LexisNexis Risk Solutions announced that 16 insurance brokerages have joined the LexisNexis Insurance Exchange.
The result of an alliance formed through LexisNexis Risk Solutions, The Council of Insurance Agents & Brokers and Marketcore Inc., the Insurance Exchange is a business and renewal submission placement platform designed to enhance the flow of application data between insurance agents, brokers and carriers. Additionally, LexisNexis says the Exchange aids agent and broker profitability by reducing workload, facilitating access to new markets and improving collaboration between organizations.
The new brokerages include:
- • AmWINS Group Inc.
- • Brown & Brown Inc.
- • BB&T Insurance
- • John L. Wortham & Son LP
- • BancorpSouth Insurance Services Inc.
- • Rutherfoord/MMA
- • EPIC Insurance Brokers
- • Van Gilder Insurance
- • McQueary Henry Bowles Troy LLP.
- • RCM&D Sterling & Sterling Inc.
- • M3 Insurance Solutions Inc.
- • Early, Cassidy & Schilling Inc.
- • Roach Howard Smith & Barton
- • Oswald Cos.
- • Cook, Hall & Hyde Inc.
Each broker is joining the Insurance Exchange as part of an early adopter program, which formally launches in October 2010. The early adopter program is an opportunity for a select group of leading brokerages and carriers to use the exchange and provide feedback to LexisNexis, in advance of an industry-wide launch in early 2011, the vendor says.
"Streamlining the communication of data between agents and brokers, and improving the transparency and productivity of the current system has been a Council goal for more than a decade," says Ken Crerar, president of The Council of Insurance Agents & Brokers. "The LexisNexis Insurance Exchange is designed for the insurance industry to address this need. The Insurance Exchange will simplify the major steps of the insurance transaction process, enabling access to key market information for better decision-making."
"We are excited to join the LexisNexis Insurance Exchange because it promises to deliver new workflow efficiencies, while allowing us to pursue new business opportunities," says H. Wade Reece, chairman and CEO of BB&T Insurance Services Inc. "The Insurance Exchange will simplify the way we do business, while delivering additional paths to enhanced profitability."
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