The way it works after a credit union signs on to CUEB, is members click on a customized platform via their credit union's website to choose the type of insurance coverage they prefer: health, life, car or homeowner.
Regarding the revenue split between CUEB and the credit union, Benson said there are two approaches.
CUEB will work with Health Partners America, a Birmingham, Ala.-based company that provides insurance brokers with the tools, training and technology to help businesses deliver health coverage.
So Aventa signed on with CUEB. The exchange will train and educate credit union personnel and members, provide all of the tools and technology, as well as supply marketing materials.
EPL, the company in Birmingham, Ala., that provides the technology behind CUEB
, said large employers will also hurt many of their employees by offering coverage, but they've been stuck between a rock and a hard place since they faced severe penalties of $2,000 per full-time worker if they failed to provide coverage.
There are currently five charter credit unions that are actively using the CUEB
and another 20 moving towards adoption, said Bruce Clapp, EPL chief marketing and sales officer.