In 2009, we announced the creation of an insurance exchange directed at improving the efficiency and transparency of the independent agent-based distribution system – a problem that the industry has been struggling with for years. The LexisNexis Insurance Exchange was launched in 2010 to provide the industry with a seamless system that addresses these issues.
The Insurance Exchange is a new business and renewal submission placement platform that enhances the flow of application data between insurance agents, brokers and carriers. The platform reduces workload, facilitating access to markets, and improving collaboration between distribution partners. Carriers can communicate their risk appetite to brokers at the point of submission and reach new markets. Brokers and Carriers alike are already beginning to see the impact of using the Insurance Exchange. Recent comments across the industry include: “game changer,” “I think it is the future,” and “I am absolutely a believer.”
The Insurance Exchange is overseen by the Insurance Exchange Trust, an industry board with broker, carrier and industry trustees, including representatives of The Council of Insurance Agents & Brokers, the Independent Insurance Agents & brokers of America, Assurex Global and ACORD.
Leadership
Peter Lynch
Peter is the President of the LexisNexis Insurance Exchange. Most recently, Mr. Lynch led strategic product and services for the LexisNexis Insurance business, overseeing both the development and marketing of the company’s portfolio of claims services. In addition, Mr. Lynch was responsible for exploring new international opportunities across the LexisNexis insurance business. He joined ChoicePoint, now a part of LexisNexis, in 2005.
Prior to ChoicePoint, Mr. Lynch served as senior vice president and general manager of AIG Technologies (AIGT). He also served in product management for the company’s insurance software division. Previously, Mr. Lynch was president of Cover-All Technologies. Mr. Lynch is a graduate of Cornell University and received an MBA from the University of Houston.
Clyde Owen
Clyde is the General Manager of the LexisNexis Insurance Exchange. Prior to his managerial role at the Insurance Exchange, Clyde was the Senior Vice President of Business and Product Development at Insurity. In this role, he expanded the company’s expansion into new products and markets including the acquisition of several businesses.
Prior to his Business Development role at Insurity, Clyde held several financial leadership positions in various corporations including KFC (a Japan-based provider of manufacturing hardware), Coca-Cola enterprises, and KPMG. Clyde holds a MBA in International Business and a CPA designation.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading publisher and information provider that serves customers in more than 100 countries with more than 30,000 employees worldwide.
