SAS 70 Type II Audit Enhances AIS's Proprietary Premium Finance System For Client-Owned PFCs

March 11, 2010 - PRLog -- Saint Louis, MO and Orange, CA - Automated Installment Systems, Inc. (AIS - The First Name In "Own Your Own"® Premium Financing) announced it has again successfully completed the Statement on Auditing Standards No. 70 (SAS 70) Type II audit of the controls of AIS as they relate to the processing of premium finance payments, most recently for the period 1/1/2009 - 12/31/2009.  

This is the sixth (6th) consecutive year for the Type II audit for AIS and it further demonstrates AIS's commitment to provide advanced data management and third party administration services to its clients as measured against the highest standards for service delivery, for client-owned, captive, premium finance companies.  The audit included the data center space and operations at 955 Executive Parkway, Suite 106, Saint Louis, Missouri and at 500 North State College Blvd., suite 1100, Orange, California.

SAS Type II audit confirms AIS controls for processing of premium finance payments

The SAS 70 Type II audit confirms that AIS's controls as they relate to the processing of premium finance payments have been reviewed and tested by an independent certified public accounting firm in accordance with standards established by the American Institute of Certified Public Accountants to validate that controls have been suitably designed to achieve the control objectives specified and are operating effectively.  As value added for its clients, AIS continues to undergo the annual Type II audit which in part confirms that data center access is limited to only authorized AIS employees and to customers when accompanied by authorized AIS employees, that redundant HVAC and UPS systems are in place to reduce the likelihood that mechanical and electrical failures will result in an outage/service interruption, and that all critical facility systems - smoke detection, cooling and power - are inspected and serviced regularly and monitored to ensure their effective operation.

SAS 70 Type II audit demonstrates AIS's dedication to keep AIS clients on cutting edge of technology

"AIS's annual SAS 70 Type II audit is one of the more important investments we make to keep our clients on the cutting edge of technology," said Thomas Michael (Mike) Wood, AIS Chairman. "AIS is committed to continuous improvement of the quality and capabilities of our proprietary "Epitome"® System.  We provide our clients with highest levels of security and reliability in our cutting edge technology data center and processes.  These operational levels are essential for businesses dealing with Sarbanes-Oxley and other industry or regulatory compliance requirements."

SAS 70 Type II audit is value added and validation for AIS customers and their auditors

"We know of no other third party administrator for client-owned, captive, premium finance companies that undergoes an annual SAS Type II audit," Wood said.  "By our achieving and maintaining the SAS 70 certification AIS is unique in its ability to provide client-owned premium finance companies the added value and validation that they and their auditors truly need from a premium finance company third party administrator."

What is SAS 70, Level II Audit?

SAS 70, Reports on the Processing of Transactions by Service Organizations, is a widely-recognized auditing standard established by the American Institute of Certified Public Accountants. There are two (2) types of service auditor reports.

A Type I service auditor's report includes the service auditor's opinion on the fairness of the presentation of the service organization's description of controls that had been placed in operation and the suitability of the design of the controls to achieve specified control objectives.

A Type II service auditor's report includes the information contained in a Type I service auditor's report and also includes the service auditor's opinion on whether the specific controls were operating effectively during the period under review.  It allows third-party service auditors to fairly and objectively assess the operational effectiveness of the relevant internal controls of the audited service organization, such as AIS.

"Own Your Own”® Premium Finance - Helps Retain Existing Business; Helps Create New Business

““Own Your Own”® premium finance, utilizes AIS’s “Epitome”® System cutting edge technology,” Wood explained. “Our clients: retail agents; Managing General Agencies (MGAs); wholesalers; brokerages; bank commercial insurance operations, are able to provide flexible, cost effective, financing options for their existing commercial clients, their selves. “Own Your Own”® premium finance enables agents to minimize the risk of losing an existing account by sending their commercial clients elsewhere for financing. It can also put premium financing to work for AIS clients, as part of their proposal/quote process, to create new business." Read More @ http://www.automatedinstallment.com/aboutAIS_technology.htm

Easy, Secure and Profitable

“With over twenty-six (26) years of history and over $2 billion financed, "Own Your Own" ® premium financing is an established, secure and proven investment,” Wood said. Read More @ http://www.automatedinstallment.com/forAgents_benefits.htm

AIS Clients' "Own Your Own" Premium Finance Companies Achieved Thirty Percent (30%) Return On Investment for 2009.  Read More @ http://www.prlog.org/10471482.htm

Request a Web-ex Meeting and Online Demo

Request a Web-ex meeting and Online Demo of the AIS "Epitome"® system and/or get more information about St. Louis, MO-based Automated Installment Systems, Inc., and about how “Own Your Own” premium financing may be right for your operation: visit our website @ http://www.automatedinstallment.com; or call Diane Wood, President, or Rusty Briggs at 800.624.6308. Read More @ http://www.automatedinstallment.com/toolsResources_rightforyou.htm

About AIS

Automated Installment Systems, Inc. (AIS), headquartered in St. Louis, MO, is the leader in client-owned insurance premium financing company development, management and third party administration. AIS originated the concept of outsourced services for premium financing in the early 1980's. AIS was the first in the country to offer commercial insurance operations a truly full-service premium finance management system. Clients of Automated Installment Systems utilize AIS’s "Own Your Own" ® premium financing product and its proprietary EPITOME ® System technology to provide in-house premium financing options for their insureds. Read More @ http://www.automatedinstallment.com/aboutAIS.htm

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Outsourced Client-Owned Commercial Premium Finance Companies (AIS "Own Your Own"(R) premium finance) enable retail & wholesale agents, brokers, MGAs, specialty insurers and bank insurance operations to increase revenue and post higher profits. AIS is a developer, manager and third party administrator of Client-owned commercial insurance premium finance companies. AIS wrote the book on "Own Your Own"® premium finance. AIS's founders pioneered the concept of outsourced services for premium financing in the 80's and were the first company in the country to offer commercial insurance operations a truly full-service premium finance management system designed specifically for them. Today, we continue to set the gold standard – helping clients nationwide significantly increase profitability and the level of service they provide to customers.