Chicago-based ForeverCar got a boost Wednesday as insurance and investment company CUNA Mutual Group announced a new marketing program for its car mechanical repair coverage plans using ForeverCar’s online platform.
The expansion will help CUNA offer extended vehicle service protection plans to all its credit union customers and continues CUNA’s push to bring “digital innovation” and new technologies to credit unions, according to the company’s December 13 press release.
ForeverCar is a digital platform for extended car repair coverage and is designed to offer a streamlined service for customers to purchase service plans. Email marketing, digital social media advertising and direct mail are all part of the expansion plan and will offer credit union members the ability to search, compare and purchase coverage plans.
“Being chosen as their partner to accelerate this innovation is an honor,” ForeverCar Founder and CEO Mark Hodes said of CUNA December 13. “The ForeverCar platform, now available to all CUNA Mutual Group credit union customers and their members, is removing the hassle and expense of car repairs for all consumers.”
The December announcement marks the latest turn in the CUNA’s partnership with ForeverCar. CUNA’s venture capital arm, CMFG Ventures, invested in ForeverCar as part of a financing round that closed in September ForeverCar, which opened its Chicago office in 2016 after leaving local start-up incubator 1871, sells car service contracts across the county and had raised a total of about $25 million in funding when it closed its September 2017 financing round.
“Through credit unions and ForeverCar’s innovative platform, consumers will now have another way to access this critical protection product,” said John Wallace, senior vice president, CUNA Mutual Group, in the company’s December press release.