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Member, Beacon International Group, Ltd.
The early adopter program of the LexisNexis Insurance Exchange has ended and industywide participation in the exchange has begun.
The exchange, which was announced in 2010, is designed to enhance the flow of application data among insurance agents, brokers and insurers. The exchange was established by an alliance of LexisNexis Risk Solutions, the Council of Insurance Agents and Brokers and intellectual property development company Marketcore Inc. The exchange is a business and renewal submission placement platform that enhances the flow of application date between insurance agents, brokers and carriers.
The early adopter program allowed a group of leading insurance brokerages to use the exchange and provide feedback to LexisNexis in preparation for an industrywide launch.
“Now it's up and running,” said CIAB president Ken Crerar, who said that as of Tuesday, more than 5,000 submissions had been entered into the system, which currently has about 175 carriers involved.
“We had been testing to see that it all worked and the exciting news is that it all worked,” he said.
The exchange is overseen by the Insurance Exchange Trust, an industry board with broker, carrier and industry trustees, including representatives of CIAB, the Independent Insurance Agents & Brokers of America, Assurex Global and ACORD.
“The pipeline is filling up, the doors are open and the good news is that it doesn't take that long to be up and running on the system,” said Mr. Crerar. “We're hearing from a lot of regional players and having continuing dialogue with the nationals.”