Insurers are investing in core transformations of systems, including billing and claims. But some fail to travel the last mile.
Based on our experience, many companies have not yet realized the full value of their core transformation investments. While their core transformations are advancing their operational capabilities into the 21st century, they still need digital strategies to fuel growth. These digital strategies include everything from how a carrier wants to communicate with its clients to how it manages social media and search engine optimization. The cornerstone of a digital strategy is the carrier’s portal.
This paper outlines the key considerations that we think Property and Casualty (P&C) technology executives need to weigh when designing and implementing portals. These executives will face decisions ranging from which benefits they hope to achieve and what types of architecture flexibility they’ll need, to how they should coordinate portal development with related core transformation projects.
The endless options, continual advances in software, and rapid changes in the business landscape make portal implementation complex.
Carriers need an integrated strategy and a clear focus on client needs to develop portals that deliver a unique brand experience and drive growth.
We’ve seen many companies stumble into common mistakes. These include:
Your portal should help you achieve your business goals in the digital domain.
Once you understand how to use your portal to define your brand and support your business objectives, it will become clearer how to select and implement a portal solution from the many options available. Our approach outlines three steps:
Portals are more than online marketing and branding tools. By following a structured portal implementation approach that aligns with the digital strategy and offers unique capabilities targeted at their user bases, carriers can make the most of their portal and core investments. A portal can be the place policyholders go to research and buy insurance, submit claims and pay bills, and update coverage as their financial needs change. It can also be the place where agents go to obtain quotes, transmit claims data, and renew policies. In short, a portal can be an anchor for the carriers’ brand identity, a cornerstone of a digital strategy that emphasizes branding and client centricity in an age of continually rising client expectations.
Partner, Global & US Guidewire Alliance Leader and US Guidewire Practice Leader
Insurance P&C Advisory Partner