Jersey City, N.J. - ISO 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 autos, homes 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," saYS 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," he claims.
Because it is automated, eLIENS claims it enables insurers to reduce their notification costs and eliminate the expense of returned mail. eLIENS estimates its electronic automated notification service on average cuts insurer notification costs in half.
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.
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