EDS, an HP Company, Enhances Electronic Notification Solution for the Insurance Industry
LAKE BUENA VISTA, Fla. – EDS, an HP company, today announced key enhancements to its electronic notification solution for the insurance industry, including features that enable insurers to reduce costs and improve customer satisfaction while complying with underwriting market regulations.
EDS*SEND Electronic Notification Services enable the automated, electronic exchange of policy-related notifications among insurers, lenders, leasing companies, government agencies and trackers. The EDS*SEND enhancements include a comprehensive web portal with archive and new return mail processing capabilities.
“As one of the largest property and casualty insurance companies in the nation, Southern Farm Bureau Insurance has relied on EDS*SEND for almost 15 years to facilitate cost-effective, secure and efficient transmittal of information,” said Mickey Nugent, senior vice president of operations at Southern Farm Bureau Casualty Insurance Company. “Automating the paper-intensive notification process has helped us significantly lower cost, improve productivity and enhance information exchange, which ultimately helps us keep our customers satisfied.”
By using electronic delivery methods, insurers are able to lower costs and reduce the amount of paper required for printing and distributing insurance information. Costs are further reduced by eliminating postage for delivery. EDS estimates that using EDS*SEND to manage lien holder notifications may save a client up to 50 percent of the costs of operations.(1)
“Insurance carriers are constantly looking for ways to improve customer satisfaction while reducing costs,” said David Vice, vice president of Strategic Segments at EDS, an HP company. “The enhanced EDS*SEND solution offers a single, electronic point of entry for routing and delivering notices and provides cost-effective, efficient and secure information transmittal.”
The new EDS*SEND web portal allows authorized personnel to verify coverage through access to an integrated two-year archive of each insurer’s transactions. This reduces the need for manual document recovery requests and limits inquiries into each insurer’s call center by lenders and other interested third parties. The result yields time and money savings. Additionally, lenders can verify policy coverage details for multiple borrowers with multiple insurers. This minimizes risk and results in better accuracy and compliance with loan contract requirements.
The new EDS*SEND return mail processing capabilities include electronic address correction information from the U.S. Postal Service. This information is used to create a powerful tool for forwarding and tracking returned mail automatically.
Created in 1994, EDS*SEND has more than 3,000 financial trading partners totaling more than 37,000 electronic delivery endpoints. In 2008, EDS processed more than 46.3 million lien holder notifications.
As a pioneer of technology services for the financial services industry, EDS provides a wide range of outsourced and consulting services – from payments and securities processing to applications development, as well as network, customer relationship management and help desk services – to all sectors of the industry.
(1) Based on a comparison of internal costs provided by existing clients for cost-benefit analysis and the actual charges they pay EDS for its services.
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