Salesforce (NYSE: CRM), the global leader in CRM, today announced new insurance-focused enhancements to Financial Services Cloud that enable insurers to build stronger, more personalised relationships with policyholders. As an extension to Financial Services Cloud, insurers now have a unified, 360-degree view of their policyholders – including household relationships, life events and more – across all lines of business.
The insurance industry is experiencing a revolution. Leading insurers are leveraging innovations in digital, data and cloud technologies to drive profitable growth, distinctive customer engagement and innovative new business models. At the same time, many of these leaders are still challenged by legacy processes and systems as well as fragmentation between siloed businesses and functions. They are further challenged by a lack of an end-to-end digital strategy and the talent to execute.
Without the ability for insurers to revamp their core activities, including the adoption of a digital-first platform and more collaboration across business units, they risk losing the loyalty of their customer base to competitors. In order to be successful, insurance companies must improve policyholder trust and transparency, create added value and provide more personalised experiences to their customers.
“Now, more than ever before, the insurance industry is working towards delivering more relevant and engaging experiences at every stage of a customer’s life,” said Ayan Sarkar, Global Head of Insurance, Salesforce. “By leveraging data and AI and digitising touchpoints, we can now help insurers deliver distinctive experiences. We’re thrilled to partner with insurers on this journey to transform the industry with new insurance innovations for Financial Services Cloud.”
Introducing Insurance Innovations in Financial Services Cloud
Financial Services Cloud transforms the way financial institutions engage with customers through intelligent, integrated and personalised capabilities. It allows companies to unlock customer loyalty through unified experiences while seamlessly bridging channels and geographies across both consumer and commercial lines of business.
The latest capabilities in Financial Services Cloud arm insurers with expanded out-of-the-box functionality, specifically designed for the insurance industry.
- The Agent and Customer Service Rep Console provides an always-on, comprehensive view of performance metrics, relevant insights and actions across each policyholder’s touchpoints, household relationships, policies, claims, coverages, life events, business milestones and more. For example, reps and agents can deliver exceptional customer service with access to data on current policies and claims and recommendations for the right coverages.
- Lightning Flows provide consistent, step-by-step guidance for common customer service requests across channels, devices and apps. Pre-packaged Lightning Flow templates – such as First Notice of Loss and Beneficiary Change – are integrated with leading technology partners to apply business rules consistently and reduce inefficiencies. For example, a customer service rep can collect all of a policyholder’s information to initiate First Notice of Loss without having to switch between multiple systems.
- Life Events capture and visualise major triggers of changes in insurance needs, such as purchasing a new home, graduating from college or changing jobs. For example, an agent can help families adjust their life, home and auto insurance coverages upon the birth of their first child.
In addition, new enhancements to Einstein Analytics for Financial Services provides agents and their managers with intelligence to optimise their books of business. For example, pre-built analytics can help agents conduct customer tenure and churn risk analysis to maximise retention. Similarly, distribution managers can conduct product penetration and white space analysis to drive growth in their territories.
Finally, new enhancements to Community Cloud for Financial Services delivers pre-built templates to quickly and affordably deploy branded and engaging portal experiences for independent agents, brokers and distributors. This allows insurers to leverage their investments in customer success across their extended ecosystem. This also lays the foundations for Salesforce to deliver additional future innovations on the themes of frictionless business and standards-based, permissions-driven sharing of data across financial services organisations.
Major global insurers are already leveraging the power of Salesforce Financial Services Cloud to get closer to their policyholders:
- LV=General Insurance leverages Salesforce to future-proof its business and meet both the needs and expectations of customers by staying one step ahead in relevant conversations with them.
- Generali France leverages Salesforce to enable company-wide transformation and improve processes of Tied Agent Networks and Salary Network Sales processes, all with the end goal of becoming a key lifetime partner of its customers and policyholders.
- Pacific Life leverages Salesforce as its enterprise-wide, integrated CRM platform to bridge the gap between the California-based firm’s sales, service and marketing teams and to help it reimagine how it engages with financial professionals.
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