After years of stops and starts, an official single entry point for agents to communicate with carriers will come to fruition, reports LexisNexis Risk Solutions, a global provider of content-enabled workflow solutions.
The company, which has established its Risk Solutions division as part of the deal, reports that it has selected FirstBest Systems Inc., as the core technology partner for its new insurance exchange. The FirstBest technology solution will automate intermediary distribution workflow, enabling agents and brokers to submit insurance applications in a one-step, real-time process, and provide access to key market information and analytics for better decision-making, report the companies.
This newest announcement of an insurance exchange is a long-time coming. An INN report in October 2009 described the partnership between The Council of Insurance Agents & Brokers (CIAB), and LexisNexis. In 2007, INN described the exchange in its earlier iteration.
The most recent exchange, say the companies, is being designed to improve the efficiency and transparency of the intermediary distribution system by combining technology and information at each step of the insurance process.
“The recently announced LexisNexis-CIAB Insurance Exchange is designed to ease the submission and collaboration process for agents, brokers and carriers,” reports John Belizaire, FirstBest founder & CEO.
According to information on FirstBest’s Web site, LexisNexis selected the FirstBest technology solution as a core technology provider to give the initiative “a head start.” Pilot programs for selected lines are scheduled to begin in the fall of 2010, with full production scheduled for early 2011, the companies report.
"Agents and brokers are demanding more efficiencies and transparency of the intermediary-based distribution system", said Jeffrey Glazer, SVP and GM, LexisNexis Insurance Solutions. "They need to cut redundancy and costs and offer clients a broader choice of insurance products. The exchange will ease the collaboration and submission process for carriers and agents alike and FirstBest will help make it a success."
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