional quote”).

For your applicants, it's a way for them to get to know these products exist and are offered by the CU, their estimated cost (based on their loan amount, terms, your rates, and an average interest rate), as well as signal their interest in learning more about these products.

For your staff, it's a way to receive, in the application comments section of your LOS, the mention of what protection products were shown to the applicant, as well as which ones the applicant showed interest in learning more about.

The content and provisional quote remain educational for members.  This is where the lenders consultative skills come in to offer your products to every member. When discussing payment protection, be sure to always provide the average monthly cost over the loan team and the total cost of payment protection.  If the member asks why the quote is different that what they received during the application, explain that quote was an estimate, and this one is based on the specific loan details.

What does the member experience look like?

Please visit TruStage™  Integrated Payment Protection Lender Overview (cunamutual.com). Once you click to start eLearning, please navigate to the “WithClutch” section on the Left Panel. You'll be walked through the detailed explanation of how this enhancement looks like for your members:

How are these Provisional Quotes calculated? When are they shown?

Please navigate to the “Provisional quote parameters” section of TruStage™  Integrated Payment Protection Lender Overview (cunamutual.com), as in the screenshot below, for a comprehensive explanation on how the provisional quote is calculated and when/where it is shown for each payment protection product.

• Screenshot of TruStage's learning platform about this

In summary, TruStage's API follows the below rules to show/not show the provisional quote (estimated monthly payment) and where (updated on 12/17/24):

(1) For Debt Protection/Credit Insurance:

→ If the Loan Amount is less than $10,000, the estimated monthly cost of DP/CI will be shown in the card in the “Add optional protection” screen (first screen)

→ If the Loan amount is equal to and between $10,000 and $40,000, the estimated monthly cost of DP/CI will be shown in the pop-up that's shown if user clicks “Show disclosures” on the DP/CI card

→ If the loan amount is $40,001 and above, the estimated monthly cost of DP/CI won't be shown anywhere in the digital experience, to avoid sticker shock

(2) For Mechanical Repair Coverage (MRC):

→ If the loan term is less than 36 months,  the estimated monthly cost of MRC will be shown in the card in the “Add optional protection” screen (first screen)

→ If the loan term is greater than or equal to 36 months, the estimated monthly cost of MRC will be shown in the pop-up that's shown if user clicks “Show disclosures” on the MRC card

Important observation: TruStage's API always use a 4-year-old vehicle average cost of MRC ($1,790.00) for this calculation.

(3) For Guaranteed Asset Protection (GAP):

→ If the loan term is less than 36 months,  the estimated monthly cost of GAP will be shown in the card in the “Add optional protection” screen (first screen)

→ If the loan term is greater than or equal to 36 months, the estimated monthly cost of GAP will be shown in the pop-up that's shown if user clicks “Show disclosures” on the GAP card

Is there a cost for this feature?

No. The Digital Protection Products - Provisional Quote is a complimentary feature to your credit union's Lending Portal.

When will this be available for testing?

The feature will be available since November 11th, 2024, on the Sandbox environments of the credit unions that offer TruStage™ products. For other providers, please reach out for your Clutch Customer Success Manager.

When will this be available for my members/applicants?

November 18th, 2024, for credit that offer TruStage™ products. For other providers, please reach out for your Clutch Customer Success Manager.

What if my credit union does not want to be included in this rollout?

Please reach out to your Clutch Customer Success Manager before November 15th, 2024, and we will make sure not to activate this feature in your Lending Portal.

What level of compliance reviews have been done?

Clutch has worked extensively with the TruStage™ legal and compliance teams to ensure every part of the experience is compliant with the latest regulation.

We have also performed usability tests to launch the most delightful member experience possible.

We hence cannot entertain granular customization requests.

Which LOSs are supported?

This feature is compatible with the following Loan Origination Systems:

• Meridian Link Consumer (fka LoansPQ) - via API connection only
• Origence Arc OS (fka L360)
• Temenos
• Sync1

Which Insurance Providers are supported?

We support the Provisional Quote experience for protection products offered through TruStage™ only.

Which Loan Types are supported?

• New auto loan applications
• Auto loan refinance applications
• New personal loan applications
• Personal loan refinance applications
• Credit Cards applications