Salesforce Introduces Financial Services Cloud (FSC) for Insurance Brokerages

Salesforce today launched Financial Services Cloud (FSC) for Insurance Brokerages, an artificial intelligence-powered solution to help insurance brokerages automate and streamline processes like policy servicing.

Built on the Salesforce Platform, this new offering will help producers and account managers at insurance brokerages deepen their client relationships by expediting and improving processes like plan year renewals while identifying potential retention risks and coverage gaps.

Capabilities available in Financial Services Cloud for Insurance Brokerages include the following:

• AI-Powered Client Engagement, which uses Data Cloud to create a complete client profile that unifies all relevant structured and unstructured data, including policy details, claims history, and real-time client interactions, on one platform. With this unified client profile, producers and account managers can now use AI to help them identify patterns and critical trends, such as gaps in coverage or potential retention risks, or where to focus efforts.
• Employee Benefits Servicing, which helps account managers run the employee benefit's plan year renewal process by consolidating plan tracking information on a single platform. Now, account managers can manage their placement processes, track action plans, digitally coordinate between carriers and brokers, and reduce duplicative data entry. Account managers can also use real-time data and AI to recommend potential plan adjustments or additional coverage options when a client is exploring plan renewal options.
• Property and Casualty Industry Servicing, which provides brokers a consolidated view of client property details and policy information across different insurance carriers.

"Traditional insurance agency management systems are outdated and complicated, and employees are tired of switching between multiple platforms. Financial Services Cloud for Insurance Brokerages gives brokers, producers, and account managers the tools needed to enhance collaboration, automate previously labor-intensive tasks, and offers a holistic view of clients' journeys to ultimately help them build deeper and more meaningful client relationships," said Eran Agrios, senior vice president and general manager for Financial Services at Salesforce, in a statement.