Dallas — The StoneEagle Group (StoneEagle) 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.”