Florida-based Arbitration Forums Inc. (AF) has purchased Siteras Subrogation Technology to power an electronic clearinghouse that reportedly will significantly speed up the subrogation process and reduce costs.
The agreement with Siteras Technologies, accelerates the development of AF’s Electronic Subrogation Demand/Response Processing System (E-Subro Hub) which will allow thousands of insurers, self-insureds, Third Party Administrators (TPAs) and claims service organizations to streamline the subrogation process and interactively manage both demands and responses.
The web-based subrogation technology will reportedly enable users to send and receive subrogation demands electronically, attach supporting documents (estimates, bills, photos, police reports, etc) automatically route demands to file handlers, negotiate online and view and download online reports. The system will provide a flexible electronic link regardless of the platform operated by the user.
“This acquisition is a quantum leap in realizing AF’s goal of transforming a slow, cumbersome, paper-driven process into a seamless, highly efficient electronic system that produces rapid settlements and slashes costs,” said D. Kay Smith, president and chief executive officer of AF.
All transactions will be electronically based, allowing for the instantaneous exchange of documents. AF will also offer an additional service to companies with limited electronic means that will convert their paper into electronic documents.
Smith said that the purchase has accelerated the full implementation of the E-Subro Hub by as much as three years. The program will be phased in beginning next spring after the completion of pilot testing with several carriers.
The initial product will reportedly eliminate the need for copying and mailing evidentiary or other paper material from the demand/response portion of the subrogation process.
“It immediately will help demanding carriers take full advantage of the recovery opportunities they now lose in a mountain of paperwork and manual tasks, while assisting respondents quickly identify loss recovery opportunities,” said Smith.
She pointed out that subrogation claims processed through the E-Subro Hub may or may not go to arbitration for resolution. AF projects the E-Subro Hub program will handle at least 100,000 subrogation transactions by the end of 2005.
AF will reportedly continue to roll out new features that will increase the speed of the process, eliminate manual tasks from the workflow and provide better management information. The co-founders of Siteras Technologies and creators of the subrogation technology, will support AF in product development and marketing on a consultant basis.
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