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Salesforce Financial Services Insurance Innovations and Creative Development

Salesforce Financial Services

In 2019, Salesforce announced an insurance-focused extension of its Financial Services Cloud. It was an exciting year for the insurance industry. First and foremost, Salesforce’s Financial Services Cloud provides the promise of better value-for-money for insurance companies. New technologies were created to help insurers improve their partnership with policyholders and have a 360-degree view of each customer across all business lines.

New insurance capabilities allow companies to reach out to policyholders via their preferred channels, intelligently prioritize practices, and develop deeper relationships through more personalized customer engagement.

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Insurance Industry is Changing

As we know, customers today are the first to force businesses into action, and the digital revolution has pushed insurance companies to update their processes and legacy systems to become more customer friendly.

Most customers see insurance as a necessary evil. They’ve got to have it, but when you need to communicate with the company that provides the benefits, it’s almost always frustrating. Leading insurers are taking advantage of advancements in digital, data, and cloud technology to drive profitable growth, distinctive customer engagement, agent efficiency, and creative new business models. At the same time, many of these leaders remain challenged by outdated processes and structures as well as overlap between interdependent organizations and functions. They’re further challenged by the lack of an end-to-end digital strategy and the talent to deliver.

Without the willingness of insurers to renovate their core operations, including the introduction of a digital-first platform and increased cooperation across business units, they risk losing the loyalty of their customer base to rivals.

Innovative features of the Financial Services Cloud provide insurance companies with improved functionality specifically designed for the insurance industry.

  • The Agent and Customer Service Rep Console – Provides an ongoing, comprehensive view of performance metrics, applicable observations, and decisions through contact points of each policyholder, household relationships, strategies, allegations, coverage, life events, company achievements, and more.
  • Lightning Flows – Provide clear, step-by-step guidance for customer service requests across platforms, devices, and applications.
  • Pre-packaged Lightning Flow Models, such as the First Loss Alert and the Beneficiary Switch, are incorporated with leading technology partners to implement business rules effectively and inform managers of inefficiencies.
  • Life Events – Record and envision major reasons for changes in insurance needs, such as buying a new home, graduating from college, having a baby, renovations, or changing jobs.

In addition, recent updates to Einstein Analytics for Financial Services provides executives and administrators with insights to optimize their business books. Sales managers should also carry out product penetration and white space research to drive growth in their territories.

Salesforce allows future creativity and insurance-focused notifications.

Recently released integrations with systems such as Guidewire and iPipeline allow bi-directional data flow that enhances agent experience. In simple terms, this means independent agents would likely do more business with providers because of ease of use. Vlocity allows fast-to-market and customer-centric interactions to move straight-through delivery with a code-free, digital-first approach.


Subin Saleem

Marketing Team Lead

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