Whether it’s auto, home, business, property & casualty or any other type of insurance, it all plays a crucial role in a person’s everyday life. If it’s such a significant factor in how we operate, why not make the process run smoothly for both the customer and the insurance provider? A streamlined insurance process promotes a superior customer experience and allows reps and agents on the back end to have the correct information when they need it most.
Above all else, most insurance companies—if not all—prioritize their relationships with their customers. Through Salesforce Financial Services Cloud, insurance reps and agents have the ability to reach customers on multiple devices through a variety of channels, including mobile, email, social, and more. Salesforce’s task prioritization allows agents to address a customer’s most urgent needs first.
Throughout this intro to Salesforce for insurance companies blog, we’ll highlight the following topics:
How Is Salesforce Financial Services Cloud Different for Insurance Companies?
Salesforce FSC revolutionizes the way insurance businesses process information and build relationships with policyholders. FSC delivers personalized services, reports, and dashboards to help policyholders understand their insurance program. It comes with an integrated Guidewire Insurance Platform that transforms the customer or policyholder agreement to deliver customer-centric insurance.
FSC ensures that reps and agents are equipped with all the information they need about policyholders and their products allowing agents to have a 360-degree view of the customer.
What Capabilities Does Salesforce Have for the Insurance Industry?
Next-Generation Insurance
Salesforce for insurance companies increases customer satisfaction and supports long-term relationships. The platform provides next-generation insurance practices and allows insurance businesses to stay ahead of the trends in the industry.
In addition, Salesforce allows insurance companies to forecast growth potential, launch products faster than insurance companies that don’t have a reliable CRM platform, and achieve operational efficiency while keeping the customer at the forefront of their minds.
Digital Insurance Platform
A digital insurance platform supports product development, quoting, underwriting, policy administration, claims, and more. Salesforce has a flexible insurance platform that provides a complete insurance management solution. This digital insurance platform is cloud-based, customer-centric, agile, and omnichannel for every rep, agent, and customer.
Policy Administration
Salesforce FSC puts customers at the center of the policy lifecycle. It enables customers to manage the policy lifecycle, including quoting, underwriting, issuance, endorsements, billing, renewals, and commissions.
Claims Management
With Salesforce, the claims management process is quick and transparent. Implementing Salesforce into an insurance company’s operations enables customers to submit claims straight from their mobile devices. Policyholders have the ability to submit claims with images and continuously track the claim process, so they know it’s being taken care of by their insurance provider.
Life Insurance and Annuities
Salesforce grows policyholder assets with smart fact finding, quotations, applications, and underwriting activity. Deliveries can be sent to the contact center through the web, an agent’s desktop, and mobile devices.
Service Contact Centers
Service contact centers minimize handling time and quicken responses. This allows new representatives to be more efficient with transactions and use their time wisely.
Group Insurance
Salesforce FSC understands the elaborate needs of group insurance. The insurance group benefits platform includes census management, product catalog, quoting and rating, onboarding, enrollment, member servicing, and renewals.
Advancements Included in the Financial Services Cloud
Salesforce FSC provides many advancements that other Salesforce Cloud solutions don’t have, including:
Agent and Customer Service Rep Console
The Agent and Customer Service Rep Console provides a real-time, easy-to-read report of performance metrics, appropriate insights, and actions across a policyholder’s account. This information includes touchpoints, household relationships, policies, claims, coverages, marriages, childbirth, change of location, business milestones, and more.
This console is crucial to your business growth because it allows reps and agents to deliver exceptional customer service to policyholders. The agent and reps have easy access to current policies and claims data, allowing them to suggest relevant recommendations for the right coverages.
Lightning Flows
Lightning Flows presents a step-by-step guide for frequent customer service requests. Salesforce provides pre-packaged Lightning Flow templates, like First Notice of Loss and Beneficiary Change, to ensure that business rules are applied consistently and reduce irregularities between accounts. This eliminates the need to swap information from platform to platform.
Life Events
Significant life events such as moving, taking on a new job, getting married, or having a baby require changes in insurance coverage. Through Salesforce FSC, agents can help individuals adjust their various insurance policies with ease.
Einstein Analytics for Financial Services
Einstein Analytics developed new enhancements for FSC that help agents and managers ensure their clients are satisfied with their insurance services. FSC’s pre-built analytics assist agents in performing a risk analysis to boost customer retention rates. In addition, managers can produce product penetrations and white space analysis to drive business growth within their defined territories.
Experience Cloud for Financial Services
Experience Cloud for FSC provides pre-built templates to quickly deliver branded and interactive portal experiences for reps, agents, and policyholders. This ensures that everything stays consistent from one policyholder to the next and makes everything easy to access when necessary. In addition, it allows Salesforce to develop more user-friendly features in the future as the program continues to advance.
What’s the Role of Salesforce in the Insurance Industry?
Salesforce is more than just a CRM tool. The platform helps insurance businesses in other areas, including:
Personalized Experience for Customers
People appreciate when they’re recognized as individuals, why wouldn’t it be the same when they’re customers? Salesforce FCS offers insurance policyholders a personalized experience that makes them feel valued by the company and that their needs are understood.
While there are many competing insurance providers to choose from, customers will more than likely choose the provider that offers a differentiated service from other insurance companies. FCS is a database of information that allows agents to gain specific insights about policyholders, their families, and what they value most. Rather than pitching generic policies, agents and reps have the opportunity to personalize their pitching technique to what matters most to the customer. This increases the opportunity of closing sales with customers and retaining their long-term business.
Top-Tier Customer Service
In previous years, price played a primary factor in winning a prospective customer. Today, many individuals are willing to pay more for additional benefits and great customer service. Excellent customer service includes meeting every need of the customer—large or small—and exceeding their expectations.
Salesforce and customer service work cohesively. Insurance companies that take advantage of Salesforce FSC have seen a spike in sales numbers compared to insurance businesses that don’t use reliable CRM software. FSC helps insurance reps and agents understand customer preferences, including channels of communication, languages, and more.
Sales Opportunities
While Salesforce provides a variety of benefits for customers, it also offers lucrative sales opportunities for reps and agents. Salesforce FSC helps reps and agents identify high-quality leads for customers who would more than likely convert and generate more revenue for the business.
As experienced sales teams know, not every lead in the pipeline will convert immediately. However, many of them may convert in the future. With the insurance industry, it’s all about finding the right customer at the right time. Salesforce FSC allows reps and agents to have a better idea of what stage each client is in and meets them when the timing makes sense.
Ongoing Business
Repeatable business is important to the insurance industry because it’s much easier to sell to customers who already trust a company. On the other hand, insurance businesses have to earn new customers’ trust before suggesting additional business opportunities.
Ongoing business is vital to the insurance industry because existing customers are a major source of revenue. There are many upselling and cross-selling opportunities available to existing customers because they already trust the company. Using Salesforce FSC allows insurance reps and agents to identify potential sales opportunities for loyal customers. Since FSC provides a 360-degree view of customers, upselling and cross-selling are made easier because reps and agents can predict products or services that your customers might need.
Agent Onboarding
Insurance agent onboarding can be a long and tedious process. Most businesses want to onboard employees quickly, but this isn’t always feasible, especially in the insurance industry. In insurance, agents work with a variety of sensitive customer information, so it’s vital that agents are onboarded quickly and with adequate training.
Salesforce FSC enables insurance companies to onboard agents in a quick time span. FSC has all the tools and information needed for an agent to understand the company’s business model, understand the rules of the industry, obtain insights about the market, and learn strategies that work best to close sales.
Salesforce FSC allows insurance companies to save time and money when onboarding agents. By implementing training into FSC, agents have the opportunity to learn at their own convenience while working at the same time—benefiting both the agent and the insurance company.
Leverage the Power of Salesforce With Abstrakt Cloud Solutions
Abstrakt Cloud Solutions has one overarching goal: for clients to get the most value possible out of their Salesforce investment. We collaborate with insurance businesses like yours across the United States to maximize customer service, streamline operations, and boost revenue.
Abstrakt Cloud Solutions offers various Salesforce services, including:
- Salesforce Managed Services: We work with your team to ensure you’re using Salesforce to its fullest potential. This includes hands-on Salesforce administration, long-term road mapping, and customizable reports and dashboards.
- Salesforce Consulting Services: Our consultants provide solutions to you that cater directly to your needs. This includes Salesforce adoption support, best practices & training, and third party application evaluation.
- Salesforce Implementation Services: We make Salesforce fit the workflow and processes of your insurance business. This includes a team that’s dedicated to your success, seamless transitions from legacy systems, and close communication throughout the entire partnership.
- Salesforce Custom Development: Our consultants provide custom solutions to reduce manual data entry and increase user productivity. Our customized solutions include Salesforce integration services and custom application development.
Ready to get the most out of Financial Services Cloud? Contact us today to get started!
