SMA’s ongoing research and experience confirms how critical portal capabilities are to the success equation. The business capabilities required for effective distribution management are dependent on an infrastructure that is able to support and manage any-to-any-point and any-to-any type of interaction or exchange.
Advanced interaction technologies are influencing distribution methods and processes in profound ways, enabling innovative, competitive approaches to growing and retaining business. But at the same time, any weaknesses in distribution are increasingly visible.
Agility is the watchword for the next decade. Insurers need an adjustable, adaptable, and powerful enterprise portal technology platform that supports the ability to deliver real-time, any-time connectivity. This will result in positive experiences for everyone, no matter what interface they choose, and regardless of where, when, and how they elect to interact with either the company or an agent.
The mature portal must serve multiple purposes and multiple audiences and extend beyond query and quotation to providing the ability to complete the insurance transaction. Life insurers are well ahead of P&C in this area. Where portals facilitate collaboration between the agent and the underwriter, the power to share information in a real-time process improves the transaction outcome and efficiency. The relationship with the agent is strengthened, resulting in an increase of targeted profitable business.
