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SEcureCard Simplifies Claims Payment Process for Old Republic

June 16, 2006

DALLAS -- Old Republic Insured Automotive Services Inc. (ORIAS) has implemented StoneEagle’s SEcureCard Solution in an effort to streamline the handling of claim payments.

ORIAS is an administrator of automobile warranty and GAP products to financial institutions, auto dealers and vehicle manufacturers throughout the United States.

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.

“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,” said Gary Bishop, president of ORIAS. “This is especially important given the fact that more than 70 percent of the claims on our core business are paid by credit card.”

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