Enhancing Customer Experience With Salesforce Financial Services Cloud For Insurance

In this world of digitization, companies across multiple industries are looking for solutions to digitize their daily operations and systematically maintain all their customer information. Salesforce today is a widely accepted CRM solution. With the Salesforce Financial Services Cloud, insurance companies are rethinking and reinventing their interactions with customers at every touchpoint to improve their first-rate customer experiences.

Existing Business challenges in the FSI Sector

The volume of the data is ever-increasing with the increase in customer base. New Fintech companies and different payment methods are being introduced to address the various challenges and lure customers. This is inducing newer risk elements that cut through traditional fraud management. The lack of an internal customer 360 view has also increased dependency on expensive external data sources like LexisNexis, Experian, and more. The rising competition also leads to workforce pressure, and to win this rat race, customers are being reached multiple times for redundant data, thus hampering the customer experience! An alarming area is the mandatory KYC process, where more than 50% of the KYC refresh process is still manual.

Salesforce can help, and the insurance industry is one of the many industries it serves!

Salesforce describes the key benefits the insurance sector has realized as a result of using it in the following ways:

  • It helps to “make customers the focus of the insurance experience.”
  • It helps insurance companies “manage networks and producers with better access to data.”
  • Salesforce “connects the front, middle, and back office to provide exceptional customer service while staying up to date with compliance regulations.”
  • Salesforce helps the insurance sector digitize their services, update policies, manage claims, create group insurance offers, enable self-service for customers, manage benefit portals, put customers first, provide “next-generation” insurance, easily quote, rate, and apply insurance plans, and more.

Why Jade?

We at Jade understand the industry's challenges well and propose an approach with a focus on the following:

  • Go digital through API integration and Workflow-Integration that binds IT and operations
  • Build solid customer 360 view by harnessing Bigdata
  • Leverage AI/ML and Robotic Process Automation for efficiency and accuracy
  • Program Visibility – Transparency enabled by Live Dashboard

Our Technical solutions and services

  1. CRM / Onboarding application integrations: Our knowledge and experience is crucial CRM tools like Salesforce helps to build an API integration with KYC Workflow applications
  2. Customer 360 (C360) using Bigdata: We offer data integrations with various applications (SOR) and COTS products to the central BigData repository. Thus, enabling a single view or 360-degree view of a customer.
  3. External data integration: To verify the internal data or customer-provided data with external data sources from LexisNexis, Experian, etc., is critical. We offer API-level integration with these data sources to verify data by record or batch.
  4. Overall workflow integration: We offer custom-built workflow solutions based on ServiceNow, Pega, or Dell Boomi to manage KYC refresh. It also integrates Tableau, MS-PowerBI, and Kibana dashboards to monitor operations for real-time dashboards and KPIs.
  5. Customer outreach: We build customer portals and even provide intelligent chatbots for active customer engagement.
  6. System of Records (SOR) update: After a successful KYC refresh, the feeding SOR needs to be updated for accuracy and to avoid older data again flowing into the system. We offer JSON-based data exports to be ingested in batch or real-time.
  7. Advisory: We also offer professional advisory and consulting services for building and managing the KYC refresh program end-to-end.

Jade Advantages:

  • Jade is a premier Salesforce Implementation and Consulting Partner, with more than 250+ global CRM consultants and 600+ certifications
  • The team includes Salesforce experts, architects, developers, data analysts, and process integration specialists.
  • Proven track record in complex CRM implementation, advisory, integration, and optimization services across the Salesforce CRM, Sales Cloud, Service Cloud , Experience Cloud, Revenue Cloud, Marketing Cloud, Field Service Lightning Cloud, Mulesoft, and AppExchange solutions.
  • Dedicated customer success management and program management team for every engagement, resulting in 4.9+ CSAT rating out of 5.
  • Additional partnerships with Oracle, Microsoft, Copado, Tableau, Mulesoft, and Boomi give us rich integration capabilities with leading ERP, HCM, Integration, Dev Ops, and Analytics solutions
  • More than 20+ Industry and Technical Accelerators for faster solution implementations
  • Industry-leading Revenue Cloud capabilities, including Approved Billing Cloud implementation partner.

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About the Author

Ankur Birla

Ankur Birla

Senior Business Analyst Enterprise Cloud Apps - Salesforce

Ankur has 5+ years of experience in Salesforce and Client Engagement. He is proficient in Salesforce CRM and Client Advisory and has Strong capabilities in managing client expectations, issues and risks.

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