Gregory Maciag: LexisNexis Insurance Exchange

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Saturday, 09 July 2011

LexisNexis Insurance Exchange

CIAB's Ken Crerar writes a strong piece of advocacy for the Lexis-Nexis Insurance Exchange in Leaders Edge magazine. He notes that the exchange has built-in security and – thanks to ACORD standards – built-in up-to-date insurance semantics. He reminds us that these guaranteed benefits are entirely new to the industry. Crerar believes the service is critical for distribution going forward.

The Insurance Exchange has implemented 90+ commercial lines ACORD eForms for submitting business to underwriters. The ACORD eForms are essentially PDF documents that enable the extraction of data into underwriting systems. The eForms and supporting documents are sent via a link to the Exchange where they can be downloaded. No more worrying about proprietary formats – just streamlined business.

Leader's Edge

Posted on Saturday, 09 July 2011 in Agents & Brokers | Permalink

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My latest book presents the challenges members face when adopting industry standards as well as the opportunities that come as a result. It features my discussions with many people over many years and follows the foundation I set in my first book "The Business Information Revolution".

Industry standards are never adopted in a vacuum. They become part and parcel of all the trials and tribulations managers face in their day to day work. ACORD Standards are always part of a larger software development project that brings along people, priorities and politics. Adopting industry standards isn't simple, but the benefits far outweigh the problems of building and maintaining proprietary alternatives.

I trust that you will appreciate my frankness, identify with some of the challenges and learn from what others have done to pave the way.

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