SAN FRANCISCO, Sept. 24, 2019 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 personalized 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, coverage and claims–across all lines of
business.
The insurance industry is experiencing a revolution. Leading
insurers are beginning to explore innovations in digital, data and
cloud technologies to drive profitable growth, distinctive customer
engagement, agent productivity and innovative new business models.
However, many of these companies are still challenged by legacy
processes and systems, fragmentation between siloed businesses and
functions, 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 personalized
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 digitizing touch points, we can now help insurers
deliver distinctive experiences. We're thrilled and excited 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 personalized 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 are able
to work more productively and deliver exceptional customer service
with access to data on current policies,claims and recommendations
for 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 screens on multiple
systems.
- Life Events capture and visualize 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 optimize their books of business. For example,
pre-built analytics can help agents conduct customer tenure and
churn risk analysis to maximize 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 organizations.
Major global insurers are already leveraging the power of
Salesforce Financial Services Cloud to get closer to their
policyholders:
- Pacific Life leverages Salesforce as its
enterprise-wide, integrated CRM platform to bridge the gap between
Pacific Life's sales, service and marketing teams and to help them
reimagine how they engage with financial professionals.
- Amica Mutual Insurance Company leverages Salesforce to
provide representatives handling both sales and services-related
interactions with a single view for every customer interaction,
eliminating the need to toggle between systems to piece together
information.
- Tokio Marine & Nichido Fire Insurance Co., Ltd. aims
to unify its business across sales, call centers, insurance
agencies and marketing divisions with Salesforce to deliver greater
personalized engagement at scale and exceed customer expectations
every step of the way.
- 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 to their customers and
policyholders.
Salesforce Partners are Driving Industry Success with
Financial Services Cloud
Salesforce has a comprehensive
ecosystem of technology partners that extend the power of Financial
Services Cloud through insurance solutions built on the Salesforce
Platform.
- Guidewire: With Guidewire Digital for Salesforce
Financial Services Cloud, insurers benefit from a solution that
takes advantage of the extended Financial Services Cloud data
model. Using real-time, bi-directional synchronization from
Guidewire to Salesforce Financial Services Cloud, insurers can
equip their teams with customer-centric sales and service
capabilities including 360-degree customer views, new business
prospecting and tracking tools, task and activity management, and
fast quote and bind workflow.
- iPipeline: iPipeline's AgentOne® agent desktop provides
immediate, single-sign on access to the tools needed to execute
daily business activities. AgentOne enables life and annuity agents
to guide customers through the insurance sales process—from health
class estimation and quotes and illustrations, to needs analysis,
e-Signature and e-delivery.
- Vlocity: Vlocity's Digital Insurance Platform powers
quoting, policy administration, claims management, service and
billing which can be deployed to brokers, agents, policyholders and
service representatives. Designed for property and casualty, life
and annuities, and employee benefits lines of business, Vlocity
enables speed-to-market and customer-centric experiences through
straight-through processing and a digital-first approach without
code.
Comments on the News
- "Our strategic transformation is grounded by the changes in our
environment to digitize our business, enhance customer experiences,
empower better decision making and drive operational excellence,"
said Rob Goodman, Assistant Vice
President and CRM Program Owner, Pacific Life. "We believe our path
forward will be guided by the needs of customers at the center of
everything and we are leveraging strategic partners like Salesforce
to provide next-generation capabilities to transform our customer
engagement model and technology infrastructure. The integration of
marketing, sales and service activities is critical to delivering a
positive, brand-reinforcing experience at every touchpoint in the
customer journey."
- "Responding to increasing customer expectations is a key
industry driver, according to multiple survey projects that we have
conducted in the past 18 months," said Mike
Fitzgerald, senior analyst, Celent. "Meeting those
expectations will increasingly be about reaching out to partners to
use the best solution/data/process available. Cloud platforms
enable insurers to access the entire ecosystem of providers."
Availability and Pricing
- The new insurance capabilities in Financial Services Cloud are
available today and start at $150 per
user per month
- Einstein Analytics for Financial Services is generally
available and priced at $150 per user
per month
- Community Cloud for Financial Services will be generally
available on October 15,
2019
Connect with Salesforce
- To view the public announcement during InsureTech Connect, tune
in live at 9:30 am PT on Tuesday, September
24 via the link: http://bit.ly/FSCINS
- For a look into Pacific Life's partnership with Salesforce,
read the full customer success story:
http://bit.ly/PacLife
- For more information on Salesforce Financial Services Cloud,
visit: http://www.salesforce.com/financialservicescloud
- For more information on Salesforce Einstein Analytics, visit:
https://www.salesforce.com/products/einstein-analytics/overview/
- Like Salesforce on Facebook http://facebook.com/salesforce
- Follow @salesforce on Twitter
ABOUT SALESFORCE
Salesforce is the global leader in
Customer Relationship Management (CRM), bringing companies closer
to their customers in the digital age. Founded in 1999, Salesforce
enables companies of every size and industry to take advantage of
powerful technologies—cloud, mobile, social, internet of things,
artificial intelligence, voice and blockchain—to create a
360-degree view of their customers. For more information about
Salesforce (NYSE: CRM), visit: www.salesforce.com.
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