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Warranty America Selects SEcureCard from StoneEagle Group

June 04, 2007

DALLAS — Warranty America LLC, a service contract provider to the automotive and motorcycle industry, has selected and implemented SEcureCard. The StoneEagle Group (StoneEagle) developed SEcureCard to provide vehicle service contract administrators a real-time approach for handling claim payments.

“SEcureCard has been extremely beneficial to Warranty America. It has allowed us to double our productivity while greatly reducing the time our personnel used to spend to reconcile our credit card information. In addition, it is saving us a great deal of money by preventing the overcharging that had frequently occurred in the past” said Paul Stratch, CFO of Warranty America.

“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, Warranty America will substantially reduce their costs involved with processing checks and the time and labor necessary to track credit card issues. Warranty America joins a number of other administrators that have implemented SEcureCard including AFAS, AAG, Old Republic, Service Group and US Warranty. Warranty America is now able to accelerate service to their client base with a simplified claims payment process.”

From the inception of vehicle service contract products claim payments have been a challenge to reconcile when paid with a corporate credit card. Administrators spend significant time and resources reconciling credit card charges back to individual claims within their administration systems and tracking adjustments that were made at the repair facility or dealership prior to actually charging the claim payment. These over/under amounts often result in major losses. If a service contract administrator 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.

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