BALTIMORE, Md. – MarineBidExchange.com, which offers online RFPs for vessel repairs and salvage auctions, was chosen to receive a 2004 E-Fusion Award in the Claims Management category, the company recently reported.
The E-Fusion Awards recognize innovative, business-focused uses of technology in actual use by insurers.
The award was presented to MarineBidExchange.com President Charles M. Stephens during the 2004 A.M. Best E-Fusion Conference in Baltimore, Md. on October 19.
Stephens created the site out of a frustration with what he calls a lack of transparency in the boat salvage and repair business. MarineBidExchange.com puts a request for proposal and an itemized damage survey in front of hundreds of potential repair facilities, which can then bid on the work.
Fifteen such auctions put on by the site have saved insurance companies $1,699,000, according to Stephens. Over 300 total auctions have taken place since the site was launched.
Currently, there is no charge to register a vessel on the site, a move intended to help build up the database, Stephens said.
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