Insurance Brokerage Exchange – IBX

Insurance Brokerage Exchange (IBX) is a software package designed to assist employers in seeking competitive proposals on group life and disability plans. Rights to the system are delegated to select brokers/distributors.

Marketers tout significant savings through the system, on average 15-20% or more in premium savings.

Brokers who have access to the system offer employers “free” access provided the broker is appointed as Agent of Record for the group. Agent of Record status assures the broker of earning commission dollars.

In Texas, an Attorney General Opinion prohibits political subdivisions from appoint ing an Agent or Broker Letter of Record except in some circumstances such as surplus lines cover.