A.M. Best Co. Presents E-Fusion Award for Claims-Management to MarineBidExchange.com.

OLDWICK, N.J. -- 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.

The finalists and the purpose of their project were as follows:

--CaseKnowledge -- A litigation management product for claims professionals that allows insurers to track the status of lawsuits.

--BlueCross BlueShield of South Carolina -- An online claims entry site that allows both large and small practices to meet new claims entry mandates established by the federal Health Insurance Portability and Accessibility Act.

--West Bend Mutual Insurance Co. -- A browser-based claims administration system that allows West Bend's claims representatives to handle all personal lines claims independent of clerical support.

--PA Consulting Group -- A Claims Predicting Modeling System for auto damage that uses predictive modeling to put field inspectors where they're needed most, targeting repair estimates with a high probability of fraud.

--Valley Oak Systems -- A Web-based claims administration system that allows for document imaging, payments and auto-payments, litigation and subrogation tracking and policy administration.

The awards were judged by Michael Edwards, chief information officer, American Skyline Insurance Co.; William Jenkins, CPCU and insurance technology consultant; Matthew Josefowicz, manager, Insurance Group, Celent Communications; Robert Litt, partner, KPMG LLP Information Risk Management; Chuck Johnston, director, industry marketing, Callidus Software; Thomas A. Meyers, senior vice president and chief financial officer, New Jersey Manufacturers Insurance Co.; and Philip Roeper, chief information officer and senior vice president, American Re-Insurance Co. In addition, the A.M. Best Co. executives who participated in the judging were Paul C. Tinnirello, executive vice president and E-Fusion conference chairman; Lee McDonald, vice president and E-Fusion program chairman; Group Vice President Rita Tedesco and Vice President James Snee.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com.