2004 E-Fusion Award Recipient -
 Claims Management

MarineBidExchange.com

The A.M. Best Co. presented MarineBidExchange.com with the E-Fusion award in the Claims Management category at the 2004 A.M. Best Co. Insurance and Technology Conference in Baltimore Oct. 19. The award recognizes innovation in insurance technology.

MarineBidExchange.com could be likened to a marine version of the online auction site eBay. The site, known as MBX, establishes online competitive bids for marine vessels, either for repair or salvage. The site puts out a request-for-proposal or RFP and puts an itemized damage survey--performed by a licensed marine claims adjuster--in front of hundreds of potential repair facilities. That transparency, Stephens said, has resulted in drastically reduced costs. Fifteen such auctions have so far saved insurance companies $1,699,000, he said; the total number of auctions since the site's launch is around 300.

Read about the finalists in this category or view our press release for more award coverage in this category.