Agents may have reason to crack open the champagne. The Council of Insurance Agents & Brokers (CIAB) and LexisNexis yesterday announced the creation of an insurance exchange directed at improving the efficiency and transparency of the independent agent-based distribution system.

The new exchange will combine both technology and information at each of the key workflow steps of the insurance transaction process to reduce redundant work and costs, as well as to enable agents and brokers to offer clients a broader choice of insurance products, according to the two organizations. This development is the result of a partnership formed through CIAB with the agent/broker community and LexisNexis to ensure all types and sizes of industry participants can utilize the exchange.

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