Arbitration Forums, Inc. Announces Payment Aggregation Offering
Arbitration Forums, Inc. Announces Payment Aggregation Offering with Settlement Exchange System® Product
TAMPA, Fla., July 11, 2018 (Newswire.com) - In October 2018, Arbitration Forums, Inc. (AF) will offer a payment aggregation option to member companies within its Settlement Exchange System® (SES®) product. The option will allow netting of resolved claims among participants.
SES is an extension of AF’s E-Subro Hub platform, the most widely utilized subrogation system with over 87 percent of the P&C market currently participating. SES facilitates both the automated issuance of EFTs and the processing of incoming subrogation payments made via EFT, once settlement is reached between members in E-Subro Hub. Demand acceptance in E-Subro Hub triggers SES, which in turn allows for the automated EFT payment from members. The new option will also give participating member companies the flexibility to determine the cadence of EFT payments and processing of incoming subrogation recoveries. Currently, Nationwide and Enterprise are actively using SES to exchange subrogation payments.
Joe Centanni, VP Property and Casualty Claims for Nationwide, stated, “Integrating SES with our technology and current processes was easy and seamless. We’ve seen significant savings by eliminating checks.”
Paul Diemer, SVP Risk Management, Enterprise Holdings, Inc., said, “The implementation of Settlement Exchange System was economical and uncomplicated for us. The efficiencies we’ve achieved from coding to the claim are excellent.”
AF will expand its SES offering to also include arbitration in the third quarter of 2018.
As part of payment aggregation options in SES, AF will continue to provide members the claim and payment transaction-level detail at the individual claim level that they receive today.
SES will deliver substantial cost benefits and process efficiencies to members. Other than modest implementation-associated costs, SES is available to members at no charge.
AF is pleased to announce that Allstate will implement SES in the fourth quarter of 2018, and GEICO will implement in 2019, which substantially increases the benefit to existing and future SES participating companies.
“Our goal is to resolve issues for our customers and make them whole as quickly as possible,” Allstate’s Claims Senior Vice President Mark McGillivray said. “Settlement Exchange System will reduce costs and make the recovery process more efficient, which helps us better serve our customers. We are excited to implement SES by the end of this year.”
“We are intent on deploying Settlement Exchange System in 2019 so that we can realize the significant benefits of our investment in technology and data integration with AF,” said Seth Ingall, SVP and Chief Legal Officer at GEICO.
Founded in 1943, Arbitration Forums, Inc. is a membership-driven, not-for-profit organization that exists to effectively and efficiently serve its over 4,700 members’ recovery and resolution needs. AF is the nation’s largest arbitration and subrogation services provider. Annually, its members file over 797,000 arbitration disputes and 1.8 million subrogation demands collectively worth over $12.5 billion in claims.
AF is a membership-focused organization dedicated to providing its members with exceptional service and ensuring they are at the center of everything AF does. AF embraces this member-centric mindset by implementing member feedback at all points of service.
For more information, visit www.arbfile.org.
Director of Marketing, Corporate Compliance, and Corporate Communications
Source: Arbitration Forums, Inc.