Dallas, TX (PRWEB) June 14, 2006
Old Republic Insured Automotive Services, Inc. (ORIAS), an administrator of automobile warranty and guaranteed asset protection (GAP) products to financial institutions, automobile dealers and vehicle manufacturers throughout the United States, announces their implementation of the StoneEagle SEcureCard Solution. StoneEagle, developed the SEcureCard to provide vehicle service contract administrators a streamlined approach for handling claim payments.
From the inception of vehicle service contract products claim payments have been a challenge when paid via credit card. Administrators spend significant time reconciling credit card charges back to individual claims within their administration systems and tracking adjustments that were made at the dealership prior to actually charging the claim payment. These over/under amounts often result in major losses. If an administration company allows up to only a $5 variance between claim approval and the actual amount charged to the card, significant claim dollars are spent without approval. There are also instances where credit cards are used for additional and often fraudulent charges by repair facility personnel.
“ORIAS is very pleased with this innovative program. SEcureCard creates efficiencies in our back office by interfacing directly with our administration system and providing a seamless, effective approach to reconciling claim payments that are made with our corporate credit card. This is especially important given the fact that more than 70% of the claims on our core business are paid by credit card," said Gary Bishop, president of ORIAS.
“SEcureCard is a patent pending application that provides a cost effective way for vehicle service contract administrators to virtually eliminate overcharges and fraud associated with paying claims,” said Bobby Allen, president of StoneEagle. “By implementing this program, ORIAS will substantially reduce their costs involved with processing checks and the time and labor necessary to track credit card issues. Like other partners utilizing SEcureCard, ORIAS will be able to accelerate service to their client base and simplify their entire claims payment process.”
About The StoneEagle Group
The StoneEagle Group provides software solutions and enterprise administration systems that power Insurance Carriers, Service Contract Administrators, Third Party Administrators and Aftermarket Providers. StoneEagle leverages technology to create safe and secure connection points between Administrators and their Automobile Dealer, Bank and Credit Union clients, resulting in a multi-function solution suite of applications. Headquartered in Richardson, Texas, StoneEagle personnel have been involved in providing software applications to the insurance and related industries since 1967.
About Old Republic Insured Automotive Services, Inc.
Old Republic Insured Automotive Services, Inc. (ORIAS) and our predecessor companies have offered automotive aftermarket products to financial institutions, automobile dealers and vehicle manufacturers throughout the United States since 1974.
ORIAS is a full service marketing and administrative company providing automobile service contracts, mechanical breakdown insurance and guaranteed asset protection (GAP) products, and is a member of the Old Republic International Corporation group of companies. Old Republic International Corporation is a publicly traded $11.6 billion insurance organization. Our programs are underwritten by Old Republic Insurance Company, which is rated A+ (Superior) by A.M. Best.