FT Ventures - Entrepreneurial Insurance Symposium
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Transcript FT Ventures - Entrepreneurial Insurance Symposium
E-Insurance Symposium:
The New Insurance Exchange
Insurance Exchange
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Session Presenters
Clyde Owen - GM, LexisNexis Insurance Exchange
Frank Sentner - MD, The Insurance Exchange Trust
Karen Farris - CEO, Roach Howard Smith & Barton
Stan Weron - VP, McQueary Henry Bowles Troy LLP
Moderator: John Belizaire – CEO, FirstBest Systems
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Session Agenda
Recap of 2009 Collaborative Commercial Underwriting Panel
Introduction to the LexisNexis Insurance Exchange
Introduction to the Insurance Exchange Trust
Functionality of Exchange
Benefits of Insurance Exchange
Live Questions & Answers
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MarketScout 2009 Panel Discussion
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Process submissions and quotes from multiple markets with one entry
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Integrate Underwriting & Loss Data from multiple sources
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Increase operational efficiency & profits
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Better decision-making based on accurate, real-time analytics
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Collaborative Platforms
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Recap 2009 Panel Discussion
Review of Commercial Lines Submission Needs
Process submissions and quotes from multiple markets with one entry
Integrate Underwriting & Loss Data from multiple sources
Increase operational efficiency & profits
Support better decision-making based on accurate, real-time analytics
A Collaborative Underwriting Platform or Insurance
Exchange could meet these needs
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October 12, 2009
The Council of Insurance Agents & Brokers and
LexisNexis form Partnership to Build Insurance Exchange
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Clyde Owen – General Manager
LexisNexis Insurance Exchange
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LexisNexis Corporate Overview
2009 Revenue: $9.6 billion
2009 Revenue: $4 billion
2009 Revenue: $1.3 billion
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LexisNexis Risk is a business unit of
the LexisNexis Group and is a provider
of industry-leading data, technology,
analytics and workflow solutions to the
Insurance Industry.
20 billion Public & Proprietary Records
Information on 400+ Million Individuals
and 150+ Million Business Locations
Patent-Pending Data Matching & Linking
$1.3 Billion in Revenues in 2009
Expanded Services and Solutions added
with ChoicePoint ® Acquisition (09/2008)
What is the Insurance Exchange?
A Single Entry Collaborative Insurance Placement
Platform Designed to Improve and Enhance the
Flow of Application Data and Documents Between
Brokers and Carriers.
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The LexisNexis Commitment
Funding and the resources needed to address Mid-Market
Commercial challenges
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Acquired rights to the Insurance Exchange & Infomediary patent
FirstBest Systems selected as the Core Technology for the Exchange
Requirements, development, and execution begun in October 2009
Secured commitments from 16 Retail Agents as early adopters
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Marsh – Rutherfoord
BB&T
Brown & Brown
John L. Wortham
BancorpSouth
Huntington Insurance
Edgewood Partners
Van Gilder
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Oswald Companies
McQueary Henry Bowles Troy
RCM&D
Sterling & Sterling
M3 Insurance
Cook Hall & Hyde
Roach Howard Smith & Barton
Early Cassidy & Schilling
Capabilities & Timeline
Initial Capabilities
Access to any market for which an Agent/Broker has an
appointment or a contract
Mid-Market commercial submissions
• ACORD and carrier eForms for Commercial Property with Inland Marine &
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Crime, General Liability, Business Auto, Workers Comp & Umbrella
Full-data integration for the initial eForm lines and additional eForms for
other commercial lines
Any electronic documents that need to be attached for the submission
Time Line
• Early Adopter program begins in October of 2010
• Production roll-out begins in 2011
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Frank Sentner – Managing Director
The Insurance Exchange Trust
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The Insurance Exchange Trust
Initiated by The Council of Insurance Agents & Brokers
Advisory Board to LexisNexis Insurance Exchange
Board of Trustees: Agent / Broker CEOs & Carrier CEOs
Broker Advisory Committee & Carrier Advisory Committee
Responsibilities include:
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Aggregated & Anonymous Data… unless Trust decides otherwise
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Exchange Pricing reviewed in Consultation with LexisNexis
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Transparency ensured by Right to conduct Independent Audits
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Lack of Bias: All Agents, Brokers, Carriers, and Vendors
How The Exchange Works
Agent
Direct Data
Entry
Agency
Systems
Real-Time ACORD Data and
Electronic Document Integration
LexisNexis
Data Services
LexisNexis Insurance Exchange
Integration Services
(Vertafore, Applied, etc)
Multiple Submission
Creation & Tracking
Automated
Document Support
Single Entry
Multi-Carrier Access
Appetite Profiling
Reports &
Analytics
Carrier U/W
Carrier System
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Carrier U/W
Carrier System
Carrier U/W
Carrier System
LexisNexis
Data Prefill
Other Data Services
Karen Farris – CEO
Roach Howard Smith & Barton
Stan Weron – VP Client Services
McQueary Henry Bowles & Troy
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Insurance Exchange Benefits
Market Matching
Better Matching of Prospective Insureds to Carrier Products with More
Precise Pricing and Underwriting Data thru Underwriting Logic
Better Tracking, Faster Turnaround Time, and Increased Accuracy of
Insurance Submissions and Proposals
Secure Audit trail of Transactions, Increasing Transparency and
Reducing Time and Cost for Regulatory Compliance
Greater Control over the Reliability of Electronic Risk Data and
Submission Documents versus Email Submissions
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Insurance Exchange Benefits
Submissions
A Platform with Full End-to-End Data Integration
Carrier-specific eForms Pre-filled from Agency Data Upload
Improved Communications and Ease of Doing Business
Analytics
Better Decision-Making based on Accurate & Timely Data
Real-time Operational Data on Internal Staff Performance and Agency
Placement Success compared to Marketing Plan
Real-time Market Analytics and Comparative Benchmarking
Greater Capabilities to Identify Underserved Market Niches
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Question & Answer Session
Contact Info
Clyde Owen
(404-456-5088 or [email protected])
Frank Sentner (860-794-7806 or [email protected])
Karen Farris
(972-744-2701 or [email protected])
Stan Weron
(972-770-1654 or [email protected])
Moderator: John Belizaire
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(781-863-6003 or [email protected])
Thank you for your participation!
Please visit us in our booth for a demo
LexisNexis Insurance Exchange is going “Live”
mid-October 2010
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