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New Features of Salesforce Financial Services Cloud – Empowering Insurance Firms to Serve Better

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Phani Madhav Chegu,

November 24, 2023


New Features of Salesforce Financial Services Cloud – Empowering Insurance Firms to Serve Better

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The insurance sector is undergoing a sea change – companies in this critical industry are under immense pressure to achieve high levels of affordable growth, deliver hyper-personalized customer experiences at scale, maximize agent productivity and come up with new, innovative models for their businesses. While leaders of insurance firms across the world are pushing for wholesome transformation to succeed on a volatile, fast-changing business landscape, many of these organizations are still facing serious problems posed by outdated processes and legacy systems; the problems are exacerbated by the absence of comprehensive, well-defined digital strategy and the lack of skilled personnel to implement them.

The inability of insurance organizations to revamp their core activities is having a profound impact on their productivity (and revenues). Many insurers find themselves unable to implement a robust ‘digital first’ business model and enhance collaboration between siloed business units, leading to loss of customers to new-age, more agile competitors such as fintech firms.

Against this backdrop, how can insurance companies ensure their clients stay with them? What does it take to deliver excellent customer service and win the trust of policyholders? Insurers must utilize cutting-edge technologies with high efficacy to create enhanced value for their clientele and offer solutions fully-tailored to the specific requirements of each customer.

One of the most widely used technological solutions in the insurance world is Salesforce Financial Services Cloud (Salesforce FSC). This powerful, user-friendly solution has recently acquired new capabilities that will enable insurers to provide better services to their customers and boost their revenues. Let’s dive into these novel additions to Salesforce FSC and understand how they facilitate the success of your insurance business.

New Features of Salesforce FSC that Enable Insurers to Deliver Better Services to Customers

The Agent and Customer Service Rep Console

This useful capability helps you get the big picture of data pertaining to performance metrics and obtain the right, timely insights about customers allowing you to take appropriate action to strengthen relationships with the latter. You can have a 360-degree view of all developments that can impact a customer’s relationship with your firm such as changes in household relationships, purchase of new policies, claims made, coverage provided, key life events, major business achievements and so on. The console empowers your reps and agents to access all this data anytime, anywhere, on any connected device, enabling them to provide first-rate services to your clients and deliver perfectly-customized solutions to meet the needs of each customer very effectively.

Lightning Flows

Lightning Flows enables hassle-free, step-by-step guidance for various client service requests through multiple channels and applications. The feature allows your people to utilize pre-built templates to perform various tasks such as receive First Notice of Loss (FNOL) and effect changes to beneficiaries of a policy. Lightning Flows facilitate smooth integration with well-known technology platforms to implement business rules with high efficacy and enhance efficiency in a big way. For instance, a rep can gather all required data about a policyholder to process an FNOL easily, without juggling from one system to another.

Life Events

Your people can use this novel feature for capturing and visualizing key events that could alter the coverage requirements of a customer such as buying a new home, graduating from university or switching jobs. For instance, you can help a client expand his life coverage on getting married.

Einstein Analytics for Financial Services

This innovative, AI-driven ability enables your agents and their managers with the insights needed to maximize revenues. For instance, built-in analytics capabilities can assist agents in performing client-tenure and churn-risk analyses to identify the steps to be taken to retain customers. Likewise, distribution teams can measure penetration of various products and perform thorough white space analyses for driving growth.

Community Cloud for Financial Services

You can use the enhanced features of Community Cloud for Financial Services to leverage pre-developed templates to provide highly-engaging experiences to agents, brokers and other members of your distributor network. The features also enable you to share data with your business partners in real time, while ensuring complete security to the data.

As you can see, the new features of Salesforce FSC enable insurers to deliver better services to their clientele and enhance their revenues. At Solunus, we help you unleash the immense power of Salesforce FSC to delight your customers and skyrocket your growth. Our team of veteran Salesforce professionals has worked with insurance providers of all sizes; this rich experience coupled with our strong emphasis on understanding your unique business needs allows us to deliver the perfect solution to the needs.

Hope you liked this post. How do you use Salesforce FSC to provide top-notch services to your customers? We’d love to know.

About Solunus

Solunus is a leading Salesforce consulting company, based in Dallas, TX, USA. Our proven ‘needs-first’ approach coupled with our unrivaled expertise of the Salesforce platform enables us to provide the perfect solution to help you deliver delightful services to customers and achieve rapid growth.