ELIOS Inc. includes electronic fund transfer (EFT) to its suite of paperless solutions technologies for the property and casualty insurance industry. ELIOS’ clients have the ability to bill and collect money from mortgagees electronically. This capability enables insurance companies to capture funds automatically thereby reducing late pays, expenses and labor while improving efficiency, customer relations and the bottom line.
San Ramon, California (PRWEB) July 5, 2005 --ELIOS, the leading loss payee
notification company for auto and home mortgage insurance industries launches
new electronic fund transfer (EFT) feature for home owner insurance companies.
“This is a natural progression in our offering of paperless solutions technologies for our more than 250 property and casualty clients.” states president and CEO of ELIOS, Jordi Huguet. ELIOS automated the process of billing mortgagees in early 2003 to eliminate insurance companies need to print and mail escrow bills to financial institutions. “Our clients asked us if we could go one step further by providing the ability to receive funds electronically.” ELIOS has been working with its electronic trading partners who have relationships with tens of thousands of financial institutions to eliminate the need for paper check remittance and to speed up payment processing time.
Aside from eliminating paperwork going back and forth through normal payment processing, the insurance company will be notified immediately when the mortgagee indicates they are no longer the lender on the insurance policy. Often the problem is that financial institutions are acquired, merge or blocks of loans are sold. ELIOS’ EFT solution will minimize or eliminate the frequency of insurance customers that should have never been cancelled for non payment, resulting in increased customer satisfaction and retention. Not only will the insurance company be able to sweep funds instantly they will also receive a report for payments that were processed to facilitate reconciliation. ELIOS will be offering its latest cost savings solution to its clients in July of 2005.
ELIOS, Incorporated was founded to address the needs of insurance and financial services companies in the 1990’s. Headquartered in the San Francisco Bay Area, ELIOS provides software and services to electronically automate back office operations such as lien holder and mortgagee notifications. By increasing efficiency and eliminating manual operations that are error prone, costly and difficult to administer, ELIOS enables a wide range of insurance and financial services organizations to enjoy considerable cost savings in personnel, administration, IT resources, and overhead.
Roxanne Milton, Director of Marketing
(925) 973-0881 ext 103
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Source : http://www.prweb.com/releases/2005/7/prweb256800.htm