JERSEY CITY, N.J., Oct. 27, 2005 — ISO's eLiens unit has enhanced its existing basic loss-payee and mortgagee-notification service with a new producer-notifications capability.
Lending institutions that finance the purchase of autos, homes and other property typically require borrowers to maintain minimum levels of insurance coverage. As a lien holder or mortgagee, lenders are entitled to receive many of the same notices that are sent to policyholders.
"The notifications requirement imposes a significant paper- and labor-intensive burden on insurers," said Steven Craig, general manager of ISO's Automobile-Property Loss Underwriting Service (A-PLUSTM) that offers the eLiens solution. "Our enhancement of the basic eLiens services with the optional producer-notifications capability makes it easier for insurers to comply with the requirements and streamline their underwriting-support and policy-processing functions."
When a loss-payee or mortgagee notification is returned to eLiens because of an incomplete, incorrect or outdated address, eLiens will automatically notify the producer, who can then take steps to get the correct information from the policyholder. The producer can notify the insurer so the system is updated with a correct address.
The updated information enables eLiens to issue a corrected loss-payee or mortgagee notice and ensure future notifications are not returned as undeliverable or delayed during delivery to the addressee.
eLiens services save insurers time and money while helping them avoid the risk of not having complete data, Craig explained. "The services enable insurers to eliminate processing errors, misaddressed notifications and data errors in policy information. At the same time, the services make sure insurers are in compliance with notification requirements and do not suffer any loss," Craig added.
eLiens, headquartered in College Station, Texas, is a unit of ISO's Automobile- Property Loss Underwriting Service. A-PLUS provides a suite of underwriting products and services for personal and commercial lines of insurance.
For more information on eLiens's loss-payee, mortgagee, or producer notifications, contact eLiens at 1-866-733-9900.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.