Tampa, Fla.-based Arbitration Forums Inc., an interinsurance dispute resolution service, reported it resolved a record 477,000 intercompany claims last year.
The claims in dispute were valued at over $2.2 billion, according to a statement from W. Russ Smith, president and chief executive officer of AF.
Over 4,000 carrier and self-insured members nationwide belong to AF.
Mr. Smith noted that the growing interest in arbitration programs could be attributed to the ease of use of electronic filing through the Internet and e-mail to further speed the arbitration process.
The AF executive pointed out that nearly 90 percent of arbitration filings in 2007 were made electronically, almost double the percentage of just two years earlier.
Mr. Smith said AF's most recent innovation, E-Subro Hub, expanded AF's offerings beyond traditional arbitration services by providing members with a single Web-based platform from which they can interactively issue and respond to subrogation demands, manage electronic demand packages, as well as file and respond to arbitration cases.
"The heightened company focus on saving expense dollars coupled with the industry's adoption of the E-Subro Hub will result in reduced cycle times and more efficient delivery of our services," he said.
Mr. Smith noted that arbitrated disputes typically arise when insurance or self-insured companies believe their insureds are not at fault, or if they disagree as to the percentage of liability or the amount of damages.
According to AF, more than 80 percent of intercompany arbitration disputes involve auto collisions.
AF describes itself at the largest U.S. provider of interinsurance dispute resolution services.
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