Crump Insurance Services Joins the LexisNexis® Insurance Exchange
January 9, 2012 — Insurance Exchange Improves Communication for Brokers with Carriers; Helps Carriers Market Risk Appetite at the Time of Submission
LexisNexis® Risk Solutions today announced that Crump Insurance Services, Inc. (Crump P&C) the Property & Casualty division of Crump Group, Inc. joined the LexisNexis® Insurance Exchange. Crump P&C, one of the nation’s premier insurance wholesalers elected to become part of the Insurance Exchange to take advantage of membership as a way to reach new or underserved markets and improve collaboration with agents and brokers.
The LexisNexis Insurance Exchange is a business and renewal submission placement platform that enhances the flow of application data between insurance carriers, agents and brokers. Crump will leverage the Insurance Exchange through 5Star Specialty Programs, a full service Managing General Agent (MGA) offering property & casualty insurance underwriting expertise, and its nationwide workers’ compensation and commercial auto programs.
“We see the LexisNexis Insurance Exchange as an exciting new distribution channel through which we can better interact with our brokers and reach new retail agents,” said Dave Obenauer, President, Crump P&C. “We believe there are endless possibilities by taking advantage of the industry-wide collaborative platform the Insurance Exchange offers. Not only can we inform and interact more effectively with our distribution channel but we can better understand how we can match our product offerings with emerging market needs.”
Leading carriers and markets that have been using the Insurance Exchange for the past year have experienced significant advantage from the platform’s MarketFinder tool, which injects the carriers’ underwriting appetite into the Insurance Exchange workflows for the business agents are looking to place. Market Finder has been able to increase the number of submissions to member markets by significant volumes.
“Crump Insurance Services is on the cutting edge as they look to the Insurance Exchange to provide them with not just more business, but more business appropriate for their areas of expertise,” said Peter Lynch, president, LexisNexis Insurance Exchange. “Companies like Crump that join the Insurance Exchange as members, benefit from increasing submissions in their underwriting appetite, keeping agents up-to-date as they select markets for specific opportunities and leveraging their brands in this channel. We look forward to working with Crump Insurance Services and particularly 5Star Specialty Programs to help the business move quickly to make use of the platform’s many advantages.”
About LexisNexis Insurance Exchange
The LexisNexis® Insurance Exchange is a collaborative insurance placement platform designed to improve the flow of application data and documents between agents, brokers, wholesalers and carriers. By eliminating redundant and manual data entry, we help customers improve and streamline the insurance placement process creating a more efficient and productive environment. For more information, visit www.lexisnexis.com/insuranceexchange.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, we provide products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading publisher and information provider that serves customers in more than 100 countries with more than 30,000 employees worldwide.
About Crump Insurance Services and Five Star Specialty Programs
Crump Insurance Services, Inc. (Crump P&C) is a part of Crump Group, Inc., the nation’s premier insurance wholesaler. Crump Insurance Services includes Crump wholesale brokerage locations across the U.S. and in Bermuda, Five Star Specialty Programs, Five Star Professional Programs, Target Insurance Services, and Hanleigh Insurance. Additional information on these companies is available at www.crumpins.com. Acting as a program administrator for numerous P&C carriers, Five Star Specialty Programs develops and provides specialty underwriting for commercial insurance programs. More information specifically on 5Star is available at www.5starsp.com.
LexisNexis Risk Solutions
Five Star Specialty Programs
A Division of Crump Insurance Services, Inc.