Insurance Products Agency

What Insurance Products Agency does

Insurance Products Agency, Inc. (IPA, Inc.) is a privately held Oklahoma-based insurance agency founded in July 1995 by Terry Cook. It distributes a portfolio of credit-related and mortgage insurance products — including Credit Life, Accident & Health (A&H), Guaranteed Asset Protection (GAP), Vehicle Service Contracts (VSI), Force-Placed Mortgage, Collateral Protection Insurance, Term Life, Blanket Mortgage, Flood Determination, Mortgage Impairment, BOLI, and Bond and D&O — to banks and financial institutions across the United States. The agency operates on a commission-based revenue model, sourcing products from carriers such as Southern Pioneer Life and Minnesota Life, and provides ancillary sales support, reporting, training, and claims handling to its bank clients.

The company's underlying technology is minimal: an Excel-based Single Premium Loan Quoter available for download and a third-party Executive Term Quoter hosted by Carleton Inc. There is no proprietary software platform, no API, no mobile app, and no disclosed digital infrastructure beyond a static website (ipa-ok.com) and a Facebook page. IPA is a people-led distribution business whose primary assets are the institutional relationships maintained by its five-person team and the founder's 48-year industry tenure.

IPA's go-to-market is direct sales — the company's executives and account managers make regular in-person visits to banks, with named coverage including Oklahoma (territory split between President Terry Cook and VP Heather Tully as of February 2025) and Arkansas (SVP Amy Satterfield). The agency also extends vertically into reinsurance through entities founded by Terry Cook — First Oklahoma Life & Casualty Re-Ins. Co. (2001), FLACRe (2013), and most recently United Bankers Life and Casualty Reinsurance Co. (2023), the only Oklahoma bank-owned Credit Life insurer.

Name

Insurance Products Agency

Legal name

Insurance Products Agency, Inc.

Website

https://ipa-ok.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

1–10 employees

Short description

Insurance Products Agency (IPA, Inc.) is an Edmond, Oklahoma-based insurance agency founded in 1995 that distributes credit life, A&H, GAP, vehicle service contracts, and related financial-institution insurance products to banks across the United States on a commission basis.

Ownership category

akta.pro rank

Product category

Commercial Insurance Distribution

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242), Other Insurance Related Activities (52429)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industries

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL), Eligibility, Coverage Verification & Policy Administration Support (BPAAAFAC)

Keywords

• Credit insurance distribution
• Bank insurance products
• Financial institution insurance
• Insurance agency services
• Credit life insurance

Headquarters

HQ city

Edmond

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D

Revenue model

1. Insurance Product Distribution: Insurance agency model distributing Credit Life, A&H, GAP, Vehicle Service Contracts, VSI, Flood, and related insurance products to financial institutions. Revenue generated through commissions from insurance product providers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Insurance Products Agency, Inc. is an Oklahoma-based insurance agency that distributes a portfolio of credit-related and mortgage insurance products to banks and financial institutions across the United States. The firm offers Credit Life and A&H, GAP, Vehicle Service Contracts, VSI, Force-Placed Mortgage, Collateral Protection, Term Life, Blanket Mortgage, Flood Determination, Mortgage Impairment, BOLI, and Bond and D&O coverage, supported by in-house loan quoting tools. IPA earns revenue through commissions on policies placed with carrier partners and provides sales support, reporting, training, and claims servicing to its institutional clients.

Product overview

Insurance Products Agency, Inc. is an insurance intermediary offering a comprehensive portfolio of credit-related and mortgage insurance products for financial institutions. The core offering includes Credit Life and A&H insurance, GAP (Guaranteed Asset Protection), Vehicle Service Contracts, Force-Placed Mortgage insurance, Collateral Protection, Term Life, Blanket Mortgage, Flood Determination, Mortgage Impairment, BOLI, and Bond and D&O insurance. Supporting tools include Excel Loan Quoter and Executive Term Quoter for loan calculations. The company provides sales support, reporting, training, and claims servicing to Oklahoma-based and nationwide financial institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Life and A&H Insurance Credit Life and Accident & Health insurance products offered to financial institutions to provide credit protection on loans made to bank customers, distributed through carrier partners including Southern Pioneer Life and Minnesota Life.
• GAP (Guaranteed Asset Protection) Guaranteed Asset Protection covering the gap between a vehicle's actual cash value and the outstanding loan balance, sold to financial institutions and their auto lending customers.
• Vehicle Service Contracts (VSC) Vehicle Service Contracts providing extended warranty coverage for mechanical breakdowns and repairs, distributed to financial institutions for their auto lending portfolios.
• VSI (Vehicle Service Insurance) Vehicle Service Insurance product covering mechanical and service-related exposures for vehicles financed through financial institution clients.
• Force-Placed Mortgage Insurance (CPI) Force-placed (lender-placed) mortgage insurance placed on properties lacking adequate borrower-held hazard insurance coverage, provided to mortgage lenders.
• Collateral Protection Insurance Insurance protecting collateral assets securing loans against damage or loss, offered to lenders holding secured loan portfolios.
• Term Life Insurance Term life insurance products offered to financial institution customers through the agency's distribution network.
• Blanket Mortgage Insurance Blanket coverage protecting multiple mortgage assets under a single policy, designed for financial institutions with large mortgage portfolios.
• Flood Determination Flood zone determination services for mortgage and property lending transactions at financial institutions.
• Mortgage Impairment Insurance Coverage protecting lenders against losses arising from property damage affecting mortgage collateral.
• BOLI (Bank-Owned Life Insurance) Bank-Owned Life Insurance products for financial institutions to use in executive benefit programs and balance sheet asset management.
• Bond and D&O Insurance Bond and Directors & Officers liability insurance coverage provided to financial institutions.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• United Bankers Life & Casualty Reinsurance Co.coreStrategic or Co-development Partner · 1 January 2023United Bankers Life & Casualty Reinsurance Co. was formed in 2023 by Terry Cook, IPA's President. It is the only Oklahoma bank-owned and operated Credit Life Insurance Company. This represents the premier Credit Life company in Oklahoma.
• Southern Pioneer LifecoreStrategic or Co-development PartnerSouthern Pioneer Life is a product provider for Credit Life insurance products offered through IPA. IPA previously sold First Oklahoma Life Insurance Co. and First Oklahoma LTD to Southern Pioneer Life in 1998 and 1999. They continue to offer Southern Pioneer Life Credit Life and A&H products.
• Minnesota LifecoreStrategic or Co-development PartnerMinnesota Life is a product provider for Credit Life and disability insurance products. IPA offers Minnesota Life Credit Life and Disability Claim Forms for their distribution network.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Mutual of Omaha: Large insurance carrier distributing Credit Life, disability, and accident & health coverages through banks and financial institutions. Comparable to IPA's bank-channel focus but at carrier scale with broader product set.
• Assurant: Large specialty insurance carrier offering credit insurance, debt protection, vehicle service contracts, and lender-placed coverages through bank and auto lending channels. Overlaps with IPA's portfolio but operates at carrier scale rather than as an agency.
• Bankers Life (Colonial Penn): Insurance carrier specializing in life and supplemental health products distributed through bank and affinity channels. Comparable in target buyer (bank customers) and product mix to IPA's Term Life and A&H lines.
• Securian Financial (Minnesota Life): Major life and disability insurance carrier with a substantial bank-channel distribution arm. IPA is an existing distribution partner for Minnesota Life Credit Life and Disability products, making Securian both a partner and an upstream comparable.
• Allstate Dealer Services: Major provider of F&I products (GAP, vehicle service contracts, credit insurance) through auto lending and dealership channels. Comparable to IPA's GAP and VSC offerings with a national distribution footprint.

Direct peers

• HyPro (a Verisk business): Provider of credit insurance and debt protection solutions for banks and lenders. Direct competitor to IPA's Credit Life and A&H distribution business, with deeper technology integration into loan systems.
• TruStage (CUNA Mutual Group): Insurance and financial services provider for credit unions and banks, offering Credit Life, debt protection, GAP, and loan-related coverages. Direct functional parallel to IPA in serving financial institution lending channels.
• Allied Solutions: Insurance distribution and lender-placed solutions provider serving banks and credit unions nationwide. Highly comparable to IPA in product scope (Credit Life, GAP, debt protection, collateral protection) and bank-channel GTM, but at much larger scale.
• LenderLive (Sutherland): Outsourced loan origination and insurance services for banks and credit unions, including Credit Life and collateral protection products. Comparable to IPA in bank-channel distribution and product mix.

Regional players

• American Financial Solutions (CUNA Mutual): Insurance and financial services provider focused on credit unions and community banks. Comparable product mix to IPA in Credit Life, debt protection, and collateral coverage, with a community-institution focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Facebookfacebook.com/Insurance-Products-Agency-Inc-196995510330912

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Insurance Products Agency