LexisNexis and The Council of Insurance Agents and Brokers Partner with Marketcore on Insurance Exchange Initiative
January 27, 2010 — New York, NY - LexisNexis Risk Solutions and The Council of Insurance Agents & Brokers (The Council) today announced that Marketcore, Inc. will become a partner in their recently announced formation of an insurance exchange. LexisNexis Risk Solutions has licensed Marketcore’s intellectual property for the exchange. The Council has also invited Marketcore to participate on the new insurance exchange Board of Trustees.
"The license of Marketcore's intellectual property and business plan were important elements in the development of the exchange," said Jeffrey Glazer, senior vice president and general manager, LexisNexis Insurance Solutions. "The exchange will facilitate the submission, rating and underwriting workflow between insurance brokers, agents, carriers and wholesalers while capturing relevant market analytics.
Ken Crerar, president of The Council commented, "While the insurance industry had explored various approaches to improve efficiency and transparency, Marketcore provided the catalyst for this new exchange project." Crerar added, "We are happy to announce that Marketcore will continue to partner with us on the new insurance exchange Trust Board. The insurance exchange Trust has been put in place by the broker community to ensure the exchange is operated in a manner consistent with the best interests of the entire insurance industry with a special emphasis on the requirements for the exchange to be open to all participants, unbiased, and transparent."
"We applaud LexisNexis and The Council for their foresight in leading the insurance industry to a more efficient and transparent market that benefits all participants," said Connie Erlanger, Managing Principal of Marketcore. "We are pleased to be able to continue our partnership by sitting on the Board of the new insurance exchange Trust with other key insurance industry leaders."
LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 18,000 employees worldwide.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions is the leader in providing essential information that helps advance industry and society. Building on the legacy of proven LexisNexis® services from the past 30 years, our cutting-edge technology, unique data and advanced scoring analytics provide total solutions that address evolving client needs in the risk sector while upholding high standards of security and privacy. LexisNexis Risk Solutions serves commercial organizations and government agencies and is comprised of several affiliated corporations, each offering premier customer-focused solutions. For more information, visit lexisnexis.com/risk.
About The Council of Insurance Agents & Brokers (CIAB)
Founded in 1913, The Council (www.ciab.com) is the premier association for commercial insurance and employee benefit intermediaries. The Council represents the leading commercial brokers and agents in the United States and abroad. Council members annually place 80 percent of all commercial property/casualty premiums in the United States and administer billions of dollars of employee benefits accounts.
Founded in 2000, Marketcore (www.marketcore.com) is a privately-held intellectual property development company based in Westport, CT. The Company focuses on creating tools that improve transparency, operating efficiencies, liquidity, value enhancement and risk assessment for the financial services industry. Marketcore's work has been uniquely recognized by the Congressional Research Service (CRS) in their November 2008 "CRS Report for Congress" for having "identified the problems in the financial markets that led to the credit and liquidity crisis and devised a solution."