As businesses strive to become more customer-focused in the digital age, portals are increasingly being recognized as a vital tool for connecting with customers and other stakeholders. Through online insurance portals, property and casualty insurers can drive greater engagement with agents and policyholders and build stronger relationships. However, many insurers tend to adopt a ‘one-size-fits-all’ approach when implementing their portals, neglecting the specific needs of different users in the insurance ecosystem. On the one hand, policyholders increasingly seek a seamless and intuitive user experience, greater price transparency, and faster real-time support for claims and other service requests. On the other hand, agents demand more streamlined and automated features to simplify and accelerate the sales process. Thus, insurers must recognize the differentiated user requirements and modernize their portals to cater to the dynamic needs of both agents and end customers.
An end-to-end portal modernization strategy is imperative for insurers to address the needs of both agents and end customers, as they can command greater stakeholder loyalty and greater market share.
Empowering stakeholders with the power of a modernized portal
Most insurers have implemented portals that simply prove to be a transactional medium. Insurers must understand modernized portals that cater to the specific needs of their different users can help drive better business and brand value. As a foundation, there are several basic capabilities that all portals must offer to be valued market relevant. From providing a seamless user experience with recommendations to access ‘recently viewed’ policies to personalization features such as the ability to choose how policy details are displayed, there are several fundamental features that cannot be overlooked. But to gain a competitive advantage in creating a differentiated user experience, insurers must look to provide capabilities beyond the foundational norms.
When granted thoughtful and deeply personalized features, policyholders achieve a more fulfilling user experience. These include additional policy offers based on their interests and goals or the ability to revise certain aspects of a policy, such as insured individuals or coverage benefits, depending on their needs. Existing and potential customers also choose insurers who are transparent about their policy offerings and who provide educational resources that empower them to make their own informed decisions when buying a policy. From an agent’s perspective, portals that allow for greater efficiency and speed in closing policy sales and deeper interactions with clients are likely to be regarded as of greater value. One of the ways that insurers can achieve this is with fast, easy, and reliable transactions in terms of quotes and policy issuances. By addressing the needs of both agents and end customers through a modern portal, insurance providers can command greater stakeholder loyalty, accelerating their journey to a greater market share.