For years, agents and brokers have pursued an elusive goal: streamlined risk submission to multiple carriers that reduces policy errors and increases pricing and underwriting precision. That goal seems to be within reach.
The Council's partnership with LexisNexis to create an electronic insurance exchange is the culmination of years of research and will transform the way agents and brokers do business.
The transactional aspect of the exchange will provide a single, efficient electronic system for agents and brokers to submit risks to multiple carriers and collaborate with them in placing, underwriting and pricing that risk. This is the realization of that elusive goal and an imperative in today's marketplace. For both large and small risks, transactions are still chiefly accomplished by telephone, fax and e-mail. With today's technology, there is no reason to perpetuate this inefficient and error-ridden process.
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