The Council of Insurance Agents & Brokers (CIAB) unveiled today The Insurance Exchange Trust Inc., an industry-controlled entity that will oversee the LexisNexis Insurance Exchange.
The Trust will provide “both guidance and insight to LexisNexis Risk Solutions to ensure the Insurance Exchange fully supports the needs of the insurance distribution market, carriers and their customers," according to the CIAB.
The Exchange, designed to enhance the flow of application data among insurance agents, brokers and insurers, was launched with 16 leading U.S. brokerage firms as early adopters that will submit applications during the next several months to test the system and provide feedback.
“Visualize the trust as a ring around the LexisNexis Insurance Exchange, which functions to facilitate transparency, neutrality, fair pricing and data protection for all Insurance Exchange participants,” Ken A. Crerar, CIAB president and executive chair of the Insurance Exchange Trust Board of Trustees, said in a statement. “The insurance exchange is an open ecosystem designed to help the entire industry and the trust will play an advisory role to LexisNexis Risk Solutions as the industry works together to shape the Insurance Exchange.”
Full production through the exchange is expected to begin in the second quarter of 2011.