Salesforce for insurance: capabilities, products & success stories

April 18, 2024

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Salesforce for insurance

by Nikolai Denizhenko,

Head of Salesforce Practice

Salesforce provides multiple dedicated and general-use tools for insurance companies that facilitate efficient customer management and service, as well as automate essential back-end operations like underwriting, claims management, and payment processing.

As a Salesforce implementation company with 10+ years of experience, we help insurance companies adopt suitable Salesforce solution suites and ensure their efficient operation through configuration or customization.

Capabilities of Financial Services Cloud for Insurance

Financial Services Cloud for Insurance is a specialized Salesforce CRM for the insurance sector. It includes dedicated components and an industry-specific data model, or a framework for organizing and managing insurance-specific data and encompassing objects, fields, relationships, and processes. This core insurance Salesforce solution provides comprehensive capabilities for claims and policies administration, customer relationship management, and insurance business development. Here’s an overview of its basic features and more advanced modules.

Basic insurance features

Record Rollups

Providing an aggregated overview of a policyholder’s personal and transaction data across all their records and accounts to help insurance companies better assess policy and agent performance, claims metrics like frequency and processing time, and customer relationships.

Relationship Maps and Actionable Relationship Center

Visualizing policyholders’ connections to each other, as well as insurance agents and other business entities, into maps and graphs for better relationship dynamics understanding and more effective referrals and upselling.

Policies, Events, Milestones, and Life Events components

Helping agents to track important events in policy lifecycles and policyholders’ lives and stay on top of tasks and deadlines (e.g. remind clients of policy expiration dates, monitor claim settlement, etc.) and provide excellent customer service.

Interest Tags

Proving dedicated tag components to track and categorize clients’ preferences and interests related to insurance products, coverage options, financial goals, or life events for better customer experience personalization and more targeted marketing.

FSCFinancialAccountsSummary

Giving insurance agents a full, real-time view of policyholders’ financial accounts and transactions in one place.

Insurance Agent Console

A customizable Lightning console app encompassing multiple dashboards, reports, and metrics to help companies assess the performance of their insurance distributors.

Interaction Summaries

Aggregating policyholder interaction data from various sources (e.g. emails, phone calls, meeting notes, etc.), organizing them, and providing interaction summaries, providing insurance agents with a comprehensive client history for more consistent and effective communication.

Capabilities for specific business needs

Discovery Framework

An approach powered by OmniStudio and promoting questionnaire-driven data collection from insurance companies’ stakeholders to understand their unique needs and challenges and prevent errors and inefficiencies associated with manual data collection.

Action Plans

Enabling the creation of repeatable task templates and automated task sequences to streamline repeatable processes and workflows like claims processing and investigation, policy renewals, and underwriting.

Document Tracking and Approvals

Managing the lifecycles of policy, underwriting, claims processing, contracts and agreements, and compliance documentation, including their creation, submission, approval, and storage, to streamline document-centric processes in insurance companies.

Advanced tools

Insurance Product Administration

Enabling comprehensive management of insurance products and policies with the help of product catalog administration, coverage terms design, policy rules and rating algorithms configuration, as well as additional FNOL and quote management capabilities.

Insurance Policy Administration

Managing the entire policy lifecycle with features supporting policy issuance, quoting, premium billing and collections, renewals and endorsements, and transaction processing, as well as capabilities for policy workflow automation.

Insurance Claims Management

Streamlining claims lifecycle end-to-end, from their intake and processing to communication with claimants and claim payments management.

Branch Management

Managing and coordinating activities of multiple branches in an insurance company, keeping track of their performance, and facilitating their efficient cooperation to help deliver exceptional service to policyholders across locations.

FlexCard–Based Policy 360

Enabling a more intuitive and effective insurance policy management by visualizing policy details, coverage information, associated documents, and other information in an at-glance card-based format.

Marketing Cloud Engagement

A Marketing Cloud component for creating meaningful and personalized interactions with policyholders via segmentation, upselling and cross-selling, and customer retention and re-engagement capabilities.

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Salesforce suites for major insurance industry players

Salesforce offers purpose-built sets of tools for major insurance sectors that companies can implement instead of choosing between multiple Salesforce products to fit their needs and workflows. Each suite suggests bundles of Salesforce Financial Services Cloud and other products and components that are aimed at efficient handling of specific insurance operations, administrative workflows, and customer relationship management.

Agencies & Brokerages

Salesforce for Agencies and Brokerages includes features for policy administration, claims filing and tracking on clients’ behalf, client onboarding and AI-powered self-service, and marketing. It also facilitates efficient agency management, such as insurance broker vetting and mergers and acquisitions features for starting cooperation with a new partner agency.

Life & Annuity

This suite provides insurance companies specializing in life and annuity products with features for underwriting automation, a Quote, Rate, and Apply solution that streamlines the quoting process, marketing capabilities for independent agents and brokers, and client self-service and onboarding tools.

Group Benefits

For companies providing group benefits coverage, Salesforce offers a suite with features for automating claims processing, self-service FNOL submission, distribution management for brokers and individual agents, and customer support through issue resolution acceleration and customer self-service.

Property & Casualty

Companies offering property and casualty coverage can adopt a dedicated Salesforce suite with features for policy administration and claims management, underwriting automation, omnichannel customer engagement and efficient support, and agent and broker onboarding, training, and performance tracking.

Other Salesforce products for insurance companies

While Financial Services Cloud for Insurance offers many capabilities beyond insurance operations handling, its customer relationship management features still aren’t comprehensive enough to fully cater to sales and marketing departments’ needs. Therefore, insurance companies looking to cover as many business functions with Salesforce as possible should consider adopting some products separately.

Sales Cloud

Sales Cloud allows insurance sales teams to set up a tailored sales pipeline, track and manage leads and opportunities, make accurate sales forecasts, and streamline routine tasks with the help of rule-based automation.

Service Cloud

This tool facilitates efficient customer service provision with an all-in-one console for agents and features for efficient and timely case management, knowledge management, consistent communication across various channels, and customer self-service portals.

Marketing Cloud

This Salesforce tool provides marketing automation, email marketing, social media marketing, advertising, and analytics capabilities and helps insurance companies’ marketers to personalize marketing campaigns and efficiently engage with policyholders and future clients across many channels.

CPQ

Salesforce CPQ provides insurance sales agents with more advanced capabilities for policy configuration and customization, managing prices and discounts based on various factors, and quoting and contracting automation.

Salesforce integrations for insurance companies

To ensure seamless data exchange between Salesforce and other business systems in their IT ecosystem, insurance companies can integrate their insurance solution with other business software solutions. One of the most accessible integration paths is finding dedicated pre-built solutions on Salesforce’s AppExchange marketplace. If there are none, insurance companies can enlist the help of Salesforce developers to build custom integration solutions using Web Services or MuleSoft Anypoint. Here are the most common integration options for Salesforce insurance solutions.

Salesforce

Billing & payment solutions

ERP systems

eSignature software

Collaboration tools

Ecommerce solutions

BI platforms

Notable Salesforce success stories in insurance

+54%

leads increase

CRM for an insurance buyout company

Itransition delivered a Salesforce CRM fully tailored to the company’s workflows that enables data storage, opportunities and leads tracking, quote creation, and payment tracking. Within the project’s scope, we also cleaned and migrated data on 80,000 leads from scattered storage systems.

СRM implementation for Farmers Insurance

-75%

loss reporting time reduction

СRM implementation for Farmers Insurance

Salesforce

Farmers Insurance set up a Salesforce-based system to accelerate loss reporting and managed to improve customer satisfaction with the service. The insights delivered by Salesforce also helped the agency to optimize its website and mobile app in line with customer needs.

3 mn

satisfied clients served

Pacific Life’s CRM transformation

Salesforce

A leading life insurance and retirement solutions company adopted Salesforce’s CRM and analytics solutions to get a 360-degree view into customer relationships and considerably improve customer satisfaction.

+54%

leads increase