Insurance portals that deliver – PWC Report

Article Synopsis :

Most carriers treat portals simply as vehicles for branding rather than digital storefronts that provide a way for employees, agents, and policyholders to interact and transact with the company.

In the report “Gateways to growth: Insurance portals that deliver”,  PwC  looks at how innovative insurance portal strategies can transform customer experience in the digital landscape. The report goes in-depth on three common pitfalls carriers  stumble upon in portal implementations:

Portals tie everything together for digital insurance customers

• Assuming one size fits all
• Using technology for the sake of technology
• Failing to optimize the timing of portal rollouts

The report also highlights three key steps to address the above:

• Step 1: Use a capability-driven approach to help tailor the portal for the most critical user communities. These can include policyholders, captive agents, independent agents, and employees.
• Step 2: Evaluate portal solution options. The three main options are: building a portal in-house, buying an integrated suite from a vendor, or buying a vendor’s best-of-breed package.
• Step 3: Balance expected business benefits, costs, and risks when planning the timing of the implementation. This step is crucial for insurers in the midst of a legacy transformation program, in which case the question becomes: implement the portals before, in parallel, or after?

The report provides a detailed decision framework for portal development with six components, useful to carriers of all sizes and types  seeking to achieve differentiation:

• Cost
• Speed to market
• Scalability
• Technology platform support
• Architecture flexibility
• User interface adaptability

It also discusses the five portal features a carrier can’t go without:

• 360-degree view of the client
• User experience
• Personalization
• Call scripting
• Single sign-on

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