Iwix.net hopes that by providing an Internet forum linking carriers and MGAs to agents and brokers, it can reduce marketing and distribution costs for specialty insurance.When Max Carter decided to establish iwix.net, an online specialty insurance exchange, he knew he didn't want to reinvent the wheel. Believing that the traditional relationships between insurers and brokers work to everyone's advantage, Carter wanted to preserve that dynamic while introducing the benefits afforded by the Internet.
"We provide a service that, on the one hand, carriers and managing general agents use to make available their specialty products to our registered brokers, and on the other hand our registered brokers use to access multiple carriers and to receive multiple quotes," says Carter, who is chief executive officer of Chicago-based iwix.net LLC.
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