The insurance sector holds a more substantial global market among the complex and high-value industries than many countries' GDP. In response to the uncertainties, the insurance industries have significantly shifted towards digitization and personalization to meet ever-changing customer expectations and business needs. However, adaptation to technological advancements, besides understanding customer demands, business requirements, and emerging security risks, was challenging for insurance companies. To overcome these challenges, the leading insurance companies use AI-powered Customer Relationship Platforms (CRM) like Salesforce to automate the underwriting, claim management, customer service, and other critical processes to stay agile, and efficient in this highly competitive market. This blog will discuss the top insurance industry trends and how the Salesforce platform can empower insurers to navigate these trends.
Digital Transformation in Insurance
Insurers will continue to embrace digital transformation and automation by investing in advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) to streamline operations while improving Customer Xperiences (CX) and process efficiency. On the other side, the customers' expectations for seamless interactions, less wait time for claim processing, personalized recommendations, and easy access to insurance services across multiple channels led to an increased leveraging of CRM for insurance. As per estimates, digitization and automation in insurance industry reduced underwriting and claim processing time. Thus, resulting in ½ of the claim activity replacement by automation.
How can Salesforce benefit insurers?
Salesforce's CRM functionalities empower insurance companies to manage customer relationships effectively. The Salesforce CRM lets insurers gather and analyze customer data, understand customer preferences, anticipate needs, and tailor products and services accordingly. Salesforce's omnichannel capabilities enable insurers to deliver consistent customer experiences across various touchpoints, ensuring customer satisfaction and loyalty. Furthermore, on using Salesforce AI-powered tools, the insurer can do data analysis, customer behavior predictions, and personalize customer interactions. Further, the Salesforce platform's workflow automation, system integration, and added AI and ML capabilities can reduce manual errors and improve operational efficiency via digital transformation.
Usage-based insurance (UBI)
Among the top insurance technology trends, usage-based insurance or telematics insurance is gaining traction. The UBI market is estimated to reach $190 billion by 2026. Using telematics or UBI; the insurers can gather the patterns and behaviors related to the policyholders' and leads' health, driving, and lifestyle and offer them hyper-personalized services, products, offers, and policies. On top of that, using this info, insurance industries can easily identify fraudulent and inaccurate claims by their customers.
How can Salesforce benefit insurers?
By integrating the telematics data with the Salesforce platform, insurers can manage data better and gather insights on using customer data effectively. It becomes easier for insurance companies to personalize pricing and offer usage-based products besides incentivizing safer driving habits, better healthcare, and good lifestyle patterns. Additionally, insurance companies can use Salesforce predictions and trends to facilitate more efficient policy administration and claim processing via Usage-based Insurance offerings.
With the increasing cyber threats and security risks for businesses and individuals, new cyber insurance trends are evolving over and over. The Cyber Insurance market is estimated to hit USD 91.22 billion by 2031 as many individuals and businesses seek coverage for cyber-related security breaches to mitigate the costs of recovering from cyber liability litigations and costs under the Cyber insurance policy.
How can Salesforce benefit insurers?
The highly secure Salesforce data security features and compliance functions aid insurance companies in handling sensitive customer info carefully. Leveraging the custom Salesforce CPQ or advanced Salesforce native CPQ solutions like Dextara CPQ can enable insurance companies to develop and personalize a comprehensive set of cyber insurance products and policies, also plan premium pricing with automated renewals, and offer cyber insurance services accordingly. In addition to CPQ implementation, the insurers can integrate the Sales Cloud and Marketing Cloud to automate the policy underwriting processes, proactively engage the policyholders, and educate them on cyber risks across all the touchpoints besides offering risk mitigation strategies.
Other Salesforce industry solutions and products for Insurance companies:
Salesforce Sales Cloud for Insurance: With AI automation capabilities, the Sales Cloud can equip insurers to automate administrative tasks, send personalized notifications to customers on insurance renewals, forecast sales, and create sales reports instantly, besides enabling the sales reps to become more productive with more selling time.
Salesforce Financial Services Cloud for Insurance: From data agility across various systems to a full view of customer profiles for better claim management, referral processing, and underwriting; Insurers can do it all and beyond on a single dashboard of Finance Services Cloud.
Salesforce Marketing Cloud for insurance: It enables insurers to streamline the policyholder's journey, unify promotional activities, gather insights to personalize the interactions, and assist them with suitable service offerings at the right time.
Salesforce CRM for Insurance: Better data management with a 360-degree view of all the customer profiles enables insurers to do account-based marketing, maintain personalized communication, and get data-driven insights for better decision-making; all this becomes possible with Salesforce CRM.
Dextara CPQ or Salesforce CPQ for insurance: On implementing Salesforce CPQ, you can bundle the right plan options for the policyholders, simplify the pricing process, automate contracting using quotes, and execute the auto-renewal process for policies. If you want a more advanced CPQ solution, choose the user-friendly Dextara CPQ to do this all with added personalization capabilities, including policy recommendations, quote generation, multi-currency pricing, and other advanced features to take the customer experience to the next level and accelerate sales.
To retain policyholders and future-proof businesses in the rapidly evolving insurance landscape, insurance companies must adapt to top insurance trends and follow the best insurance technology trends to deliver exceptional customer experiences. Salesforce's digital transformation capabilities, customer-centric tools, data analytics, automation features, usage-based insurance, and other AI-powered Salesforce tools and services can enable insurers to position themselves as a leader in the insurance industry.
As a Salesforce Gold Consulting Partner, Dextara understands the unique needs of diversified industries. We can help you customize Salesforce implementation and choose the best Salesforce low-code tools to fill your business needs. Connect with our Salesforce consultants at firstname.lastname@example.org