Insurance Notification Clearinghouse Services Business Case

Accurate Data Transmittals at a Lower Cost

As an insurer, you often need to exchange your customers' insurance policy status with your trading partners like financial institutions or government agencies.

But paper-intensive processes can be expensive and time-consuming, and transmitting electronically means dealing with multiple formats and databases on various platforms, with plenty of room for error and inaccurate information.

There is an easier way.

HP Sets the Industry Standard For Data Transmittals

Insurance Notification Clearinghouse Services receives electronic notifications from the insurance companies and either transmits the notices to the trading partners electronically or prints and delivers them via the U.S. Postal Service, depending on the end-user's specifications and capabilities. We're the primary clearinghouse in the insurance industry for this notification service.

HP manages more than 46.5 million transactions every year, including:

• Automobile liability insurance reporting
• Automobile notifications
• Electronic property inspection reporting
• E-remittance/payment advice (ASC X12 820 transaction set)
• Flood notifications and flood escrow invoicing
• Lender-initiated transactions (ASC X12 266/824 transaction sets)
• Mortgage notifications and mortgage escrow invoicing

HP Offers Automated and Comprehensive EDI

Based on its more than 35 years of experience in the financial and insurance industries, HP developed an innovative electronic clearinghouse system that forms the basis of the HP*SEND service. This system uses electronic data interchange (EDI), a process which standardizes electronic data for easy information exchange.

• Send, receive and translate from any format to any format (industry or proprietary)
• Match lien holder name and address with trading partner data to determine delivery destination
• Improve delivery accuracy by reducing data input errors, returned mail and customer service calls
• Market directly to key trading partners to promote relationships
• Support ANSI standards and ASC X12 compliance
• Comply with Sarbanes-Oxley and Gramm-Leach-Bliley regulations

And HP*SEND provides the added benefit of a single point of entry for routing and delivering notices, streamlining your verification process on insured collateral and other extended business functions.

HP Expertise and Efficiency

HP has more than 35 years of financial services and insurance experience. In 1994, we built an efficient electronic clearinghouse, which today has more than 3,000 financial trading partners totaling over 37,000 electronic delivery endpoints. Here are a few of HP's industry credentials:

• Processed more than 46.5 million transactions in 2007
• Maintains relationships with 36 leading insurance companies
• Maintains relationships with four of the Top 10 U.S. automobile insurers
• Maintains an average six-week implementation time
• Produces a return on investment in 12 months or less
• Maintains a renewal rate of nearly 100 percent among HP*SEND clients
• Compliant with Sarbanes Oxley and Graham-Leach-Bliley
• Includes a complete audit trail of electronic transactions
• Offers a referenceable client base
• Reduced cost
• Increased efficiency

And our insurance industry experts deliver risk-free, fast implementations. Customized to meet your exact specifications.

For more information about what HP Enterprise Services can do for you, submit a business inquiry.