LexisNexis and the Council of Insurance Agents and Brokers Partner with Marketcore on Insurance Exchange Initiative

On 1/27/10, LexisNexis Risk Solutions and The Council of Insurance Agents & Brokers (The Council) announced that Marketcore, Inc. will become a partner in their recently announced formation of an insurance exchange. LexisNexis Risk Solutions has licensed Marketcore's intellectual property for the exchange. The Council has also invited Marketcore to participate on the new insurance exchange Board of Trustees.

"The license of Marketcore's intellectual property and business plan were important elements in the development of the exchange," said Jeffrey Glazer, senior vice president and general manager, LexisNexis Insurance Solutions. "The exchange will facilitate the submission, rating and underwriting workflow between insurance brokers, agents, carriers and wholesalers while capturing relevant market analytics."

Ken Crerar, president of The Council commented, "While the insurance industry had explored various approaches to improve efficiency and transparency, Marketcore provided the catalyst for this new exchange project." Crerar added, "We are happy to announce that Marketcore will continue to partner with us on the new insurance exchange Trust Board. The insurance exchange Trust has been put in place by the broker community 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, unbiased, and transparent."

"We applaud LexisNexis and The Council for their foresight in leading the insurance industry to a more efficient and transparent market that benefits all participants," said Connie Erlanger, Managing Principal of Marketcore. "We are pleased to be able to continue our partnership by sitting on the Board of the new insurance exchange Trust with other key insurance industry leaders."