Marketcore in Westport has become the third member of a newly formed insurance endeavor, the Insurance Exchange Initiative.
LexisNexis Risk Solutions in New York City and The Council of Insurance Agents & Brokers in Washington D.C. announced Marketcore Inc. will become a partner in their recently conceived insurance exchange.
Ken Crerar, president of The Council of Insurance Agents & Brokers, said the organization has been formed to ensure the exchange is operated in a manner consistent with the best interests of the entire insurance industry, with a special emphasis on the requirements for the exchange to be open to all participants; and that it be unbiased and transparent.
LexisNexis has licensed Marketcore’s intellectual property for the exchange. The Council of Insurance Agents & Brokers has also invited Marketcore to participate on the new insurance exchange board of trustees.
“The exchange will facilitate the submission, rating and underwriting workflow between insurance brokers, agents, carriers and wholesalers while capturing relevant market analytics,” said Jeffrey Glazer, senior vice president and general manager, LexisNexis Insurance Solutions.
Glazer said the license of Marketcore’s intellectual property and business plan were important elements in the development of the exchange.
“While the insurance industry had explored various approaches to improve efficiency and transparency, Marketcore provided the catalyst for this new exchange project,” said Ken Crerar, president of The Council of Insurance Agents & Brokers.
Connie Erlanger, managing principal of Marketcore, said she is excited to be working with the two organizations in their attempt to encourage an efficient and transparent future in the industry.
