“Everybody has technology. Everyone has data. It’s really a matter of putting those together. That’s the real success for a claims organisation. And it ends with a happy policyholder!” Larry Milburn, COO, Crawford–US Loss Adjusting
Speaking to Insurance Business TV on the challenges faced by underwriters, insurance agents, and claim adjusters today, Milburn goes on to say that in our current on-demand society, policyholders expect insurance professionals to be there for them, on time, every time!
However, that’s easier said than done. Between managing policy coverages, litigation, field resources, and claims, to providing personalised attention to policyholders, insurance professionals have a lot to handle on a daily basis.
This is where an advanced suite of CRM tools like Salesforce OmniStudio comes in.
In this blog, we answer what is Salesforce OmniStudio for Financial Services Cloud and explore how insurance companies, underwriters, brokers, and loss adjustors can leverage this comprehensive toolkit to achieve their insurance ROI faster.
What Is Salesforce OmniStudio?
Salesforce OmniStudio is a managed package of applications built on the Salesforce platform that can be downloaded and installed within Salesforce Financial Services Cloud. It provides insurance professionals with a suite of services, components, and data model objects that can be used to create applications and workflows using data from the Financial Services Cloud, as well as from external sources.
For the uninitiated, Salesforce Financial Services Cloud (FSC) is a specialised CRM solution designed by Salesforce to cater to the unique requirements of financial service providers, such as insurance companies, banks, and wealth management firms. This integrated financial services platform comes with productivity and engagement features that help insurance professionals provide personalised services and proactive financial advice to policyholders. Learn more about how Salesforce Financial Services Cloud can benefit your insurance business here: Salesforce Financial Services Cloud for Insurance: Top 10 Benefits | Corptec
Since Salesforce OmniStudio for Financial Services Cloud caters to industry cloud customers, it integrates easily with insurance websites and customer portals, thus bridging the gap between insurance professionals and policyholders.
What Are the Key Components of Salesforce OmniStudio?
1. Service Cloud: The heart of Salesforce OmniStudio, Salesforce Service Cloud enables personalised customer interactions. It centralises customer inquiries, claims, and policy management, ensuring a unified experience.
2. Sales Cloud: Salesforce Sales Cloud facilitates lead management, policy sales, and agent productivity. It empowers insurance agents to close deals faster and more efficiently.
3. Marketing Cloud: Salesforce Marketing Cloud enhances customer engagement through targeted campaigns, personalised emails, and social media outreach.
4. Analytics Cloud (Einstein Analytics): Salesforce Einstein Analytics (now Tableau CRM) combines business intelligence and analytics with AI to give insurers actionable insights and help with optimising processes, identifying trends, and making data-driven decisions.
5. Community Cloud: Salesforce Community Cloud fosters collaboration among agents, underwriters, claim adjusters, policyholders, and partners. It enables self-service portals, thus reducing administrative overhead.
Furthermore, Salesforce OmniStudio is also integrated with Einstein Automate which combines AI, data integration, and industry-specific workflows to digitalise insurance processes.
Would you like to learn how you can harness the power of AI with Salesforce Einstein to boost efficiency and increase your profit margins? Read our blog here: Leverage Salesforce AI for Peak Sales Efficiency — in 5 Easy Ways | Corptec
Let’s take a look at the top 5 benefits you can gain by adopting Salesforce OmniStudio for the Financial Services Cloud.
Salesforce OmniStudio for Insurance: 5 Exclusive Benefits
Salesforce OmniStudio stands out when it comes to solving industry-specific challenges, especially within the insurance domain. Let’s explore its five key benefits.
1. Personalised Customer Engagement
Salesforce OmniStudio consolidates customer data from various touchpoints. Insurance agents, brokers, underwriters, and claim adjusters can therefore access a holistic view of each policyholder (such as communication history, claims, and preferences) which helps them personalise their customer interactions and respond proactively to policyholder concerns. Resolving customer issues faster helps insurance businesses improve their customer retention rates and reduce their customer churn, leading to lesser expenses on customer acquisition.
Moreover, OmniStudio’s digital engagement tools can help insurance agents and brokers create personalised customer journeys, through automated workflows, reminders, and updates on policies and claims. Efficiently managing and communicating with clients also helps you enhance client relationships.
2. Automated Workflows
Slow, manual processes can be a bane in any industry, but especially more in the insurance business, where responding to a customer’s claim efficiently and quickly while being respectful of their loss is paramount. Salesforce OmniStudio lets brokers, underwriters, and claim adjusters focus on priority client interactions by automating routine tasks in the background. These include automated workflows for claims processing, underwriting, policy generation, and policy renewals, to name a few.
OmniStudio’s flexible data tools also help in automating risk assessment processes for underwriters. The software can pull in real-time data from various sources to provide a comprehensive risk profile. This helps in reducing the time needed for manual data analysis while improving the accuracy of risk evaluations. Such high level of efficiency offered by OmniStudio ultimately reduces data entry errors across your applications and frees up an insurance professionals’ time to focus on acquiring new customers.
3. Personalised Marketing
Salesforce OmniStudio helps insurance agents and brokers tailor targeted and specific campaigns based on customer preferences, life events, and behaviour. This not only helps insurers achieve qualified prospects and nurture leads efficiently but also helps them offer products that are most relevant to the customers.
Moreover, when a customer contacts the insurer, OmniStudio routes the inquiry to the most suitable agent, whether it’s an insurance claim, policy change request, or a general enquiry. Such intelligent routing ensures that the right person handles the customer/prospect communication promptly and efficiently, thus effectively nurturing the customer and leading to more closed deals.
4. Predictive Analytics
One of the fastest ways to acquire more customers and achieve more sales is to have data that can be analysed for potential opportunities and trends.
Salesforce OmniStudio provides powerful analytics capabilities that allow insurance companies to analyse historical data. This helps them predict customer behaviour, identify cross-selling opportunities, gain insights into market trends, analyse business performance, and ultimately prevent churn.
Insurers can also use OmniStudio to proactively address policyholders’ needs. By proactively addressing customer demands and adapting to changing trends based on business insights, companies can make critical and timely data-driven decisions to fuel sales, optimise marketing strategies, mitigate risks, and identify new opportunities for growth.
5. Streamlined Claims Management
Salesforce OmniStudio also helps empower policyholders by allowing them to access their policies, submit claims, and track status updates independently, without relying on brokers or agents or constantly following up with loss adjustors. This is an important step in boosting customer loyalty, as filing claims can be overwhelming for policyholders at their time of loss.
Apart from offering a beneficial self-service model, the combination of OmniStudio and Financial Services Cloud also helps claims adjustors streamline the claims management process. Adjusters can use OmniStudio’s mobile tools to access and update claims in real time while utilising automated workflows for standard claims processing. This not only helps insurance businesses eliminate unnecessary touchpoints but also helps reduce operational costs as well.
Moreover, claim adjustors can employ OmniStudio’s aforementioned advanced analytics to identify cases of potential fraud, leading to a streamlined claims management process.
Why Salesforce Is the Best CRM for the Insurance Industry
Taking care of their policyholders and ensuring they are returned to a pre-loss condition is critical in maintaining the reputation and stock prices of an established insurance business. An integrated suite of CRM tools like Salesforce OmniStudio for Financial Services Cloud can help you adapt to evolving business needs and customise the software to align with business-specific workflows.
Moreover, Salesforce is flexible enough for insurance companies to tailor it to their exclusive needs, whether it is creating custom objects or defining new processes. Additionally, as your customer base grows, OmniStudio can scale effortlessly with your business, accommodating increased data volumes and user demands, thus giving you a competitive edge.
Leverage Salesforce OmniStudio for Financial Services Cloud with Corptec Technology Partners
With Salesforce OmniStudio for the Financial Services Cloud, you get to adopt a digital-first platform that leverages cloud technologies and AI to drive profitable growth, distinctive customer engagement, agent productivity, and innovative new business models. Additionally, it helps you improve policyholder trust and transparency, adapt to a dynamic market, and provide more personalised experiences to your customers.
However, it can be confusing to know where to start. Why not seek out the expert assistance of elite Salesforce professionals at Corptec Technology Partners?
As a trusted Salesforce Consulting Partner since 2019, Corptec Technology Partners has designed customer journeys for organisations across Australia by helping them maximise the potential of this leading CRM platform. We offer full-cycle implementation of Sales, Service, and Marketing Clouds, and support custom Salesforce integrations with any ERP or third-party applications.
Discover how Salesforce OmniStudio for Financial Services Cloud can transform your insurance services, revolutionise your customer experience, and help you achieve ROI faster!
Start your Salesforce success journey with us today!
