EFG Companies Selects SEcureCard From StoneEagle Group to Streamline Claims Payment Processing
SEcureCard improves service department claims process with immediate payment reconciliation.
Dallas, TX (PRWEB) October 30, 2007 -- The StoneEagle Group (StoneEagle) today announced that EFG Companies (EFG), a provider of Finance and Insurance products, services and technologies to automotive dealers, has selected SEcureCard to automate the claims management process for its vehicle service contract business.
EFG, which has been offering its Motorist Assistance Plan (MAP™) line of vehicle service contracts for nearly 20 years, is using SEcureCard to streamline claims administration. The SEcureCard solution has been providing vehicle service contract administrators with a real-time approach for handling claim payments and reduced labor costs since 2004. SEcureCard eliminates the tedious manual paper-based reconciliation processes that normally can take claims departments an average of five to seven days to resolve.
Now, when either a repair facility or dealer (payee) requests approval for repairs covered under MAP™ Vehicle Service Contracts, the EFG claims department authorizes a unique "one-time" use SEcureCard number for each claim. The payee then receives an electronic authorization. Once the payee completes the repair and submits the transaction, SEcureCard reconciles the information to the approved claim and the payment is automatically processed through EFG's administration system.
"Our implementation of SEcureCard is a win for both EFG and our dealer clients. It not only provides our dealers with a more streamlined and responsive claims process, it also simplifies the reconciliation process for our back office operations team while improving accuracy," said Bill Bigley, CFO of EFG. "The application also interfaces directly with our StoneEagle Service Contract System, giving us an additional efficiency benefit. We expect the new process to provide greater controls that will also help to minimize the likelihood of error or fraud."
"SEcureCard virtually eliminates overcharges and fraudulent activity associated with paying claims," said Bobby Allen, President of StoneEagle. "By implementing this program, EFG can expect substantially reduced costs involved with processing checks, the time and labor necessary to track credit card issues and control the manner in which they handle claim payments. EFG is among the leading administrators who have been able to accelerate service to their client base and simplify their entire claims payment process with SEcureCard."
About The StoneEagle Group
StoneEagle has provided software tools and enterprise administration systems tailored for the insurance and automotive industry for over thirty years. StoneEagle leverages the latest technology to create safe, secure connection points between Insurance Administrators and their Automobile Dealer, Bank and Credit Union clients. The result is a multi-functional suite of applications that are an ideal solution for administrators seeking total enterprise integration. For additional information, please contact Jason Gillette at 800-854-1567 or visit StoneEagle's web site at http://www.stoneeagle.com
About EFG Companies
EFG Companies (Enterprise Financial Group, Inc.) is a premier dealer performance management company that partners with automotive retail dealers to drive dealer profitability through its Finance and Insurance products, services, and technology solutions. EFG Companies has been developing and distributing innovative profit solutions to retail dealerships for more than 30 years. The company is headquartered in Irving, Texas, and licensed in 44 states. Website: http://www.efgcompanies.com
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