NU Online News Service, Jan. 31, 10:53 a.m.EST
|Nearly 520,000 claims disputes valued at more than $2.4 billionwere resolved in 2011—a new record, according to Arbitration ForumsInc.
|The nation's largest provider of inter-insurance disputeresolution services says it is saving the industry more than $700million in litigation costs annually.
|"Companies are increasingly focused on controlling their expensedollars, and arbitration offers a proven, cost-effective way ofgenerating those savings while enhancing customer service," says W.Russ Smith, president and chief executive of Arbitration Forums(AF), in a statement.
|Disputes typically arise from automobile accidents and comeabout when insurers disagree about fault, or the percentage ofliability or amount of damages.
|The Tampa, Fla.-based nonprofit founded in 1943 has about 4,400carrier and self-insured members nationwide. The services allowinsurers to return deductibles to policyholders quicker, saysSmith.
|AF says it is also saving paper. About 98 percent of arbitrationfilings were made electronically via its E-Subro Hub system.Annually, AF says its paperless system will save more than 49million sheets of paper weighing about 642,000 pounds.
|AF says eight of the 10 largest auto insurers now use E-SubroHub.
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