LexisNexis Risk Solutions has selected FirstBest Systems, Inc.,as the core technology partner for its new insurance exchange.

The FirstBest technology solution will automate insurerdistribution workflow, enabling agents and brokers to submitinsurance applications in a one-step, real-time process and provideaccess to key market information and analytics for betterdecision-making.

"Agents and brokers are demanding more efficiencies andtransparency," says Jeffrey Glazier, senior vice president andgeneral manager of LexisNexis Insurance Solutions. "They need tocut redundancy and costs and offer clients a broader choice ofinsurance products. The exchange will ease the collaboration andsubmission process for carriers and intermediaries, and FirstBest'stechnology will help increase efficiencies."

"FirstBest provides a transformational and collaborativeunderwriting management system for intermediaries and carriers,delivering information and automation at each key step of theinsurance process," says FirstBest founder and CEO John Belizaire."We are proud to have been selected to power the insuranceexchange."

The Council of Insurance Agents and Brokers, representing theleading commercial insurance brokers and agents in the UnitedStates and abroad, and LexisNexis are creating theinsurance exchange to improve the efficiency and transparency ofthe intermediary distribution system.

The new exchange will combine both technology and information ateach of the key workflow steps of the insurance transaction processto reduce redundant work and costs and to enable agents and brokersto offer clients a broader choice of insurance products. Pilotprograms for selected lines are scheduled to begin in the fall of2010 with full production scheduled for early 2011.

"Our members have a critical need to eliminate inefficiencies intoday's multicarrier distribution system," says Ken A. Crerar,president of the Council of Insurance Agents & Brokers. "We areworking closely with LexisNexis, FirstBest, and other partners toensure the exchange is an open and long-term solution ultimatelyable to serve the entire industry."