One year ago, the LexisNexis Insurance Exchange—resulting from an alliance among LexisNexis Risk Solutions, the Council of Insurance Agents & Brokers (CIAB) and Marketcore Inc.—was launched in an early adopter release to 16 brokerages and five member carriers. The system's goal: to simplify the submission of midmarket commercial-lines risks by enabling agents and brokers to enter application data once and send it electronically to multiple markets.
Although the Insurance Exchange was a new utility, single entry was far from a new concept in insurance. "There have been at least 14 other attempts [at single entry] that have not been successful, and I've been involved with seven or eight of them over the last 20 years," says Ken A. Crerar, CIAB's president and CEO.
Yet the Insurance Exchange's proponents believed that this effort would be different. "You had the biggest brokers in the country [in pilot], LexisNexis had the money and expertise, and bigger carriers had signed on," recalls Bill Henry, CEO of McQueary Henry Bowles Troy (MHBT), a pilot brokerage in the exchange.
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