The insurance industry was well represented at Dreamforce 2019, where it was clear that Salesforce is investing significant resources in the vertical—as well as expanding the capabilities of Financial Services Cloud (FSC) to better meet the needs of the industry. These investments represent the company’s efforts to address the three biggest trends they see in the insurance sector:
- Disruptive competition
- Evolving customer behaviors
- Complex regulation
To meet these challenges, Salesforce is delivering the following enhancements to FSC for Insurance:
- Integration capabilities via the Mulesoft AnyPoint platform
- Community Cloud for FSC
- Einstein Analytics for FSC
Mulesoft integration capabilities
From customer-facing agencies to insurance marketing organizations (IMOs) to carriers, integration is critical in the insurance industry. Virtually every company in the sector is burdened with dozens of disparate systems of records that don’t necessarily work well together.
For this reason, the Salesforce acquisition of Mulesoft, while strategic for many industries, was particularly crucial to the insurance vertical. Salesforce FSC for Insurance brings together information from siloed systems to create a complete, 360-degree view encompassing all relevant information about a policyholder. And utilizing the Mulesoft AnyPoint Platform, all of an insurance company’s systems can be connected to Salesforce to successfully enable a single source of truth.
It was clear from Marc Benioff’s keynote address that Salesforce is committed to helping companies fast track their digital transformations using Mulesoft, ultimately giving them a competitive edge and enabling them to be the disruptor in their industries—not the disrupted.
Multiple Dreamforce keynote addresses highlighted State Farm’s digital transformation, which makes use of Mulesoft. Numerous other insurance carriers, marketers and agencies also held sessions demonstrating how they’re using FSC as the centerpiece of their digital transformations, along with Mulesoft AnyPoint to integrate disparate systems and create a single, panoramic pane of glass through which to view their policyholders.
Community Cloud for FSC
In today’s connected world, it’s more crucial than ever to meet customers on the channel of their choice. Several Dreamforce sessions mentioned policyholder portals built on Salesforce Community Cloud for FSC as an excellent tool for keeping up with evolving customer behaviors. Communities can help you connect and collaborate with everyone in your company’s ecosystem, from customers to partners and beyond, to offer next-level experiences and engagement.
An Insurance Agent Portal Community template is currently available within FSC. In addition, the Communities platform is flexible enough to allow other companies to display relevant data specifically suited their customers, whether they be IMOs, agencies, agents, policyholders or others. By taking advantage of built-in FSC profiles and permission sets to expose appropriate FSC content within partner and customer communities, it’s easy to set up users with the correct permissions.
Einstein Analytics for FSC
One way companies can help ensure compliance with complex regulations is through meaningful, insightful analytics that provide transparency into the company’s data. With Einstein Analytics for FSC, insurance agents, bankers and advisors can access the powerful business insights previously available only to analysts. Einstein Analytics makes it easy to gain meaning from your data—and use it to deepen policyholder relationships, grow competitive advantage and comply with increasingly stringent regulatory mandates.
To get started with Einstein, insurers simply answer a series of questions about their data, and the tool then populates pre-configured dashboard templates with relevant information, allowing users to access summary level data and also drill down into specifics to help resolve a myriad of business issues.
One of the most significant benefits of utilizing Einstein Analytics is that it allows you to embed dashboards directly into your Salesforce home pages, record pages and more, doing away with the need to swivel to a separate business intelligence platform. Even dashboards containing data from external sources can be embedded directly into the Salesforce user interface—so insights are available right where they’re needed most.
Salesforce offers several industry-specific FSC Einstein Analytics Solutions, including:
- Wealth Management
- Retail Banking
- Consumer Banking Starter Analytics
- Client Segmentation App