The Insurance Services Office, Inc. said it has acquired eLIENS, an automated intermediary for insurers that allows them to notify lenders if there is a change in their customers' insurance coverage.
eLIENS, based in College Station, Texas, is a unit of Xtria LLC==an information technology and services company. Purchase terms were not disclosed.
Jersey City-based ISO said eLIENS provides its notification services for insurance carriers that must keep lien-holders and mortgage institutions updated on their clients' coverage.
Lending institutions that finance the purchase of cars, 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 regarding changes in coverage or termination of coverage.
ISO said the requirement 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," explained 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."
According to ISO, eLIENS helps insurers cut notification costs and eliminate the expense of returned mail. eLIENS estimates its electronic automated notification service on average cuts insurer notification costs in half.
Mr. Boehning said the transfer of eLIENS service would be imperceptible, adding that "our customers can continue to rely on timely, accurate notification services that they have come to trust."
ISO said eLIENS will be integrated into its Insurance Information Exchange (iiX) unit, also based in College Station, which provides countrywide motor vehicle records to insurers.
ISO is a provider of products and services that help measure, manage and reduce risk.
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