As an insurance broker, you’re your customer’s trusted advisor.
A 2020 Trusted Advisor Survey conducted by Canadian Underwriter found that a trusted insurance advisor should provide broker value proposition; i.e. advice, choice, and advocacy, to policyholders.
In other words, you should aim to provide personalised experiences to your customers by offering targeted pricing, quotes, communication, and product bundles that best meet their unique requirements.
And with the advent of digitalised financial solutions, such as Salesforce Financial Services Cloud, insurance companies can do just that!
In this blog, we will explore how insurance companies, underwriters, brokers, and agents can leverage Salesforce Financial Services Cloud for personalised insurance solutions.
What Is Salesforce Financial Services Cloud?
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.
Let’s take a look at the top 10 benefits you can gain by adopting personalised insurance solutions from Salesforce Financial Services Cloud.
Salesforce Financial Services Cloud for Insurance: Top 10 Benefits
1. 360-Degree Customer View
Salesforce Financial Services Cloud provides insurance brokers with a unified view of customer data across various touchpoints. You can access each and every customer’s complete profile—including policy details, claims history, previous interactions (such as new policy inquiry, claim update status, etc.), and preferences in terms of insurance products. This holistic view not only helps in personalising customer communication but also provides you with better cross-selling opportunities.
2. Efficient Policy Management
From underwriting to processing renewals, managing insurance policies is a tedious and complex process. Salesforce Financial Services Cloud can help you simplify insurance policy management by empowering insurance agents to create, modify, and renew policies within the CRM platform. Since Salesforce can easily be integrated with most external applications or legacy systems, you will be able to automate routine policy update tasks by achieving real-time data synchronisation. Moreover, Salesforce’s insurance solutions come with analytical capabilities that help insurers identify trends, assess risk, and optimise pricing strategies.
Would you like to learn how Corptec achieved an on-time, two-way integration between Salesforce and an external accounting platform like MYOB AccountRight Premier? Read our case study now: Case Study | Corptec
3. Enhanced Lead Management
Salesforce Financial Services Cloud helps insurance companies streamline lead capture, sales assignment, and opportunity tracking, leading to effective lead management. The CRM helps you automate workflows so that leads are routed to the right agents promptly, without any manual effort. Additionally, Salesforce Financial Services Cloud has been intuitively integrated with the CRM’s marketing automation tools—this means that you can create and manage targeted campaigns based on lead behaviour and demographics, thus increasing your chances of converting more prospects into policyholders.
4. Streamlined Claims Processing
Salesforce Financial Services Cloud can help you accelerate the insurance lifecycle by digitising claims workflows. This pro-insurance CRM allows adjusters to access claim details, communicate with policyholders, set up automated and instant notifications, flag defaulters, and collaborate with other stakeholders—all in one place. Additionally, Salesforce Einstein—the first-of-its-kind comprehensive AI for CRM—has been seamlessly integrated with the Financial Services Cloud, to help you detect potential fraud, minimise fraudulent claims, and enable preventive measures to protect customer assets and data.
Learn how you can also harness the power of Salesforce AI to boost efficiency and increase your profit margins. Read our blog here: Leverage Salesforce AI for Peak Sales Efficiency — in 5 Easy Ways | Corptec
5. Seamless Data Insights
One of the unique advantages of using personalised insurance solutions by Salesforce is its robust analytics capabilities. Salesforce Financial Services Cloud can provide actionable insights through data analytics that lead to informed business decisions. The platform can help insurance brokers and agents track sales performance, identify bottlenecks, improve risk assessment, and optimise processes. It also offers predictive analytics to anticipate customer requirements from insurance products, so that insurance businesses can proactively address them and stay ahead of the curve.
6. Integrated Communication Channels
Salesforce Financial Services Cloud integrates seamlessly with communication channels like email, chat, and social media, enabling brokers, underwriters, insurance agents, and claim adjusters to engage with clients anytime, anywhere. This interactive capability is enhanced when you connect with customers on the go using mobile-enabled FSC components in the Salesforce Mobile App. Moreover, the CRM also enables you to align customer support with policy and claims management, thus ensuring timely resolution of policyholder enquiries and issues.
7. Improved Quotation Process
With Salesforce Financial Services Cloud, you can easily expedite the quoting process and streamline approvals. The CRM allows you to incorporate e-signatures for rapid policy generation, claims processing, as well as for policy renewals. You can also automate the monitoring process and effortlessly track quotes, policies, and approvals without manual efforts from your team, thus enhancing the efficiency of brokers and agents and improving data accuracy.
8. Reduced Burden on Underwriters
It is well-known that underwriters struggle with misaligned and inaccurate data lying in legacy systems, creating a disconnected underwriting experience. Salesforce Financial Services Cloud not only helps in modernising and unifying data across applications but also empowers underwriters to simplify all their tasks—from evaluating insurance applications to storing and retrieving applicant history—with automation. The CRM helps in accelerating processes from quote generation to policy settlement with rule-based processing, leaving underwriters with more time to focus on complex cases that need their attention.
9. Enhanced Collaboration
Many a time, brokers, underwriters, agents, and claims adjusters work in silos on disparate systems, without sufficient collaboration. With Salesforce Financial Services Cloud, however, insurance professionals can easily collaborate on multiple cases, instantly share documents, and resolve issues efficiently. The integrated platform not only provides a unified customer view but also has an intuitive interface that helps the entire team enhance productivity, remove blockers, and reduce administrative overheads—thus functioning as one.
10. Improved Agent Productivity
From lead generation to policy issuance to claims settlement, the entire policyholder lifecycle benefits from the integrated capabilities of Salesforce Financial Services Cloud. For instance, you can incorporate e-signatures for closing policy deals rapidly, set alerts to notify policyholders about pending payments or policy renewals, create workflows to fast-track policy issuance, identify cross-sell or up-sell opportunities, automate lead follow-up tasks, and create dedicated portals to easily collaborate with brokers. This not only produces significant improvement in agent productivity but also enables brokers to identify and close policy deals faster, resulting in a higher ROI for insurance carriers.
Why Salesforce Is the Best CRM for the Insurance Industry
Every insurance business comes with its own unique set of challenges and requirements. A personalised insurance CRM like Salesforce 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, Salesforce Financial Services Cloud can scale effortlessly with your business, accommodating increased data volumes and user demands, thus giving you a competitive edge.
Leverage Salesforce Financial Services Cloud for Insurance with Corptec Technology Partners
With Salesforce 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 Financial Services Cloud can transform your insurance services and revolutionise your customer experience with personalised insurance solutions.
Start your Salesforce success journey with us today!
