NU Online News Service, March 12, 2:00 p.m. EST
Arbitration Forums Inc. (AF) has saved the property and casualty industry more than $700 million in litigation costs each year, resolving nearly 500,000 inter-insurance claims disputes, valued at about $2.3 billion, in 2010.
W. Russ Smith, president and chief executive officer of AF, said the provider of dispute resolution services for the insurance industry has resolved nearly five million disputes, valued at $23 billion, for its 4,400 carrier and self-insured members over the last decade.
About 96 percent of arbitration filings were made electronically—a far greater number than just a few years prior, said Mr. Smith. Last November AF expanded the electronic filing system, E-Subro Hub, to all 50 states.
Mr. Smith said the system streamlines the arbitration process, allowing users to submit and receive subrogation demands, claims, and other documents at no cost to its members.
Quickening the process allows insurers to return deductibles to their policyholders faster, which enhances customer service.
AF said it resolved more than 520,000 inter-company claims disputes valued at nearly $2.5 billion in 2009.
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