The Insurance Exchange Trust Inc., an industry-controlled entity designed to oversee the LexisNexis Insurance Exchange, was officially unveiled. The role of the trust is to provide both guidance and insight to LexisNexis Risk Solutions to ensure the Insurance Exchange fully supports the needs of the insurance distribution market, carriers and their customers.

The LexisNexis Insurance Exchange is a single-entry collaborative insurance placement platform that automates and streamlines the flow of application data and documents between insurance agents and brokers and wholesalers and carriers. It is designed to promote and facilitate competition in insurance markets and to provide a level of efficiency and increased productivity.

"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," says Ken A. Crerar, president of The Council of Insurance Agents & Brokers and Executive Chair of the Insurance Exchange board of trustees. "The Insurance Exchange is an open ecosystem designed to help the entire industry and The trust will play an advisory role to LexisNexis Risk Solutions as the industry works together to shape the Insurance Exchange."

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 in October in Colorado. At the meeting, the major concern of the industry--protection of data--was reconfirmed with LexisNexis Risk Solutions. The trust holds the exclusive rights to determine any use of the participants' data that passes through the Insurance Exchange pipeline for external commercialization. In addition, any data that might be approved by the Trust would have to be aggregated and de-identified.

The following have been named to the Board as founding trustees: J. Hyatt Brown, Brown & Brown; Andrew G. Cassidy, Early, Cassidy & Schilling; Albert R. Counselman RCM&D; Ken A. Crerar, The Council of Insurance Agents & Brokers; M. Steven DeCarlo, AmWINS Group; Sharon Emek, CBS Coverage Group representing the Independent Insurance Agents & Brokers of America; Clyde H. Fitch Jr., State Auto; Lawrence G. Graev, The GlenRock Group representing MarketCore; James Hackbarth, Assurex Global; Russell Johnston, CHARTIS; Greg Maciag, ACORD; Markham R. McKnight, BancorpSouth Insurance Services; Mark J. Moitoso, Liberty Mutual Group; H. Wade Reece, BB&T Insurance Services; George A. Steadman III, Rutherfoord/MMA; Robert H. Rheel, Zurich.

Special Reports /

Insurance Exchange Trust Established to Oversee Risk Solution

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