MarineBidExchange Garners E-Fusion Award for Claims Management from A.M. Best

October 22, 2004

The A.M. Best Co. has presented with the E-Fusion award in the Claims Management category at the 2004 A.M. Best Co. Insurance and Technology Conference in Baltimore. The award recognizes innovation in insurance technology. could be likened to a marine version of the online auction site eBay. The site, known as MBX, establishes online competitive bids for marine vessels, either for repair or salvage. The site puts out a request-for-proposal or RFP and puts an itemized damage survey – performed by a licensed marine claims adjuster – in front of hundreds of potential repair facilities. That transparency has reportedly resulted in drastically reduced costs. Fifteen such auctions have so far reportedly saved insurance companies $1,699,000; the total number of auctions since the site’s launch is around 300.

The finalists and the purpose of their project were as follows:

— CaseKnowledge — A litigation management product for claims professionals that allows insurers to track the status of lawsuits.

— BlueCross BlueShield of South Carolina — An online claims entry site that allows both large and small practices to meet new claims entry mandates established by the federal Health Insurance Portability and Accessibility Act.

— West Bend Mutual Insurance Co. — A browser-based claims administration system that allows West Bend’s claims representatives to handle all personal lines claims independent of clerical support.

— PA Consulting Group — A Claims Predicting Modeling System for auto damage that uses predictive modeling to put field inspectors where they’re needed most, targeting repair estimates with a high probability of fraud.

— Valley Oak Systems — A Web-based claims administration system that allows for document imaging, payments and auto-payments, litigation and subrogation tracking and policy administration.

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