Salesforce Financial Services Cloud Implementation for an insurance Company
About The Company:
The client is a leading property and casualty insurance company in the United States. Small businesses, churches, and farms are their top targeted clients. They also offer home insurance. With an "A" (Excellent) accredited rating, the client is known for its consistency, growth, trust, and long-term financial strength.
Customer Challenges:
Agents and agencies were the backbone of the client's business success. However, with expansion, they started facing significant hurdles in tracking and monitoring the progress of their agents and agencies. This lack of oversight led to operational chaos. Agents needed a user-friendly system to capture customer visit details and track claims processing progress effectively. The client also required a single, accurate view of metrics related to agent-driven operations, including customer mapping, policy sales, and direct written premiums.
Some specific Issues were:
- Difficulty in tracking operations of agents and agencies.
- Absence of a comprehensive view of agents and their customers.
- The inability of agents to track progress and process customer visits.
- Lack of information on agency-wise business implications.
Solutions:
We collaborated with the client to implement a customized Salesforce Financial Services Cloud instance for them.
Implementation steps:
- Installation of Financial Services Cloud and Vlocity Insurance
We ensure Salesforce org meets the technical requirements for the Vlocity Insurance managed package and Financial Services Cloud.
- Configure User Permissions
After configuring profiles and permissions and granting proper access based on roles, we established sharing rules to determine how records and data will be shared among users and teams.
- Templates and Prebuilt Cards Installation in the Financial Cloud
We access the Vlocity OmniScript Designer or a similar tool to manage card and template installations. We review available options, considering business needs and user requirements, and proceed with the installation, adapting the process based on whether we use CPQ or another configuration.
- Create and Send Quotes
We initiate quote creation using the appropriate tools within Vlocity Insurance, gather and input accurate client information, calculate premiums and benefits with the Vlocity rating engine, and send the generated quotes to clients for review and approval.
Key Features:
- Weekly customer visit reports enabled agencies to monitor overall agent activities.
- Agents could track claims progress and manage visit notes.
- Agencies across the eight states could send custom reports in image format using AWS S3 storage service, aiding compliance tracking.
Results:
We offered a flexible, robust, and resilient 24/7 tailor-made Salesforce managed service solution, which resulted in drastic results for clients.
- Streamlined agent operations reduced the time to process claims requests and responses by 25%.
- Agent productivity improved by 50%, as weekly reports helped them track visits and schedule future visits more efficiently.
- The platform enabled agents and agencies to track contacts, claims, and respective ownerships, enhancing accountability and resource allocation.
- The client's IT team experienced increased productivity with enhanced support from our flexible and responsive managed service solution.
- Improved ROI from Salesforce investments due to better user adoption and overall system performance.
Technology and Tools Used:
Salesforce Finance Cloud, Managed Package, AWS S3 storage
Final Words
Implementing Salesforce Financial Services Cloud transformed the client's operational capabilities. The client significantly improved efficiency and productivity with streamlined processes, better tracking, and comprehensive reporting. According to the client, “ CloudCache Consulting’s support and expertise ensured a successful implementation, delivering a robust solution that met the client's complex needs.” This case study highlights the importance of leveraging Salesforce Professional Resources' library to drive business success in the insurance industry. You can read our clients' reviews on Fiverr as well.
