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CyberSettle Patent
CYBERSETTLE RECEIVES U.S. PATENT MOUNT KISCO, NY, December 17, 2001 -- Cybersettle, Inc., the world’s first online claim settlement company and inventor of the “double-blind bid” dispute resolution process, announced today that the United States Patent and Trademark Office has issued U.S. Patent number 6,330,551 to the business process it invented. Cybersettle believes this to be the first multi-round online dispute resolution patent issued. Cybersettle’s invention is currently in use by insurance companies and attorneys throughout the United States.
Charles S. Brofman, President, CEO and Co-founder of Cybersettle commented: “Our employees have worked extremely hard to get Cybersettle to where it is today. I am thrilled to have received patent protection – this is a remarkable moment for everyone in this company. Nevertheless, we will not rest on this achievement. Cybersettle attained its status as market leader because of its product technology and top-notch customer service. We will continue to excel and serve the legal and insurance communities by continuously improving our system and offering innovative solutions.”
Cybersettle’s Chairman, Nicholas M. Brown, Jr., stated: “This patent protection for Cybersettle’s dispute resolution process is a major milestone, which, we believe, will greatly aid Cybersettle in its efforts to gain increased market share for its claim settlement process.” Brown is the President and CEO of the insurance operations of XL Capital Ltd (NYSE:XL), a leading insurance, reinsurance and financial products and services company, which is Cybersettle’s largest shareholder.
Earlier this year, Cybersettle was named the “official and exclusive online settlement tool” of the Association of Trial Lawyers of America. Subsequently, every major Cybersettle customer has renewed its contract for 2002. “I see an extremely bright future for this company”, Mr. Brofman said. “2002 will be a banner year!”
Cybersettle markets its claims settlement system to the property and casualty insurance industry as well as the plaintiff’s bar. Cybersettle introduced its claims settlement system to the workers compensation insurance industry this year, and is currently securing commitments for that product for 2002. Cybersettle maintains its corporate headquarters at 105 South Bedford Road, Mt. Kisco, New York. For further information contact Charles S. Brofman at 914-244-7103.
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