Cybersettle: Online Transactional Negotiations
Bob Ballou, Cybersettle's CEODescription: Cybersettle is a recognized innovator and leading global provider of web-based transactional negotiation technology for the insurance, commercial, healthcare and public sector markets. Cybersettle’s patented solutions deliver unprecedented financial benefits for client organizations by automating the negotiation and settlement of monetary transactions in an efficient and secure online environment. Cybersettle clients routinely deploy its technology in high volumes transaction applications such as debt recovery, accounts receivable management, claims settlement, supply chain dispute resolution and e-pricing.
Products: Cybersettle’s impartial, non-confrontational and secure negotiating environment dramatically accelerates the settlement process by allowing parties to confidentially exchange “walk-away” numbers immediately after case evaluation. The significance of its technology to the parties of a transaction is a demonstrated reduction in settlement related costs, improved negotiation productivity with commensurate reduction in claim backlogs for high volume clients, and substantial reductions in the time required to settle a transaction.
Cybersettle technology brings automation, efficiency and expanded capabilities to its clients, resulting in increased profitability and productivity.
- Healthcare: Improves the recovery of patient-pay receivables for healthcare providers
- Insurance: Negotiates 3rd party claims, subrogation claims and premium recoveries for major U.S. and global insurance carriers
- Supply Chain: Accelerates vendor dispute resolutions for multi-national Fortune 500 manufacturers
- Public Sector: Settle claims against municipalities and expedite revenue recovery
- Legal: Named “Official and Exclusive Online Settlement Tool of the Association of Trial Lawyers of America” (2001.)
Accomplishments: Over the past 10 years Cybersettle has handled over 200,000 transactions and has facilitated over $1.8 billion in transaction value, including bodily injury and other types of insurance claims. Whereas the productivity implications of Cybersettle technology make it an ideal fit for high transaction volume environments, high value negotiations have also proven to represent equally conducive applications as demonstrated by its largest online settlement in the amount of $12,500,000.
Cybersettle’s competitive advantage lies in its growing portfolio of intellectual property which includes seventeen issued global patents covering a diverse set of processes that enable parties to efficiently settle financial disputes or negotiate the price of goods or services online. The foundation of its intellectual property portfolio is a family of patents that protects a double-blind, multi-round bidding process that matches offers and demands in an efficient and secure online environment. Three recently acquired patents, awarded in 2010, protect the application of Cybersettle’s online process to negotiate the price of goods and services online. Combined, these patents are the foundation of proprietary software solutions that can be deployed through enterprise and web platforms that involve sales, distribution, e-commerce, finance and e-marketplace transactions within social networks where pricing of goods and services or the resolution of financial disputes takes place.
Financing: Spencer Trask Ventures has led a total of $15 million in financing since 2006.
Recent News: A Numbers Game - Online Settlement Negotiations Drive Greenwich Business in CT Law Tribune (Jan. 25, 2010)
