Insurance Portals: Today and Tomorrow

Marina Astapchik
IT Trends Research Specialist
June 19, 2012

Stiffening competition, market volatility and heightening customer service expectations are some of the challenges facing the insurance industry today. In order to achieve growth in this environment, insurance companies enhance their services by providing more targeted offers, increasing response times and automating data exchange.

Information is the lifeblood of the insurance industry. With a growing number of consumers switching to online services and taking control of their insurance-buying decisions, web presence is becoming a crucial success factor. This is fueled by the accelerating awareness that online transactions are getting more secure.

To integrate people, procedures and a wide array of information sources, many insurance companies are turning today to the flexibility and capabilities of portals.
An insurance portal is a role-based environment where content, business applications and workflow management system are assembled in a unified way. Portals help insurance carriers administer customer histories, product details, sales activities, corporate data and other relevant information.

Modern insurance portals give an excellent opportunity for agents, brokers, suppliers, partners, employees and customers gain easy access to appropriate resources and collaborate in a smarter way. Various portal applications, or portlets, facilitate execution of end-to-end processes.

Some insurance portals work with multiple insurance providers and offer individuals the ability to get and compare insurance quotes and plans based on personal circumstances (postal zip code, age, gender, marital status, etc.). This option boosts the interest in web insurance portals.

What are the key business values of insurance portals? The following items are worth mentioning:

  • Streamlined information flow across business units and processes;
  • Reduced operational costs related to a high degree of process automation;
  • Customizable role-based access to information and applications;
  • Faster claims processing;
  • Higher employee productivity;
  • A clearer picture of the most demanded services and products;
  • Outreach to a larger customer pool with a possibility of moving into new market segments;
  • Increased data accuracy;
  • Enhanced collaboration between users and insurance agents;
  • Integration with customer relationship management (CRM) systems and call centers;
  • E-learning with role-specific training and guidelines;
  • Improved customer satisfaction due to self-service and time-saving applications;
  • Increased sales efficiency.

Sensing technological, economical and social pressures, insurance companies are interested in having up-to-date and reliable portal solutions. In the near future hardly any insurer will be able to do without a portal. Obviously, prosperous are going to be those insurance companies that invest in their software infrastructure to sustain robust IT agility as a critical competitive advantage.

Industries and Technology Areas

Industries: insurance

Technology Areas: software development, portal development, web portal

RELATED ARTICLES

8 Characteristics Of The Next-Generation Financial Services Websites

When it comes to the face of business, it is important to change it over the time to keep up with the pace of innovation. Digital revolution sets its own rules on the way business is transformed. Brick-and-mortar shops are empowered with online versions, face-to-face payments – with one-click purchases,...
READ ARTICLE

Chatbots: the Future of Digital Banking

Let’s start with myth-busting, shall we? AI-powered chatbots aren’t solely used for communication purposes. It would be fair to begin with this statement as, contrary to popular belief, bots are bigger than they may seem to the general public. In fact, more and more financial institutions are starting to consider...
READ ARTICLE

Central Banking and Fintech: Points of Contact

Last year saw new technologies and innovations taking the mainstream stage globally. Just remember what was on TV, social media or set the topic of your small talk at the office - the rise of technology served as the main headline and outcome of 2017. Its impact on society and...
READ ARTICLE

Blockchain In Healthcare: Unleashing The Potential To Transform The Industry

Blockchain comes as one of the most misunderstood phenomena in the tech world, and if you still associate it with Bitcoin and cryptocurrency, you’ll be surprised by learning how various industries use the technology to streamline their processes. Healthcare industry is one of the early adopters of the blockchain. Medical...
READ ARTICLE