LexisNexis® Risk Solutions Selects FirstBest Technology to Power New Insurance Exchange
Industry-leading collaborative software to give initiative a head start
February 4, 2010 — New York, NY - LexisNexis® Risk Solutions announced today that it has selected FirstBest® Systems, Inc., provider of insurance software solutions for commercial lines insurers, as the core technology partner for its newly announced insurance exchange. The FirstBest technology solution will automate insurer distribution workflow, enabling agents and brokers to submit insurance applications in a one-step, real-time process and provide access to key market information and analytics for better decision-making.
"Agents and brokers are demanding more efficiencies and transparency. They need to cut redundancy and costs and offer clients a broader choice of insurance products," said Jeffrey Glazer, senior vice president and general manager, LexisNexis Insurance Solutions. "The exchange will ease the collaboration and submission process for carriers and intermediaries, and FirstBest's technology will help increase efficiencies."
"FirstBest provides a transformational and collaborative underwriting management system for inermediaries and carriers, delivering information and automation at each key step of the insurance process," said FirstBest Founder and CEO, John Belizaire. "We are proud to have been selected to power the insurance exchange."
The Council of Insurance Agents and Brokers (The Council), representing the leading commercial insurance brokers and agents in the United States and abroad, and LexisNexis are creating the insurance exchange to improve the efficiency and transparency of the intermediary distribution system. The new exchange will combine both technology and information at each of the key workflow steps of the insurance transaction process to reduce redundant work and costs, and to enable agents and brokers to offer clients a broader choice of insurance products. Pilot programs for selected lines are scheduled to begin in the fall of 2010, with full production scheduled for early 2011.
"Our members have a critical need to eliminate inefficiencies in today's multi-carrier distribution system," said Ken A. Crerar, president of The Council of Insurance Agents & Brokers. "We are working closely with LexisNexis, FirstBest and other partners to ensure the exchange is an open and long-term solution able to ultimately serve the entire industry. FirstBest's platform reflects best practices in the automation of core underwriting processes and the enablement of real-time collaboration for both agent/broker and carrier constituents."
Read full press release announcing the exchange.
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.
FirstBest® Systems, Inc. delivers insurance software solutions that help commercial-lines carriers write more business and write better business. Our solutions enable Carrier-Agent collaboration as well as underwriting efficiencies and market growth, and include an Underwriting Workstation, Agent Portal and Agency Connectivity. Our flagship product, the FirstBest UMS™, combines a next-generation underwriting workstation with a business analyst workstation and FirstBest Agent™, a Web 2.0 agent portal. FirstBest also hosts the Agent-Carrier Connection, a collaborative underwriting forum and news portal. For more information, visit www.firstbest.com or call 1.888.863.6095.
About The Council
The Council of Insurance Agents & Brokers is the premier association for commercial insurance and employee benefit intermediaries, representing the leading commercial brokers and agents in the U.S. and abroad. Council members annually place 80 percent of all commercial property/casualty premiums in the U.S. and administer billions of dollars of employee benefits accounts.