The results are in.
At the start of 2019, Margo Lyons, Head of Broker Engagement at Apollo Exchange, wanted to know what the industry thinks of insurance company portals.
We engaged with insurance professionals across the industry including brokers and producers, underwriters, branch managers, and owners to get their thoughts.
Here’s what she found.
93% of respondents have tried 4 or more insurance company portals.
Some of the insurance products that respondents said they would like to see available to quote and bind online:
- Retail, Building ownership risks
- COC, CGL
- Commercial Packages
- Personal home and auto
- Any commercial products, specialty homeowners policies & floaters would be nice
Size of accounts respondents handled most often:
- Large enterprises – 13%
- Medium enterprises – 60%
- Small enterprises – 27%
“Most [portals] are difficult to use and find information if you are one that does not access them on a regular basis.”
“We currently use NexCenter and PowerBroker/PowerQuote, which do not entirely communicate all required info, resulting in much retyping and duplication of work.”
“…Portals are the most aggravating things, every company has its own and no two are the same. I waste so much time calling underwriters trying to find what I need on portals.”
There are a number of key takeaways from these survey results.
- Almost everybody has tried several different portals.
- Nobody likes logging into multiple insurance company portals. They are difficult to use, no two are the same, and information has to be input multiple times.
- Those dealing with small and medium sized enterprises are most interested in an automation solution.
Apollo Exchange is a digitally enabled insurance marketplace, empowering brokers, consumers, and underwriters to apply for, quote, and bind insurance policies online. Our vision is an industry where computers do the work so our people can build relationships.
Note: Results have been rounded to the nearest percentile