4 Reasons To Invest In A Client Portal For Insurance Brokers

According to the IBM Cost of A Data Breach Report, businesses in the financial and insurance sectors are increasingly at risk of a breach of confidential information. Insurance companies need a way to communicate effectively with clients while also keeping their information confidential. This is where a client portal for insurance brokers comes in. There are a variety of different portals out there; however, insurance companies need a portal that allows them to seamlessly and securely exchange information with clients, and that also integrates with Microsoft 365.

There are many different file-sharing products available to insurance brokers; you may see a Data Room, a file-sharing system or even email. But what does this really mean? Each product has its own features; however, insurance companies are looking for products that do more than simply share files.

Why Client Portals?

Insurance brokers are looking for solutions to seamlessly and securely share and collect insurance documents. A file-sharing system, or email, is not a secure portal that insurance brokers can trust with their client's personal information. A Data Room designed as a client portal for insurance brokers allows secure client login and sharing of important insurance documents without the risk of information being leaked. A client portal serves as a secure gateway for information exchange, document management, and communication, all in real-time. Here are the main reasons why a client portal is a great investment for insurance brokers. 

1. Keep Clients Happy

A big hurdle for insurance companies today is client frustration because of the lengthy process of insurance claims. Clients expect quick, transparent, and 24/7 access to their insurance documents, which in a previously paper centric industry was not possible. A client portal helps insurance brokers keep clients satisfied by providing a dedicated space where clients can access and submit essential insurance documents at their convenience. This level of accessibility significantly enhances the client experience, creating lasting relationships built on trust and loyalty.

2. Streamline Daily Operations

A long chain of emails, paper files, and phone calls is inefficient and daunting; however, this was the reality for most insurance brokers until recently. However, a client portal can help to simplify client communication and collaboration by centralizing insurance document sharing into one secure platform. This reduces your risk for errors and enables you to utilize time more efficiently by focusing on client relationships and insurance claims.

3. Improve Security and Compliance

Brokers now face impending risks when using email or insecure file-sharing tools to transfer information. In 2023, Pan-American Life Insurance Group was impacted by a large data breach which has been attributed to using a popular, but insecure file-sharing tool. This breach left more than 2,500 PALIG clients vulnerable to hackers who now had their personal information such as name, driver's license number, social security number, and more.

Client portals are designed with these considerations at the forefront, employing encryption and secure data storage practices. This ensures that sensitive client information remains confidential and that brokers remain compliant with industry regulations and standards.

See how Extranet User Manager’s Data Room keeps you protected against data breaches.

4. Real-Time Collaboration

A client portal brings together brokers and clients, keeping insurance documents secure and in one easy-to-use platform. Whether it's submitting claims, or reviewing documents, a client portal enables real-time interaction with your clients.

A portal built using a data room also makes it simple for other brokers or co-workers in your organization to access the necessary information about clients to make closing claims quick and efficient.

Extranet User Manager’s Data Room provides insurance brokers with a powerful tool to improve service delivery, streamline their operations, and strengthen client relationships. By offering a secure, efficient, and user-friendly platform for file-sharing, brokers can exceed client expectations. Embracing new and secure technologies is necessary to remain competitive and ensure client satisfaction.