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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