Cybersettle Reaches 100,000th Transaction

December 2, 2004

New York-based Cybersettle, a provider in Internet facilitated claim settlement, announced that it has processed 100,000 claim settlement transactions.

The patented Cybersettle system, which processed its first online transaction six years ago, has since been implemented by a number of leading insurance carriers, municipalities and third party administrators to lower costs associated with the resolution of claims.

On the other side of the equation are trial attorneys, who submit settlement demands through Cybersettle to obtain results for their clients. Currently, attorneys participate on almost half of all online offer attempts initiated by their opposition — an increase over usage several years ago, when many lawyers were reportedly apprehensive about using the Internet to settle claims.

Cybersettle estimates that its accelerated settlement process has reduced settlement delays by six million days in the aggregate, by streamlining communication and minimizing telephone posturing by adversarial parties. For Cybersettle’s insurance and municipal clients, this cycle time reduction and increased efficiency reportedly translates into an estimated $70 million in savings.

Charles Brofman, Cybersettle president & CEO said, “Online claim
settlement is no longer the wave of the future; it is the way progressive
claims organizations and law firms settle cases today. Customers using Cybersettle to settle large volumes of claims have an undeniable competitive edge over organizations that are slower to adapt.”

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