Salesforce for insurance: capabilities, products & success stories
April 18, 2024
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.
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.
Want to automate your insurance processes with Salesforce?
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.
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.
-75%
loss reporting time reduction
СRM implementation for Farmers Insurance
SalesforceFarmers 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
SalesforceA 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
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.
-75%
loss reporting time reduction
СRM implementation for Farmers Insurance
SalesforceFarmers 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
SalesforceA 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
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.
-75%
loss reporting time reduction
СRM implementation for Farmers Insurance
SalesforceFarmers 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
SalesforceA 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.
Salesforce benefits for the insurance industry
Improved operational efficiency
Salesforce provides multiple capabilities for streamlining day-to-day laborious insurance operations, like policy administration, claims processing, and quoting, and setting up automated customizable workflows, which contributes to the overall productivity of insurance agents.
Customer experience personalization
Salesforce enables insurance companies to gather, organize, and process policyholder and potential clients’ data from across various touchpoints for crafting more personalized services and offers, promotional campaigns, and interactions.
Data-driven decisions
Due to Salesforce’s analytics and reporting capabilities, insurance companies can analyze the wealth of data gathered by Financial Services Cloud and additional CRM tools and identify trends, optimize pricing strategies, mitigate risks, and tap into new market opportunities.
Superior scalability & flexibility
Designed to be highly scalable, Salesforce allows insurance companies to seamlessly expand their implementation as their company evolves or in other ways adapt it to their changing business goals.
Our Salesforce services for insurance
We guide insurance companies through every step of Salesforce adoption or evolution to help them get maximum returns on their investment.
- Salesforce product selection
- Implementation advisory
- Tech audit of the existing Salesforce setup
- Development of modernization strategies
- Migration assistance
Within the scope of our implementation services, we help insurance companies adopt suitable Salesforce products and their configurations, all while making sure the project goes smoothly and delivers the expected results.
- Discovery
- Implementation planning
- PoC delivery (optional)
- Configurations and customizations
- Integration with other business systems
- QA and acceptance testing
- Roll-out to the production environment
- Post-implementation support
We tailor various aspects of Salesforce insurance solutions to your unique business needs and specific workflows with the help of declarative tools and custom development.
- Custom objects and fields
- User interfaces
- Reports and dashboards
- Business rules
- Email templates
- Integration with third-party tools
We provide ongoing support of your Salesforce insurance software ecosystem to make sure it performs as intended and stays stable and up-to-date.
- System monitoring
- Day-to-day administration
- Health checks
- On-demand troubleshooting
- User support
- New functionality or integrations addition
Want to tap into Salesforce’s benefits?
Elevate insurance operations with Salesforce
Salesforce proves to be a very useful solution for companies in the insurance industry due to its robust insurance-specific features and CRM capabilities, additional CRM products adopted separately, and ability to integrate seamlessly with key business tools. To properly adopt Salesforce and unlock its full potential for business growth, you can turn to Itransition’s Salesforce consultants who can plan out your adoption journey and guide you through it.
Service
Salesforce professional services and product expertise
Hire a certified Salesforce services provider with 10-year expertise in Salesforce CRM and other solutions to carry out seamless adoption and transformation.
Service
Custom insurance software development services and solutions
We provide insurance software development services to help companies streamline insurance workflows and improve their efficiency and customer servicing.
Service
Salesforce implementation services and guidelines
Salesforce implementation services from a certified consulting partner. Explore the implementation roadmap, options, team composition, and best practices.
Insights
Salesforce Einstein: AI features, case studies & adoption guidelines
Explore Salesforce Einstein’s top features, implementation examples, and benefits, along with tools and guidelines to streamline its adoption.
Case study
Salesforce audit for an EDI solutions provider
Read how Itransition performed a Salesforce CRM audit for Data Interchange and compiled a list of automation and improvement suggestions.
Insights
Salesforce deployment best practices, key steps & useful tools
Discover Salesforce deployment best practices from expert Salesforce developers, along with key steps, tools, and environments to complete this process.
Insights
Salesforce adoption: best practices & challenges
Learn about the best practices to streamline Salesforce adoption, along with the most common implementation challenges and their solutions.
Insights
CRM strategy: key steps, guidelines & payoffs
Explore key steps and practices to define, implement, and further enhance your CRM strategy, along with enabling software and payoffs.