Transforming Client’s Financial Insights into Insurance Deals with Salesforce FSC

Problem Statement

ABC Insurance Co. faces significant challenges in delivering personalized insurance solutions despite having a large and growing client base. Advisors lack a unified 360-degree view of client financials, making it difficult to understand their needs and offer relevant solutions. Critical opportunities are missed because these events are not linked to insurance offerings. Additionally, there is no mechanism to connect client assets and plans to tailored insurance recommendations, leaving significant revenue potential untapped. Even when opportunities are identified, the company struggles to convert them into closed insurance deals due to slow, manual processes and inefficiencies. As a result, ABC Insurance Co. cannot capitalize on its large client base, and conversion rates for insurance deals remain alarmingly low.

Proposed Solution

To address these challenges, ABC Lending Co. should implement a solution leveraging Salesforce Financial Services Cloud (FSC) to track financial data, identify opportunities, and close insurance deals efficiently.

1. Centralized Client Financial Data

Salesforce FSC Household Data Model: Implement a unified household data model to map family relationships, shared financial accounts, and goals. This will provide advisors with a comprehensive view of the household’s financial situation, enabling more personalized advice and streamlined decision-making.

Unified Financial Profile: Use Salesforce FSC to consolidate financial data, life events, assets, and goals into a single dashboard.

ARC Relationship Graph: Map relationships between clients, their families, and connected insured objects like cars, homes, or businesses.

2. Turning Life Events into Insurance Deals

Life Event Tracking:

Record life events such as purchasing a car, a health diagnosis, or having a child using Salesforce’s Life Event object.

Trigger insurance opportunities based on these events.

1. Example: Car purchase (Auto insurance Opportunity).
2. Example: Health diagnosis (Health insurance Opportunity).
3. Example: Birth of a child triggers (Life insurance Opportunity).

Guided Insurance Workflow: Use OmniStudio to design workflows that guide advisors through identifying the opportunity, recommending the policy, and formalizing the insured object

3. Interaction Summary for Consistent Client Engagement

Salesforce FSC will capture all client interactions in the Interaction Summary. These summaries will store key details of past conversations, actions taken, and next steps for each client. This ensures that all representatives, regardless of when or where the interaction occurred, have access to the complete client history. By having a clear, structured view of client interactions, representatives can deliver more informed and personalized services in future meetings. This improves client satisfaction and strengthens relationships by ensuring continuity in communication.

4. Formalizing Insurance Objects

Insured Object Tracking:

Use the Insurance Object to record assets, individuals, or businesses covered by insurance.

Examples of insured objects include:

1. A newly purchased car under an auto policy.
2. A client’s spouse under a health policy.
3. A home under a homeowners insurance policy.

Ensure insured objects are connected to their corresponding policies.

5. Helping Clients Achieve Goals with Insurance Deals

Future Goal Tracking:

Record goals such as purchasing a home, saving for education, or retiring comfortably using the Financial Goals object.

Example Opportunities:

1. Home purchase → Recommend homeowners or mortgage protection insurance.
2. Education savings → Suggest education insurance policies.

Goal-Driven Insurance Deals:

• Link client goals to policy recommendations.
• Create insurance deals tailored to their goals, ensuring financial security while achieving objectives.

6. Automated, Guided Insurance Deal Closure

Utilizing OmniStudio, the process of finalizing insurance policies will be guided, ensuring that all necessary client information is collected and validated. Insurance eligibility, terms, and premium amounts will be automatically calculated using the Business Rule Engine (BRE), providing consistent, accurate recommendations for coverage and policy terms. This automation will significantly speed up the process of closing deals, reducing the time from opportunity identification to policy issuance.

Conclusion

By utilizing a comprehensive, data-driven approach, ABC Insurance Co. can maximize opportunities for cross-selling and up-selling, ensuring both customer satisfaction and increased revenue. Additionally, the integration of life events, such as purchasing a car or planning for future goals, into the insurance workflow enhances the ability to deliver value-added services, such as car insurance, and facilitates a smooth sales process from opportunity identification to policy closure.

With this method, ABC Insurance Co. can convert a large client base into long-term, satisfied customers, driving improved conversion rates and business growth in a competitive market.