Cybersettle management faced with a dilemma: How can they turn their company, provided the confidential online settlement services for insurance claims, into a profitable business? Having started in the heady days of the Internet “dot-com fever,” the company now had to re-evaluate its business plan and its strategy to expand into the tightly held insurance industry. Cybersettle offered three rounds, blind-bidding system tuned to applicant asks Offered by insurance companies. If … Read more »

Cybersettle management faced with a dilemma: How can they turn their company, provided the confidential online settlement services for insurance claims, into a profitable business? Having started in the heady days of the Internet “dot-com fever,” the company now had to re-evaluate its business plan and its strategy to expand into the tightly held insurance industry. Cybersettle offered three rounds, blind-bidding system tuned to applicant asks Offered by insurance companies. When the bids came close together in a certain round, then the system will divide the difference between the bids and declared settlement. Such a service could save dollars for the insurance carrier and time for plaintiffs and their attorneys. Nevertheless, the decision was how to market this product proves to be a challenge. Although many dispute settlement companies have tried to reap the benefits of the Internet, have just successfully.
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from
Michael A. Wheeler,
Gillian Morris
Source: Harvard Business School
15 pages.
Release Date: 04 December, 2001. Prod #: 902158-PDF-ENG
Cybersettle HBR case solution