Bluebook International is responding to what the industry is calling, an “infrastructure and technological catastrophe.” It’s estimated that for every premium dollar the insurance industry spends, 11 cents is spent on the claims process alone, representing an aggregate annual expenditure of nearly $40 billion, not including the actual payment of the claims.
Bluebook will introduce B.E.S.T.Net(tm), an enterprise level insurance claims solution in the fourth quarter to address historical multi-line insurance issues specific to redundant handling of claims, length of time to process claims; minimal or non-existent auditing or mitigation standards for payment of claims, that already cost the property carriers nearly 6% in overpayments.
Bluebook has partnered with Cotelligent Inc., a provider of mobile business solutions and Web services, to develop the technology. Cotelligent granted Bluebook a $5.1 million investment to develop the program.
“Our .NET platform can only be validated by great developers choosing it and using it to speed development, lower costs and improve their business through new Web Services model. By having Bluebook select .NET and by exposing their application’s functionality via this new platform, the insurance industry will experience increased flexibility, cycle-time/cost reduction for processing claims,” said Kevin Kelly, managing director, Financial Services, Microsoft.
“We are thrilled to be working with Bluebook in bringing B.E.S.T.Net to market and we are pleased to count them among the growing number of insurance developers using .NET to improve the industry’s workflow and bottom line.”