The A.M. Best Co. has presented MarineBidExchange.com 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.
MarineBidExchange.com 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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