An insurance broker portal is a space which gives the broker the ability to retrieve quotes for their clients and prospective clients, ideally via software. In some cases, they will also have the ability to make changes to covers and manage their policy portfolio with their respective markets.
The level of activity varies by each provider and the specific products on offer. Often, insurance broker portals give the ability to receive quotes and issue policies only, whereas others include additional functions, such as processing policy renewals, mid-term changes, or terminations.
The usual features include quoting, producing documents, making changes to the cover, cancelling or terminating the cover, viewing the policy database and customer database etc.
The main benefit of insurance broker portal software is the transfer of data entry from a market to the broker. It can be a time-consuming task for specific products. It automates the binding process as long as the risk entry falls within risk-specific parameters, if it doesn’t, then the quote in question gets referred to the Underwriter.
