The insurance technology platform that promises to streamline transactions between insurance agents/brokers and their carriers now has a formal advisory board to guide data privacy, pricing and other policies.
The new Insurance Exchange Trust Inc. is charged with overseeing the LexisNexis Insurance Exchange, the single-entry platform that automates the flow of application data and documents between insurance agents and brokers and their wholesalers and carriers.
The trust is charged with ensuring that the Insurance Exchange supports the needs of the insurance distribution market, carriers and their customers.
“Visualize the Trust as a ring around the LexisNexis Insurance Exchange, which functions to facilitate transparency, neutrality, fair pricing and data protection for all Insurance Exchange participants,” said Ken A. Crerar, president of The Council of Insurance Agents & Brokers and executive chair of the Insurance Exchange Trust Board of Trustees.
This new transaction system is the result of an alliance formed through LexisNexis Risk Solutions, The Council of Insurance Agents & Brokers and Marketcore, Inc.
The following have been named founding 16 trustees.
J. Hyatt Brown, Brown & Brown; Andrew G. Cassidy, Early, Cassidy & Schilling, Inc.; Albert R. Counselman RCM&D, Inc.; Ken A. Crerar, The Council of Insurance Agents & Brokers; M. Steven DeCarlo, AmWINS Group, Inc.; Sharon Emek, CBS Coverage Group, Inc. representing the Independent Insurance Agents & Brokers of America; Clyde H. Fitch Jr., State Auto; Lawrence G. Graev, The GlenRock Group, LLC representing MarketCore; James Hackbarth, Assurex Global; Russell Johnston, Chartis; Greg Maciag, ACORD; Markham R. McKnight, BancorpSouth Insurance Services, Inc.; Mark J. Moitoso, Liberty Mutual Group; H. Wade Reece, BB&T Insurance Services, Inc.; George A. Steadman III, Rutherfoord/MMA; Robert H. Rheel, Zurich.
The Insurance Exchange Trust, Inc. is a non-stock membership company, which will be managed by members of the board of trustees. The first meeting of the board was held Oct. 5 in Colorado, according to CIAB.
The trust holds the exclusive rights to determine any use of the participants’ data that passes through the Insurance Exchange pipeline. In addition, any data that might be approved by the trust would have to be aggregated and de-identified, under rules affirmed by the trustees.
The Insurance Exchange launched a pilot program with 16 U.S. brokerage firms that are submitting applications over the next several months to test the system and provide feedback. An agent or broker will be able to reach all of their appointed markets by inviting their carriers to receive submissions through the Insurance Exchange.
Full production through the Insurance Exchange is expected to begin in the second quarter of 2011, according to CIAB.
For more information on the LexisNexis Insurance Exchange, listen to Frank Sentner, technology director for CIAB and a veteran agency technology developer, in two recent Insurnace Journal videos: