An internet-based claims resolution system which is applicable to a wide range of insurance disputes – including travel and employment claims – is being launched by Esettle.
The dispute resolution system works by using a “blind bidding” process to settle claims automatically within set time periods and negotiated cost parameters.
A party with a disputed insurance claim would begin by logging their particulars on to the system at esettle.co.uk.
The next step is for the party to detail the amount they are prepared to offer to settle the claim.
Other parties to the dispute are then invited to take part in the process by an automatic email link.
Should they choose to do so, they are asked to indicate what they would offer to settle the outstanding claim.
After these initial steps, Esettle examines both settlement figures and negotiates a figure within parameters set by both parties, such as a variation of 20%.
Robin Stannard, business development manager at Esettle, outlined the system's potential benefits.
“Insurers will be able to reduce both the duration of claims settlement periods and the administrative activity for each potential claim.”
He added the process was suitable for settling any situation where two or more parties needed to reach an agreement, including employment and travel disputes.