Through a new relationship the insurer has formed, agents will soon offer the consumer lending products.
State Farm has announced that the insurance company recently entered into an agreement that will allow its agents to offer LightStream consumer lending products.
This is a new offering with the Truist Bank premier online consumer lending division.
Truist currently ranks as seventh largest in the United States among commercial banks. It currently serves over 15 million customers. The advantage of its LightStream is the capacity for consumers to gain solutions that complement those offered by the insurance company’s independent contractor agency distribution model. As the values of both companies align closely, it presents a notable opportunity for the companies to work together to serve a wider reach of people.
“State Farm agents have conversations with customers every day, and we’re excited this alliance will allow us to offer them access to LightStream’s consumer lending products, including vehicle loans. It also represents another step in our overarching alliance strategy to enable our agents to offer products we know customers need, even when those products are not manufactured by State Farm,” said the insurer’s head of corporate and business development Mike Kish in a news release on the subject.
This move allows the State Farm insurance company to take new steps in financial products.
“Like State Farm, LightStream is built on a commitment to excellence as we help people fulfill their needs and goals through unsecured financing at competitive rates and an award-winning customer experience,” said Mark Ford, executive vice president at LightStream in the news release.
“LightStream financing is available for practically any purpose,” added Todd Nelson, Senior Vice President of Strategic Partnerships. “Our breadth of auto lending is particularly strong, covering loans for refinance, new, used, lease buy-outs and person-to-person purchases for any car, any brand and through any seller or dealer the customer wants.”
The move has the potential to give agents at the insurance company the opportunity to offer a broader range of complementary products to customers who might best be served by them. It will allow consumers to obtain more services conveniently in one place.