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NU Online News Service, Feb. 8, 10:57 a.m. EST
LexisNexis Risk Solutions said it has selected FirstBest Systems, Inc., as the core technology partner for its new insurance exchange, being created with the Council of Insurance Agents and Brokers.
The FirstBest technology solution will automate insurer 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.
“Agents and brokers are demanding more efficiencies and transparency,” said Jeffrey Glazier, senior vice president and general manager of 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 intermediaries, and FirstBest’s technology will help increase efficiencies.”
FirstBest founder and Chief Executive Officer John Belizaire said. “FirstBest provides a transformational and collaborative underwriting management system for intermediaries and carriers, delivering information and automation at each key step of the insurance process.”
The CIAB and LexisNexis are creating the insurance exchange to improve the efficiency and transparency of the intermediary distribution system.
The new exchange will combine both technology and information at each of the key workflow steps of the insurance transaction process. It will also, reduce redundant work and costs and enable agents and brokers to offer clients a broader choice of insurance products.
Pilot programs for selected lines are scheduled to begin in the fall of 2010 with full production scheduled for early 2011.
“Our members have a critical need to eliminate inefficiencies in today’s multicarrier distribution system,” said Ken A. Crerar, president of the Council of Insurance Agents & Brokers. “We are working closely with LexisNexis, FirstBest, and other partners to ensure the exchange is an open and long-term solution ultimately able to serve the entire industry.”