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EFG Companies

EFG Protects Clients From Claims Fraud – $100,000 Annually

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, has bolstered its formal fraud detection program for retail automotive dealers, creating significant roadblocks against fraud and theft while protecting dealer reinsurance positions. The multi-point program includes real-time call and repair order monitoring and auditing, in-depth training, a proprietary claims system lockdown protocol, and cutting-edge virtual claims inspections, designed to save the dealership more than $100,000 annually in fraud and claims savings. 

According to the Coalition Against Insurance Fraud, fraud accounts for up to 10 percent of claims costs for U.S. insurers, with 32 percent of insurers saying fraud was as high as 20 percent of claims costs. In the F&I industry, those costs directly affect dealership reinsurance positions, impacting the dealer’s bottom line, underwriting profit and investment income.

To protect client reinsurance positions from fraud and ensure quality customer service, every inbound call to EFG’s claims operations is recorded, and a dedicated audit team reviews 300+ claims and calls per month, checking for:

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EFG Spearheads Digital Compliance and Data Security in Retail Automotive with SSAE 18 SOC 2 Certification

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, recently achieved a new level in data security for both clients and contract holders with the Service Organization Control 2 (SOC 2) Certification under the Statement of Standards for Attestation Engagements 18 (SSAE 18) guidelines from the American Institute of Certified Public Accountants (AICPA).

According to recent risk-based security research, 3,800 publicly disclosed data breaches occurred in the first six months of 2019, exposing up to 4.1 billion records. This represented a 50% increase over the last four years. As companies increase their reliance on technology to house personal, confidential information, data breach attempts are expected to increase as well.

Several years ago, EFG took proactive steps to secure its own data and achieved SSAE 16 certification in 2016. Since then, EFG continued its efforts to further augment the company’s security measures, investing close to a quarter of a million dollars annually on security enhancements, and achieving SSAE 18 certification in December, 2019.

SSAE 18 certification is the most widely recognized standard providing companies with a method for reporting information about the design and operation of internal systems and controls relating to privacy and security regulations. SOC 2 reports evaluate an organization’s information systems relevant to security, availability, processing integrity, confidentiality and privacy.

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EFG Companies Electric Vehicles

EFG Launches MAP® Electric Vehicle Protection Exclusively for EV Customers

DALLAS, TX (August 13, 2019) EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today announced the launch of the new Motorist Assistance Plan (MAP®) Electric Vehicle Protection. This new exclusionary vehicle service contract is designed to meet the unique needs of EV owners and help dealers diversify their revenue streams through both the F&I office and the service drive. For more information, visit http://bit.ly/2YX1226.

MAP Electric Vehicle Protection provides coverage for all assemblies and parts, the manufacturer-installed battery, and electric vehicle motor(s), except for a specific list of parts that are excluded. It also provides roadside assistance, rental reimbursement, and trip interruption benefits.