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."