Last year, Arbitration Forums (AF) celebrated 75 years of service to the insurance industry. We remain committed to extending that legacy of service as a member-driven and trusted technology solutions provider. With that in mind, we will be enhancing products and services throughout the year and beyond.
Based heavily on member feedback, our upgraded Total Recovery Solution® (TRS®) technology platform is streamlining the filing and responding experience, resulting in significantly reduced cycle times and decision errors and improved decision quality. The automobile subrogation arbitration program is the first (current) phase of upgrading the Online Filing platform to TRS. By October 1, 2019, all automobile subrogation arbitration program cases will be filed in TRS. PIP and MedPay arbitration programs will transition to the upgraded technology in 2020, and all remaining arbitration programs will be upgraded to the TRS platform by the end of 2021.
We will also be expanding the utilization of our Settlement Exchange System® (SES®). Settlement payment processing annually costs the insurance industry more than $30M. SES facilitates both the automated issuance of EFTs and the processing of incoming subrogation and arbitration payments made via EFT, once settlement is reached between members. By eliminating the costly manual processes associated with payment processing, SES can virtually reduce those expenses to $0. And, SES is available to members at no cost.
As a not-for-profit organization, the innovative technology products developed by AF are industry-owned and operated. By collaborating with members through advisory groups like the Member Council and Technology Advisory Group, as well as collecting feedback from front-line users and member managers, we can ensure each product and service provided reduces arbitration- and subrogation-related expenses, increases productivity, and reduces cycle time.
As we look to the future of arbitration and subrogation, change is on the horizon.
How will changes in transportation, safety features, autonomous vehicles, and artificial intelligence transform the insurance industry? How will the industry evolve to embrace the Internet of Things and new technology?
We at AF will continue to adapt and expand our products and services in response to these exciting industry trends, providing members with significant efficiencies and cost-savings well into the future.