Broker Portals - Why Go Digital?
COVID-19 was something no business could foresee. The impact on the economy as a result of the shutdowns has been substantial and many companies have had to quickly pivot to remote workplace environments in order to minimize damages to their operations.
For the insurance industry, however, digital transformation has been at the forefront for some time.
When it comes to running a successful agency, having a solid platform is everything!
This is where a digital customer portal comes into play.
A digital portal is fast, efficient, and accessible on almost any device from smartphones to computers to tablets.
What is a broker portal?
Think of a broker portal as being this massive online hub. It gives agencies access to every department from almost any location and device.
Agents can use the portal to obtain quotes, renew policies, and submit claims data and the front end of the agent portal can connect with the Agency Management System (AMS). This becomes an attractive feature because of the time and cost savings that result from its deployment.
The Broker Portal Shift
Recently, broker portals have transferred almost completely to the cloud. There are many reasons why an agency would want to make this decision for themselves and we will be highlighting some of those reasons below.
Insurance Portal Solutions
There are a variety of features to an insurance portal. What makes the portal attractive is the agent desktop offerings such as easy quote submissions, policy maintenance, sales and marketing applications, analytics capabilities, added security, and billing accessibility.
What a Digital Portal means for customers
The competition for customers in the insurance industry is tough but the real challenge lies within finding ways to reduce overhead costs. If an agency is able to transfer the cost savings back to the customers, it becomes a win-win as it allows the offering competitive rates and also helps retain existing clients while acquiring new ones at the same time.
This is where a customer self-service portal becomes a beneficial next step.
The Benefits of a Customer Self Service Portal
1. Reduced manual work
A customer service portal can help alleviate some of your agency’s workload by making some of the routine and maintenance tasks accessible to the client. You can use the portal to provide policyholders with guides, resource videos, and easy to find FAQ’s. In some cases, automation can help create a flow that directs the customer from one end of the question until a solution is found. If not found, however, the portal can always direct the client to contact their insurance representative.
2. Faster processing and turnaround time
Through the digital portal, you can offer your policyholders 24/7 service. This greatly improves customer service and turnaround times for ticket submissions, claims, and any changes to the policy.
3. Lower customer acquisition costs
Sometimes the process of customer acquisition can be time-consuming on the agent. If your agents already have a full workload - the time to invest in new client inquiries could be limited. The portal can act as the lead magnet to draw clients in, answer questions and concerns, and at the “ready to commit” stage of the process, your agents can come on board to finalize. A self-maintained insurance portal can help you immediately improve your conversion rates.
4. Reduced support costs
You can reduce the costs associated with customer support by allowing policyholders to access their information and generate insurance certificates automatically.
5. Reduced printing, paper, postage
A lot of agencies have now gone paperless. The immediate cost savings alone by not having to invest in the time it takes, the cost of printing, paper costs, and postage fees makes this an attractive feature of the digital portal to your bottom line.
Salesforce as a Solution
Hands down! Salesforce has gained a lot of recognition and fandom amongst the insurance industry.
Many agencies rely on Salesforce for all of their CRM requirements.
This robust CRM software makes the perfect solution for hosting your portal. You can get started in no time.
Don’t know where to start? You can access their self-help section here.
On February 25, 2020, Vlocity announced a partnership with Salesforce to provide their clients with a digital portal that allows carriers and agencies to provide quotes, initiate policy compliance and administration, provide top claims management systems, and allows for industry-wide billing. You can learn more about Vlocity here.
We’re here to help!
If you want to see if a digital portal is right for you, need help deploying it within your Salesforce software, or would like to learn more about Vlocity’s capabilities you can book a no-obligation 30-minute strategy call with us here.