6 Unique Ways Salesforce Implementation Can Help Insurance Companies Streamline Operations
We all want an intelligent, intuitive, and customized platform that could improve operations, boost productivity, and improve customer engagement and relationships. Salesforce is the platform that does this job. These are the qualities that make Salesforce CRM a great fit for insurance businesses. Insurance companies these days are going for Salesforce implementation, which is proving to be a great step for businesses to move toward more efficiency and growth.
Even the most renowned insurance companies these days are using Salesforce to manage their customer records, operations and streamline customer engagement. It enables teams to understand customer expectations better and serve them accordingly. It even helps to unite their different teams, keeping them aligned on the dynamically updated customer data, thus helping with better collaboration among them as they strive together to meet organizational goals.
When you hire a Salesforce implementation company, it can help insurance agencies to specifically customize the solution for the firm, ensuring that it aligns well with the unique goals and objectives of the firm. It enables the sales, marketing, and service teams to collaborate effectively and make data-driven decisions.
Let’s try to evaluate the value of Salesforce specifically for insurance companies. In this blog, we will cover the details of all Salesforce features that an insurance company can leverage to boost its operations and significantly grow.
Salesforce Features That Are Specific for Insurance Firms
If we talk about insurance companies, there’s no denying the fact that their operations are highly complex, and they need to emphasize more and more on customer relationships. So, let’s cover the most important Salesforce features that are revolutionizing the way insurance companies work.
- Policy Administration
It is essential for insurance companies to administer their policies, whether it is related to quotes and proposals or binding and servicing. Salesforce can be a help here as it can be integrated with the existing policy administration system followed by the company.
In addition to this, Salesforce also provides insurance agents with the power to improve customer engagement. This is done by delivering digital experiences, focusing on what customers wish for. Salesforce provides a 360-degree view of customer details, making it easier to analyze them in a single view. From policy to claims details, agents can collect data from different channels and analyze it to run personalized campaigns.
Salesforce can support policy administration by:
- Streamlining policy billing
- Managing policy transactions
- Providing comprehensive quote-to-bind experiences.
2. Recruiting and Onboarding
For insurance companies, Salesforce can be of great help in simplifying recruitment and onboarding processes for policyholders. Teams can choose to customize the platform, enabling them to manage the onboarding process efficiently. You can also integrate Salesforce with your underwriting solutions, that will enable you to pull and record performance data.
Teams at insurance companies can also leverage Salesforce analytics to evaluate the areas where the marketing efforts are proving to be the most beneficial while evaluating the required changes that could help in enhancing the effectiveness of the campaign. It even allows teams to track commissions over a unified platform while gathering data and insights about customers that can help with decision-making.
Even for an independent insurance agent, Salesforce provides the ease to identify agencies that will possibly bring in more business. This enables the agent to choose the agency that will prove to be more promising.
3. Automation
With Salesforce, insurance agencies can enable the automation of their workflows and streamline processes. Agents can easily automate processes like generating quotes, policy renewals, and underwriting, thus saving time to focus more on boosting customer engagement and relationships.
This would help to improve the complicated insurance processes to achieve streamlined workflows. Agents can choose to automate their entire claims lifecycle by setting up a workflow that will help to advance each claim through stages that are based on the created rules. Your contacts can use any channel they want, and they can easily submit their claims, with your system getting updated automatically.
4. Claims Management
According to a survey by EY Global, it has been found that 87% of policyholders state that it is their claims experience on the basis of which they decide if they want to remain with an insurer or not. And to make the claim experience effective, it is necessary to have process transparency and improve the speed of settlement.
Being cloud-based, Salesforce is an efficient platform for claims management, which helps to ensure transparency in the claims processing for both insurer and customer. It helps in improving the experiences for policyholders and customers, enabling them to have direct and easy access to information related to claims whenever needed.
Salesforce allows insurance companies to personalize the experience for users and easily manage the claims lifecycle. Here are several features that make Salesforce a great fit for claims management:
- Automatic management for claim lifecycle
- 360-degree view of contacts
- Manage omnichannel communication
- Simplify payment and reserve management
5. Data and Analytics
Insurance companies can benefit a lot from the comprehensive analytics dashboard of Salesforce, which gives agents visibility of sales performance and insights through which they can plan for the future. It enables agents to segment their target audience and create personalized campaigns for cross-selling and upselling. It will enable the teams to collaborate across different platforms and easily share information among them.
With the AI-powered analytics of Salesforce, insurers can gain access to intelligent insights about their customers and market trends that will help them get a better understanding, so they can plan future decisions the right way. Leveraging Einstein AI, the team would get insights about how likely the customer will renew the policy. Thus they can plan the next actions accordingly.
With Salesforce, insurers can also access pre-built templates that are industry-specific. Agents can easily customize their dashboards according to their unique business goals. With Salesforce, agents can get intelligent recommendations to identify new and promising opportunities for the business. Agents can gain relevant information through dashboards and records, making it easier to act on it and make strategic decisions.
6. Improved Marketing
With a Salesforce implementation partner, it can become easier to personalize touchpoints with customers or buyers, thus making it easier to build confidence among them. With Salesforce providing a complete view of customers, it certainly becomes easy to understand them well and build personalized marketing campaigns to offer them policies that are the most suitable for them.
Salesforce enables self-service capabilities, providing buyers the ease to track claims and policies, thus reducing the workload of the agents trying to resolve customer queries. The self-service functionalities would enable buyers to get answers to their common questions by themselves.
Implement Salesforce for Individual Insurers and Companies
All the reasons mentioned above clearly illustrate the importance of having a customized Salesforce solution for insurance companies. From tracking policies and claims to managing customer data and keeping it updated, Salesforce is one solution to do it all. It allows insurers to automate complex processes and simplify the renewal and tracking activities.
But to leverage all the benefits and features of Salesforce, any insurer should hire a trusted Salesforce implementation company. With the right experts, it could be a piece of cake to implement a customized solution and use it efficiently to transform operations while reaching buyer satisfaction.
