Insurance is often referred to as a “people business.” That adage applies to the claim process more than any other element in a highly diverse business, and there is likely no part of the claim operation where the interaction of people is more vital than in the arbitration of inter-company disputes.
This often-overlooked but critical subset of the subrogation process has been around for decades. And, for most of its existence, arbitration has changed very little in its fundamental structure. Today, arbitration has entered a new world, one where technology and training are taking a proven process of recovering claim dollars, reducing pending claims, and lowering legal costs to a new level of efficiency and professionalism.
At a time when claims and associated expenses are being scrutinized more closely than ever, many companies and self-insureds are looking at the savings generated by arbitration as an opportunity to enhance their bottom lines. To take full advantage, insurers and self-insureds require a better understanding of arbitration in their own operations. They need to have access to arbitration training programs and learn to utilize new electronic technology and programs developed by Arbitration Forums (AF), which makes the process easier and faster.
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