TAMPA, Fla., January 6, 2022 (Newswire.com) - On Dec. 6, 2021, Arbitration Forums, Inc. (AF) welcomed Farmers Insurance® to its growing list of member companies to adopt Settlement Exchange System® (SES®), AF's automated subrogation payment processing product.
SES facilitates both the automated issuance of electronic funds transfers (EFTs) and the processing of incoming subrogation and arbitration payments made via EFT once settlement is reached in E-Subro Hub or adjudicated in arbitration. Claim resolution triggers SES and the automated EFT payment.
"At Farmers®, implementing solutions that make the claim resolution process easier and faster for our customers is an ongoing goal," said Rob Howard, chief claims officer for Farmers Insurance. "Implementing SES could help us improve operational efficiencies, which we anticipate will result in a better experience for our customers."
For members of AF, SES delivers substantial benefits and process efficiencies. According to internal data, AF estimates SES has the potential to save the industry in excess of $35 million annually. It is the only broadly adopted industry solution, with 43% of E-Subro Hub demands issued by current SES companies.
Featuring a payment aggregation option that allows netting of resolved claims among participants, SES helps reduce the number of payments between parties and provides participating companies the flexibility to determine the cadence of EFT payments and processing of incoming subrogation and arbitration recoveries. SES is suitable for integration with other technologies.
The SES product originated as an extension of AF's E-Subro Hub platform, the most widely utilized subrogation system with over 91% of the P&C market currently participating. SES is now available for all subrogation and arbitration transactions. In addition to Farmers, Nationwide, Allstate, GEICO, Travelers, American Family, and Enterprise are also actively using SES to exchange subrogation payments.
"We are excited that Farmers has joined AF's Settlement Exchange System, which increases savings and efficiencies for all participating companies," said Kathy Mahne, president and chief executive officer of Arbitration Forums, Inc.
Founded in 1943, Arbitration Forums, Inc. is a membership-driven, not-for-profit organization that exists to effectively and efficiently serve its over 5,200 members' recovery and resolution needs. AF is the nation's largest arbitration and subrogation services provider. Annually, its members file over 949,000 arbitration disputes and almost 1.7 million subrogation demands collectively worth over $13.9 billion in claims.
AF is a membership-focused organization dedicated to providing its members with exceptional service and valuable solutions. AF ensures its members are at the center of everything AF does. AF embraces this member-centric mindset by implementing member feedback at all points of service.
The membership is the key driver of AF's future direction. Through their continued support, AF builds upon current successes and ensures its services continue to provide effective dispute resolution alternatives.
For more information: www.arbfile.org.
Contact: Jennifer Felder - Director of Communications, Training, and Member Satisfaction
Source: Arbitration Forums, Inc.