TAMPA, FL / ACCESSWIRE / October 8, 2019 / Arbitration Forums, Inc. (AF) is pleased to announce the successful collaboration with GEICO (Government Employees Insurance Company) 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. We believe this will benefit our policyholders overall by speeding up how their business is handled."
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.
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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.
About GEICO
GEICO, the second-largest auto insurer in the U.S., was founded in 1936 and insures more than 28 million vehicles. For more than 80 years, the company has worked to make people's lives better by protecting policyholders against unexpected events. As GEICO has grown, it has delivered money-saving coverage and outstanding customer service to policyholders through its investment in human resources and technology. GEICO is a member of the Berkshire Hathaway family of companies.
Homeowners, renters, condo, flood, identity theft, and term life coverage are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc.
Commercial auto and personal umbrella coverages are also available.
GEICO has a national workforce of 40,000 associates. GEICO sales representatives throughout the country are licensed insurance agents and help guide customers through coverage decisions. To make changes, report claims, print insurance cards and/or purchase additional products, policyholders can access their insurance policy, connect via GEICO Mobile or by phone. Sales and service is also available at GEICO local offices.
Visit www.geico.com for a quote or to learn more.
SOURCE: Arbitration Forums, Inc.
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https://www.accesswire.com/562452/Arbitration-Forums-Inc-Announces-GEICO-as-Newest-Settlement-Exchange-SystemR-SESR-Participant
