These are the results, speculations, and conclusions of the Client Portal Survey from January. Here is what your peers had to say.

"Does your Insurance agency have a Client Portal?"

100% of participants answered YES

These participants are representative of the roughly 10% of all insurance brokers who believe it's important to differentiate and provide clients with more value in their industry. To put that in perspective, the other 90% are collectively saying to prospective clients "Work with us because we will take the paperwork to the carrier and bring you back a quote. We will be very friendly when you call us on the phone to add and remove enrollees.This is what makes us unique." In short, providing more value is not their job.

"Is your Client Portal advertised on your company's website?"

75% of participants answered YES

25% of participants answered NO

Is anyone wondering why some of the participants are NOT advertising their Client Portal on their website? I bet if we asked them why they might say "We don't want to offer it to everybody, just our top clients" or "We don't want to take attention off of our giant 'CLICK HERE FOR A FREE QUOTE!' button".

Today's insurance buyers do research on your company's website before they become a referral. This is your opportunity to display your expertise, but more importantly what makes you different. The brokers who don't advertise their Client Portal are screaming to the world from a website designed in 2006, "Look at us, we're not unique!"

They also have poor to no utilization of their Client Portal. Out of "site" out of mind.

"What percent of your clients logged in to your Client Portal last year?"

33% of participants reported that < 10% of their clients logged in

That could mean a couple of things:

They don't know they have access
It doesn't provide them with a business solution
YOU DON'T ADVERTISE IT ON YOUR WEBSITE

33% of participants reported that 25% - 50% of their clients logged in

These are strong numbers.

Clients know they have access, probably through regular communications from the broker or vendor
Client sees value or a solution to their business challenge
Portal is easy to find on the broker's website

33% of participants reported that THEY DIDN'T KNOW WHAT % LOGGED IN

Here is why you want to know your clients utilization.

There are many value added services available to brokers today. Portals are just one. If your clients don't like/use it, understand what they do want and spend money on that.
The reporting will tell you what interests/challenges them. Get to know your clients better so you can upsell them. Buyers buy.
If your clients use your portal religiously this can make it an exit barrier. Especially in those dreaded CFO changes where they bring in their own broker. Be more than a commodity and show that CFO what you're doing to earn their business.
Deliver more than just an increase at renewal time. Highlight their utilization in the meeting.

"What was the reason you invested in a Client Portal?"

66% of participants said it was to WIN NEW BUSINESS & STAND OUT

33% of participants said it was to SAVE A CLIENT & INCREASE RETENTION

Client portals DO help brokers WIN NEW BUSINESS & STAND OUT. They also help them INCREASE RETENTION. But they don't help brokers with all sizes of clients.

For example, a Client Portal can help a broker win a < 50 employee group but not a 100+ employee group. Why is that? Small employers are accustomed to getting ZERO from their broker due to the commission structure of the carriers. Something is better than nothing.

Large groups typically are already investing in these types of resources for their business already or get access to them through their associations. While the minimum expectation is that their broker be forward thinking and have technology like Client Portals, these are just 2 of their many boxes.

~ CONCLUSIONS ~

If you want to win new business, get more referrals, and keep more of what you've already earned then you've got to be different and solve problems. Focusing on a particular industry or demographic makes you an expert or specialist which is sexier than being a generalist, "I'll write anything!"

Get the right tools for the right job and do your part as the broker. Talk to your prospects about their challenges. Educate your staff on what makes them great. And keep your greatness in front of your clients so when a smart producer asks them, "How is your broker doing?" They'll say, "SHE'S GREAT." And then hang up the phone.

-R