Cybersettle, a White Plains, N.Y. online settlement company, has been contracted by the New York State Insurance Department Liquidation Bureau to accelerate the resolution of claims filed with insurance companies currently under its supervision.
The liquidation bureau acts on behalf of the superintendent of insurance as receiver when an insurance carrier experiencing financial difficulty is placed under his supervision for rehabilitation or liquidation. The process includes the settlement of outstanding claims brought against the carrier by New York state residents.
According to Cybersettle President and CEO Charles Brofman, Cybersettle will help alleviate backlog and free up administrative time and money that can be invested elsewhere. The New York Liquidation Bureau is the first receiver to implement the technology.
Cybersettle’s system is used by more than 100,000 attorneys and 10,000 claims adjusters representing over 1,900 claims offices worldwide to improve claims processing and efficiency. The New York City Office of The Comptroller also recently announced Cybersettle’s participation in a pilot project to expedite the resolution of claims and lawsuits filed against the City.
Cybersettle provides a secure place online where parties can settle their disputes confidentially by comparing offers and demands in the blind. For claims filed against insurance companies under state control, liquidation bureau claims professionals will enter offers — which cannot be seen by the opposition or an opposing attorney — into Cybersettle. Claimants’ attorneys can then submit corresponding demands — which cannot be viewed by the liquidation bureau’s staff – through Cybersettle. If a demand and offer overlap, a settlement is reached and Cybersettle will inform both parties.
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