LexisNexis® Insurance Exchange Wins Insurance Early Adopter Award
ATLANTA - LexisNexis® Risk Solutions today announced it won a 2011 ACORD Early Adopter Award for its use of ACORD eForms. ACORD, a global, nonprofit standards development organization serving the insurance industry and related financial services industries announced the award at the 18th annual ACORD Implementation Forum, held in November in Fort Lauderdale, FL.
The LexisNexis Insurance Exchange is a business and renewal submission placement platform that enhances the flow of application data between brokers, agents and their markets. The Insurance Exchange combines both technology and data during the key workflow steps that comprise the submission placement process, including the matching of risk with a carrier’s appetite.
The LexisNexis Insurance Exchange enhances the insurance placement process between brokers, agents and their markets in part by using ACORD’s trusted industry standards: XML and eForms. This enables streamlined workflows and improves overall efficiency when submitting a full application. By leveraging XML Standards for commercial policy quote requests, the Insurance Exchange is able to accept and upload requests from agency systems to create submissions and to pre-fill the ACORD eForms for Auto, General Liability, Inland Marine, Property, Workers Compensation, Umbrella, and Package. In addition, the Insurance Exchange recently announced it is supporting the Employee Benefits group of forms just released by ACORD.
“The LexisNexis Insurance Exchange's use of ACORD eForms shows how beneficial they can be in connecting brokers and carriers using ACORD Standards,” said Lloyd Chumbley, Vice President, Standards, ACORD. “ACORD eForms can be delivered to any underwriter regardless of their system capability. They can use the document like any PDF file or consume the data directly into systems if and when they are capable of doing so. The Insurance Exchange deserves this Early Adopter award for their ingenuity and for their commitment to using ACORD Standards.”
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
LexisNexis Risk Solutions