ChoicePoint has acquired ELIOS, Inc., a loss payee notification company for the property/casualty insurance industry. ELIOS notifies vehicle finance companies and mortgage holders of policy coverage and lapses in coverage for its insurance clients.
Using Current Carrier, a nationwide contributory policy database, ChoicePoint has developed a number of policy monitoring and reporting services. The ELIOS acquisition further extends ChoicePoint's offerings in this area.
Through ELIOS, insurers can outsource state reporting requirements. "We estimate that carriers can save as much as 50 percent of what they currently spend to perform this function in-house," said Richard Collier, ChoicePoint vice president and general manager, property/casualty services.
Customers who are contributing policy records to ChoicePoint's Current
Carrier database can use the ELIOS service without providing additional policy feeds, according to Collier. ELIOS customers can take advantage of all of the insurance verification and monitoring services offered by ChoicePoint.
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