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StoneEagle Announces American Financial & Automotive Services Selection of SEcureCard to Automate and Simplify Claims Payment Process

SEcureCard Detects and Prevents Overcharges Associated with Paying Claims to Repair Facilities and Provides Electronic and Immediate Payment Reconciliation

Dallas, Texas - February 13, 2007 -- The StoneEagle Group (StoneEagle) today announced that American Financial & Automotive Services, Inc. (American Financial), a leading provider of Finance and Insurance products, services and technologies to the automotive industry, has selected SEcureCard. StoneEagle developed the SEcureCard to provide vehicle service contract administrators a streamlined approach for handling claim payments.

From the inception of vehicle service contract products, claim payments have been a challenge when paid via credit card. Administrators spend significant time reconciling credit card charges back to individual claims within their administration systems and tracking adjustments that were made at the dealership prior to actually charging the claim payment. These over/under amounts often result in major losses. If an administration company allows up to only a $5 variance between claim approval and the actual amount charged to the card, significant claim dollars are spent without approval. There are also instances where credit cards are used for additional and often fraudulent charges by repair facility personnel.

“SEcureCard allows the corporate office at American Financial to operate more efficiently because it interfaces directly with our SEcureSCS administration system. American Financial will no longer need to worry about fraud and over charges by repair facilities and our labor costs will be greatly reduced. American Financial is very pleased with this innovative program from StoneEagle and we consider the SEcureCard a valuable solution for our business,” said Arden Hetland, President of American Financial & Automotive Services, Inc.

“SEcureCard is a patent-pending application that provides a cost effective way for vehicle service contract administrators to virtually eliminate overcharges and fraud associated with paying claims,” said Bobby Allen, president of StoneEagle. “By implementing this program, American Financial will substantially reduce their costs involved with processing checks and the time and labor necessary to track credit card issues. Like other service contract administrators utilizing SEcureCard, American Financial will be able to accelerate service to their client base and simplify their entire claims payment process.”

About The StoneEagle Group
StoneEagle has provided software tools and enterprise administration systems tailored for the insurance and automotive industry for over thirty years. StoneEagle leverages the latest technology to create safe, secure connection points between Insurance Administrators and their Automobile Dealer, Bank and Credit Union clients. The result is a multi-functional suite of applications that are an ideal solution for administrators seeking total enterprise integration. Currently, SEcureSystems support over 62 Credit Life Insurance companies and 24 Service Contract Administrators internationally. For additional information please contact Jason Gillette at 800-854-1567 email: jgillette@stoneeagle.com or visit StoneEagle’s web site at www.stoneeagle.com.

About American Financial & Automotive Services, Inc.
American Financial & Automotive Services, Inc. has assisted dealers in maximizing profits for over thirty years. Exceeding clients' expectations has been the driving force behind American Financial's success. American Financial's proven status as a market leader is based on the ideal that the innovative products and services provided to the dealerships are backed and insured by the industry's strongest carriers. For additional information please visit our web site: www.afasinc.com.

 

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