ISO Acquires Electronic Insurance Notification Service
ISO here has acquired eLIENS, a unit of Xtria LLC. eLIENS provides lien holder and mortgagee notification services for insurance carriers. Xtria is an information technology and services company. Terms of the agreement were not disclosed.
Lending institutions that finance the purchase of auto, home and other property typically require borrowers to maintain minimum levels of insurance coverage.
As a lien holder or mortgagee to the property being insured, these lenders are entitled to receive many of the same notices that are sent to policyholders. The result for insurance companies is often a very paper- and labor-intensive notification process.
"eLIENS service automates the tedious, expensive and time-consuming task of processing notifications more accurately and efficiently," said Richard P. Boehning, ISO senior vice president. "This acquisition bolsters ISO's arsenal of underwriting solutions and improves carriers' processing and document administration workflow capability."
Because it is automated, eLIENS also enables insurers to reduce the insurers' notification costs and eliminate the expense of returned mail. eLIENS estimates its electronic automated notification service on average cuts insurer notification costs in half.
In terms of the change for ISO customers, Mr. Boehning noted that the transfer of eLIENS service would be imperceptible. "Our customers can continue to rely on timely, accurate notification services that they have come to trust," he pointed out.
Headquartered in College Station, Texas, eLIENS will be integrated into ISO's Insurance Information Exchange (iiX) unit, also based in College Station. iiX provides countrywide motor vehicle records to insurers.
ISO is a 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. ISO's services help customers protect people, property and financial assets.
To this end the company made a big splash in the anti-fraud space this year when it also acquired Sysdome and AppIntelligence. Both companies have since been combined into one new company called Interthinx.
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