CHICAGO — F&I Administration Solutions LLC, a software provider for the administration of automotive F&I products, released SCS Auto GAP, a software solution specifically designed to administer Guaranteed Asset Protection (GAP) products.

SCS Auto GAP works with F&I Administration’s extended service contract administration system SCS Auto VSC. Built on a highly scalable platform and using Microsoft technology, SCS Auto GAP is a comprehensive, web-based, hosted solution that manages all aspects of GAP product administration.

“Up to now, the only options available to GAP administrators have been to develop their own internal systems or to use systems that have been developed to administer extended service contracts,” said David Trinder, CEO of F&I Administration Solutions LLC. “Both of these approaches have their challenges in that many internally developed systems have become expensive to maintain and tough to manage, and using a service contract system to administer GAP has severe limitations, especially when it comes to handling claims.”

SCS Auto GAP enables the administration of every aspect of a GAP product, including product configuration and design, channel (dealer and agent) management, contract management, claims management, risk management and reporting. SCS Auto GAP’s streamlined claim system includes a systematic validation of limits of liability, as well as an electronic document management system that automatically generates outbound correspondence and stores inbound correspondence for easy retrieval. The system streamlines workflow, reduces errors and administration costs and increases operational efficiency.

“This product was developed in consultation with existing SCS Auto customers who administer GAP. As a result, we have been able to deliver a product that was designed by leading members of the industry who knew exactly what was needed from the system,” Trinder said. “We have also priced the product with an understanding of the economics of the industry, and we are confident that customers adopting our product will not only achieve immediate cost savings but will also be able to scale the business in a cost efficient manner.”