When opportunity is present, there is no room for hesitation. After spending decades attempting to modernize producer licensing, millions to eliminate countersignatures, and years to streamline surplus lines placements, these are words the entire industry needs to live by.
Collectively, our industry has worked time and time again to simplify processes so you can save time and resources and improve your operations and bottom line while concentrating on the things you do best. Today, another opportunity is present and there is no time to waste.
The LexisNexis Insurance Exchange is the next big thing in the industry that will help make a significant impact on your bottom line. It benefits both brokers and carriers by providing a user-friendly mechanism to transfer data and communicate about risk. Costs decrease, revenue increases and transactional noise is quieted.
If you have looked at it and thought it doesn’t apply to you, I ask you to look again because that’s like saying you don’t need a phone or the Internet to do business. Stripped to its essence, the LexisNexis Insurance Exchange is a secure central platform that anyone can hook into and pass information back and forth. But understand that the LexisNexis Insurance Exchange is not a transformative new technology being introduced to the business. It simply replicates the existing business process, enhances it and elevates your workflow to better serve your clients. The exciting news is it’s real and it’s open to all insurance industry participants. In the words of one of the 16 broker early-adopter brokers, “It’s here and, more importantly, it works!”
Recognizing that process must play a bigger role in how insurance services are delivered to remain competitive on the world stage, the LexisNexis Insurance Exchange is the next evolution of policy submission. We’re well past the days of placing policies by way of the U.S. Postal Service, fax machines or telephones. They are less productive, antiquated systems. Factor in the tremendous pace of technology and you begin to realize that even email has become inefficient, laborious and time-consuming—not to mention that basic communication problems still remain for both large and small risks.
Like anything in this industry, there are two camps: the one that sees reduced revenues from inefficiencies and the one that sees huge opportunities open up by tackling the problem head-on. The one that hesitates and the one that does not. Here’s your opportunity. Get over your fear of the unknown and realize the value.
Complacency is a fatal liability in a highly competitive environment. No one can afford to sit on the sidelines. The LexisNexis Insurance Exchange is a natural progression in business process, and it is not going to go away. In fact, it’s going to take off. So take a serious look at it. Get the right information. You don't want to be using a rotary phone when your competitor is using Skype.