LexisNexis Risk Solutions has selected FirstBest Systems, a provider of insurance software solutions for commercial lines insurers, as the core technology partner for its newly announced insurance exchange.

The company said that the FirstBest’s technology product will automate insurer distribution workflow, enabling agents and brokers to submit insurance applications in a one-step, real-time process and provide access to market information and analytics.

LexisNexis said that it is creating the insurance exchange, along with Council of Insurance Agents and Brokers, to improve the efficiency and transparency of the intermediary distribution system. The new exchange will combine technology and information at each of the workflow steps of the insurance transaction process to reduce redundant work and costs, and to enable agents and brokers to offer clients a choice of insurance products.

Jeffrey Glazer, senior vice president and general manager of LexisNexis Insurance, said: Agents and brokers are demanding more efficiencies and transparency. The exchange will ease the collaboration and submission process for carriers and intermediaries, and FirstBest’s technology will help increase efficiencies.

John Belizaire, Founder and CEO of FirstBest Systems, said: FirstBest provides a transformational and collaborative underwriting management system for intermediaries and carriers, delivering information and automation at each key step of the insurance process.”