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:
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).