Cybersettle's Value Proposition

Cybersettle has been proven to reduce average claim cycle time by reducing time spent in the negotiation and settlement stage of claim handling.

The process provides claims management with enhanced control over of loss payments, lowers and avoids litigation costs, administrative expenses.

When Cybersettle Best Practices are implemented, the process can dramatically impact carrier Commercial and Personal Lines’ operating ratios.

An Accenture™ (outside consulting firm) study found the following:

• Cybersettle shortens the claim cycle by an average of 4-6 months
• Cybersettle reduces the time from offer to settlement
• Cybersettle significantly impacts at least 2 major claims activities:
  • Negotiation/Settlement: allowing adjusters to allocate more time to complex claims
  • Litigation, Arbitration and Mediation Management: reducing legal fees & other defense costs

Over the past several years top P&C Customers continually validate savings in excess of those reported in the study.

New York City, Cybersettle’s first municipal client, saved $11.6 Million during its first year of a demonstration project with Cybersettle.

Figure 1 Cybersettle has been shown to significantly reduce Claim Cycle Time

Proven Results

The Accenture study found that Cybersettle positively impacts all submitted claims. Cybersettle’s Web-based application, telephone facilitators and Settlement Center representatives serve to eliminate many of the communication difficulties that typically arise when parties try to settle a dispute. As a result, parties achieve resolution faster than they would have had they not participated in Cybersettle, whether the claim settles online, offline, or through telephone facilitation.

Figure 2 Cybersettle reduces the time from First Offer to Settlement, whether a claim settles online or offline

Once parties agree to negotiate, Cybersettle’s double-blind bid system ensures that parties are more psychologically prone to settling a claim, as walk away numbers can be submitted online without either side compromising its position. Cybersettle’s telephone facilitators offer an additional opportunity for resolution prior to negotiation, where parties are close, but need additional assistance in achieving a mutually satisfactory outcome.

Figure 3 60% of all claims submitted to Cybersettle settle within 60 days