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AMERICAN AUTO GUARDIAN, INC. UTILIZES STONEEAGLE’S SECURECARD SOLUTION TO AUTOMATE THEIR CLAIMS PAYMENT PROCESS

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

Dallas, Texas -- June 7, 2006 – American Auto Guardian, Inc. (AAGI), an administrator of service contracts and other automotive aftermarket products announces the one year anniversary of production using the StoneEagle SEcureCard Solution.

AAGI has been in the business of warranty service administration for many years. Last year, the SEcureCard was introduced into their daily operations.

Claim Payment Challenge
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.

Solution and Results
“AAGI has nothing but positive feedback regarding the SEcureCard. It is incredibly easy to use and is cost effective in all areas affected by claims payment business, plus we no longer have to worry about fraud and over charges by repair facilities. The SEcureCard has lowered the costs involved with processing checks and the time and labor necessary to track overcharges, fraud, and other credit card issues. Our costs for check stock, postage, ink, envelopes, and labor have been significantly reduced. We can directly download the SEcureCard payment card data to our accounting system, increasing accuracy and reducing our direct and indirect labor costs for multiple departments,” stated Al Ranieri, president of AAGI.

“Our clients are equally pleased with this innovative program. They can receive funds the same day instead of waiting a week or more for checks to be processed and received through the mail. Instead of requiring customers to fax us a charge receipt or wait on the phone for authorization codes, the web site tracks the transactions for us. There is less follow up, less paperwork, and less staffing. Only one call is needed to pay a claim instead of two, three and sometimes more

“The SecureCard is an integrated solution for our business. AAGI values its relationship with StoneEagle. We consider them our partner in our pursuit of providing the best solution for our clients,” Ranieri said.

About The StoneEagle Group
The StoneEagle Group provides software solutions and enterprise administration systems that power Insurance Carriers, Service Contract Administrators, Third Party Administrators and Aftermarket Providers. StoneEagle leverages technology to create safe and secure connection points between Administrators and their Automobile Dealer, Bank and Credit Union clients, resulting in a multi-function solution suite of applications. Headquartered in Richardson, Texas, StoneEagle personnel have been involved in providing software applications to the insurance and related industries since 1967. For additional information please contact Jason Gillette: phone: 855-937-8729 email: jgillette@stoneeagle.com or visit StoneEagle’s web site at www.stoneeagle.com.

About American Auto Guardian, Inc,
American Auto Guardian, Inc. (AAGI) located in Arlington Heights, Illinois, was formed in 1997 to provide honest, efficient administration of service contracts and other automotive aftermarket products. AAGI primarily sells through general agents throughout the United States. AAGI prides itself in providing its customer’s the highest level of service. The Company has been blessed with knowledgeable individuals with many years in automotive aftermarket products. AAGI can provide quality-outsourcing administration for aftermarket products. Because of its administrative abilities, AAGI has attracted many Private Label programs across the country. American Auto Guardian, Inc. current portfolio of products includes: Service Contract, Guaranteed Asset Protection (GAP), Vehicle Theft Protection (ETCH) and Excess Wear & Tear Coverage. For more information on AAGI, visit www.autoguardinc.com.

 

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