Post by niseag on Sept 21, 2010 1:30:26 GMT 4
16 Brokers to Use New Single-Entry Commercial Lines Insurance Exchange
September 20, 2010
Sixteen insurance brokerage firms have agreed to be the first to use a new Internet-based single entry submission system to transact commercial lines business with carriers, a system that will be made available to all agents and brokers and their carriers early next year.
The LexisNexis Insurance Exchange, as the new submission and transaction system in known, promises to reduce workload, facilitate access to new markets, and improve collaboration among all parties involved in middle market and some large commercial insurance business.
This new transaction system is the result of an alliance formed through LexisNexis Risk Solutions, The Council of Insurance Agents & Brokers and Marketcore, Inc. and it comes after decades of talk and trials throughout the industry around developing a workable a single-entry platform.
The 16 insurance brokerages that have signed on include: AmWINS Group, Inc; Brown & Brown, Inc.; BB&T Insurance; John L. Wortham & Son, L.P.; BancorpSouth Insurance Services, Inc.; Rutherfoord/MMA; EPIC Insurance Brokers; Van Gilder Insurance; McQueary Henry Bowles Troy, L.L.P.; RCM&D; Sterling & Sterling, Inc.; M3 Insurance Solutions, Inc.; Early, Cassidy & Schilling, Inc.; Roach Howard Smith & Barton; Oswald Companies; and Cook, Hall & Hyde, Inc.
The brokers are joining the Insurance Exchange as early adopters and will start using it Oct. 12.
Officials have not yet identified the participating carriers but said last week that they hope to have about a half dozen for the initial phase. Getting carriers to participate in a single system has been a challenge in past attempts to streamline the transaction process for agents and brokers.
This select group of brokerages and carriers will provide feedback to LexisNexis in advance of an industry-wide launch in early 2011.
Agents and brokers will not have to be CIAB members to use the exchange when it is launced industry-wide. Carriers will be also able to participate as non-subscribing members, although subscribing carriers will receive more benefits including analytics and market reports.
The exchange is designed for use with middle market and some large commercial accounts.
LexisNexis has commitments from additional top 100 brokers including Lockton, Inc. for adoption following the initial phase.
The Council of Insurance Agents & Brokers represents the top national, regional and international commercial brokers and agencies. CIAB members place more than $200 billion in commercial property/casualty and employee benefits premium worldwide. More than 16 percent of the membership is comprised of firms headquartered outside the U.S.
Marketcore is a privately held intellectual property development company based in Westport, Conn. LexisNexis Risk Solutions has licensed Marketcore's intellectual property for the exchange. Marketcore will also participate on the insurance exchange board of trustees. Representatives of major brokerages, carriers, ACORD, the Independent Insurance Agents & Brokers of America and other industry and technology interests have also been invited to join the board, which will set policy on and monitor how the data collected is secured and how it may be used.
September 20, 2010
Sixteen insurance brokerage firms have agreed to be the first to use a new Internet-based single entry submission system to transact commercial lines business with carriers, a system that will be made available to all agents and brokers and their carriers early next year.
The LexisNexis Insurance Exchange, as the new submission and transaction system in known, promises to reduce workload, facilitate access to new markets, and improve collaboration among all parties involved in middle market and some large commercial insurance business.
This new transaction system is the result of an alliance formed through LexisNexis Risk Solutions, The Council of Insurance Agents & Brokers and Marketcore, Inc. and it comes after decades of talk and trials throughout the industry around developing a workable a single-entry platform.
The 16 insurance brokerages that have signed on include: AmWINS Group, Inc; Brown & Brown, Inc.; BB&T Insurance; John L. Wortham & Son, L.P.; BancorpSouth Insurance Services, Inc.; Rutherfoord/MMA; EPIC Insurance Brokers; Van Gilder Insurance; McQueary Henry Bowles Troy, L.L.P.; RCM&D; Sterling & Sterling, Inc.; M3 Insurance Solutions, Inc.; Early, Cassidy & Schilling, Inc.; Roach Howard Smith & Barton; Oswald Companies; and Cook, Hall & Hyde, Inc.
The brokers are joining the Insurance Exchange as early adopters and will start using it Oct. 12.
Officials have not yet identified the participating carriers but said last week that they hope to have about a half dozen for the initial phase. Getting carriers to participate in a single system has been a challenge in past attempts to streamline the transaction process for agents and brokers.
This select group of brokerages and carriers will provide feedback to LexisNexis in advance of an industry-wide launch in early 2011.
Agents and brokers will not have to be CIAB members to use the exchange when it is launced industry-wide. Carriers will be also able to participate as non-subscribing members, although subscribing carriers will receive more benefits including analytics and market reports.
The exchange is designed for use with middle market and some large commercial accounts.
LexisNexis has commitments from additional top 100 brokers including Lockton, Inc. for adoption following the initial phase.
The Council of Insurance Agents & Brokers represents the top national, regional and international commercial brokers and agencies. CIAB members place more than $200 billion in commercial property/casualty and employee benefits premium worldwide. More than 16 percent of the membership is comprised of firms headquartered outside the U.S.
Marketcore is a privately held intellectual property development company based in Westport, Conn. LexisNexis Risk Solutions has licensed Marketcore's intellectual property for the exchange. Marketcore will also participate on the insurance exchange board of trustees. Representatives of major brokerages, carriers, ACORD, the Independent Insurance Agents & Brokers of America and other industry and technology interests have also been invited to join the board, which will set policy on and monitor how the data collected is secured and how it may be used.