Posted on 09 Jun 2011
LexisNexis® Risk Solutions announced the successful completion of the LexisNexis® Insurance Exchange Early Adopter program and the official launch of industry-wide participation for the Insurance Exchange.
The Early Adopter program was an opportunity for a select group of leading brokerages to use the Insurance Exchange and provide feedback to LexisNexis, in advance of the industry-wide launch. The Insurance Exchange has received broad support from agents, brokers and carriers. Since the launch of the program in the fall of 2010, submissions have been sent to more than 730 underwriters registered on the Insurance Exchange, representing nearly 200 carriers and wholesalers.
Early Adopter participants noted immediate efficiency gains by being able to enter information once and have it available for multiple markets. “The
LexisNexis Insurance Exchange completely changes the way we do business,” said Markham McKnight, president of BancorpSouth Insurance Services, Inc. “It allows us to be more responsive to our client needs. We’ve been waiting for a solution that would allow brokers to more effectively submit business to multiple carriers for years. It’s a single solution for our entire process.”
The LexisNexis® Insurance Exchange is a business and renewal submission placement platform that enhances the flow of application data between insurance agents, brokers and carriers. The Insurance Exchange reduces workload, facilitates access to markets and improves collaboration between distribution partners. Carriers can communicate their risk appetite to brokers at the point of submission and reach new markets.
“We don't believe it's revolutionary, we think it's evolutionary,” said Peter Lynch, president, LexisNexis Insurance Exchange. “Carriers also benefit tremendously by making their detailed risk appetites known in a much more timely fashion. In addition, the ability to take the data from the Insurance Exchange and tie it to their forms electronically eliminates redundant work on their end and provides a tremendous benefit to the underwriting process.”
The nearly 200 carrier and wholesaler participants include 70 percent from the top 25 property & casualty carriers. In addition, several carriers are now working with the Insurance Exchange to take greater advantage of the platform. These organizations are working with the Insurance Exchange to broaden their distribution opportunities, and enhance broker education of and adherence to their underwriting appetite and guidelines.
“We joined the LexisNexis Insurance Exchange in order to work more efficiently with agents and brokers, and to open up new markets for our offerings,” said Clyde Fitch, senior vice president and chief sales officer, State Auto. “Some of the marketing features of the Insurance Exchange will allow us to reach agents and brokers that might not usually think of us. We recommend carriers give it a thorough evaluation.”
“The LexisNexis Insurance Exchange is a simple solution to problems this industry has been struggling with for more than 40 years,” said Ken A. Crerar, president, The Council of Insurance Agents & Brokers. “It provides the industry with a seamless system that addresses the tremendous workflow inefficiencies associated with submitting business to multiple carriers. The core of the Insurance Exchange is to streamline a system that allows brokers to be better brokers and helps underwriters better underwrite.”
The Insurance Exchange is overseen by the Insurance Exchange Trust, an industry board with broker, carrier and industry trustees, including representatives of The Council of Insurance Agents & Brokers, the Independent Insurance Agents & brokers of America, Assurex Global and ACORD.