Salesforce Targets Insurance Sector with Latest AI Release

The new solution promises to eliminate silos and streamline complex processes

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Published: October 16, 2024

Rhys Fisher

Salesforce has launched a new AI-powered solution specifically designed for insurance brokerages.

Slated to be generally available in February 2025, the Financial Services Cloud (FSC) for Insurance Brokerages uses a combination of CRM, AI, and real-time data to enable insurance brokerages to boost efficiency.

The company promises to achieve this by automating and streamlining time-consuming tasks such as policy servicing and commission processing,” leading to enhanced team productivity and the ability to deliver more tailored client experiences.

In addition, Salesforce also believes that these efficiency-boosting features will help insurance brokerages to “deepen their client relationships,” as well as assisting with recognizing potential retention risks and identifying coverage gaps.

In discussing the news, Eran Agrios, SVP & GM for Financial Services, explained how the FSC for Insurance Brokerages would help insurance companies move on from “outdated” systems:

Traditional insurance agency management systems are outdated and complicated, and employees are tired of switching between multiple platforms.

“Financial Services Cloud for Insurance Brokerages gives brokers, producers, and account managers the tools needed to enhance collaboration, automate previously labor-intensive tasks, and offers a holistic view of clients’ journeys to ultimately help them build deeper and more meaningful client relationships.”

So, let’s take a look at some of the tools that users of FSC for Insurance Brokerages will be able to enjoy.

FSC for insurance Brokerages Capabilities

In a Salesforce-sponsored whitepaper on customer service in the financial services industry, it was reported that on average, insurance brokerages are currently using three or more customer engagement platforms.

The company claims that this inefficient system, and the data silos and fragmented workflows associated with it, was the reason that it decided to implement an all-in-one platform engineered to meet the needs of those working in the insurance sector.

In outlining precisely how the new solution will support insurance companies, Salesforce listed the following four capabilities:

1. AI-Powered Client Engagement

This feature leverages Data Cloud to unify “all relevant structured and unstructured data” – such as policy details, claims history, and real-time interactions – into a single client profile.

The vendor states that this will allow producers and account managers to use AI to detect patterns, identify trends, and prioritize efforts on high-value prospects.

2. Commissions Management

In a nutshell, this capability simplifies the task of handling commission splits for finance and accounting teams.

By establishing a library of rules and definitions for commission allocation, teams can easily apply these to different scenarios.

3. Employee Benefits Servicing

By centralizing plan tracking on a single platform, users can streamline their employee benefits plan renewal process.

The innovation also allows account managers to efficiently manage placements, coordinate with carriers and brokers, track action plans, and minimize duplicate data entry.

4. Property and Casualty Industry Servicing

The final feature gives brokers a unified view of client property and policy details across multiple carriers, allowing for more personalized support.

In an example provided by Salesforce, a brokerage specializing in maritime insurance can track key industry-specific data – such as vessel updates, captain credentials, and marine policies – enabling account teams to better manage client needs and provide proactive service during events like fleet expansion or new hires.

Despite not being generally available for a few months, The Baldwin Group and AssuredPartners have already started deploying the tech, with the latter’s EVP & CIO, Sankha Ghosh, stating:

With the help of Salesforce Financial Services Cloud, we’ve witnessed a significant transformation across our sales and operations with faster onboarding and better collaboration among our clients, agents, and producers.

More News from Salesforce

Last week saw the unveiling of a preview of the Salesforce Contact Center with Amazon Connect, a unified solution that integrates Amazon Connect channels directly into Salesforce Service Cloud.

In doing so, CCaaS and CRM functions are streamlined into a single platform.

The solution also has the capacity to potentially integrate additional Amazon Connect tools, such as case management, workforce optimization, and reporting features.

Elsewhere, earlier this month Salesforce launched the Tableau Einstein Alliance, a new partner community designed to help partners succeed in the AI-driven era.

Members will receive exclusive benefits such as access to product roadmaps, expert support, marketing resources, and co-selling opportunities.

The 25 initial partners include Atrium, Capgemini, Deloitte, IBM, and Slalom.

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