Press Release (ePRNews.com) - TAMPA, Fla. - Oct 01, 2019 - Arbitration Forums, Inc. (AF) is pleased to announce the successful collaboration with GEICO Insurance on the adoption of Settlement Exchange System® (SES®), AF’s automated subrogation payment processing product.
Seth Ingall, SVP and chief legal officer for GEICO, stated, “Settlement Exchange System is increasing efficiencies while reducing costs. Implementing SES was an easy and great decision.”
AF’s SES product facilitates both the automated issuance of electronic funds transfer (EFTs) and the processing of incoming subrogation and arbitration payments made via EFT once settlement is reached between members.
SES features a payment aggregation option that allows netting of resolved claims among participants, reducing the number of payments between parties. This new option gives participating companies the flexibility to determine the cadence of EFT payments and processing of incoming subrogation and arbitration recoveries.
The SES product originated as an extension of AF’s E-Subro Hub® platform, the most widely used subrogation system. Today, SES is available for all subrogation and arbitration transactions. Nationwide, Enterprise, and Allstate are actively using SES to exchange subrogation payments. The inclusion of GEICO with these companies represents over 35% of demand volume managed in the E-Subro Hub platform and more than 25% of the auto market share.
Kathy Mahne, president and CEO for AF, stated, “AF is excited about our member interest and adoption momentum. We look forward to partnering with additional members to escalate settlement exchange capabilities and benefits. More companies exchanging settlements creates significant savings and efficiencies for everyone.”
SES delivers substantial cost benefits and process efficiencies to members. Other than modest implementation-associated costs, SES is available to members at no charge.
Founded in 1943, Arbitration Forums, Inc. is a membership-driven, not-for-profit organization that exists to effectively and efficiently serve its over 5,000 members’ recovery and resolution needs. AF is the nation’s largest arbitration and subrogation services provider. Annually, its members file over 872,000 arbitration disputes and 1.8 million subrogation demands collectively worth over $13.5 billion in claims.
AF is a membership-focused organization dedicated to providing its members with exceptional service and valuable solutions. AF ensures its members are at the center of everything AF does. AF embraces this member-centric mindset by implementing member feedback at all points of service.
The membership is the key driver of AF’s future direction. Through their continued support, AF builds upon current successes and ensures its services continue to provide effective dispute resolution alternatives.
For more information, visit www.arbfile.org.
Contact: Geoff Engert
Director of Marketing, Compliance, and Legal
Arbitration Forums, Inc.