The Salesforce acquisition of Vlocity will drive tremendous value for our clients and ultimately speed the pace of innovation for specific industries. Since the launch of Financial Services Cloud (FSC) and Health Cloud in 2015, Salesforce has demonstrated a commitment to driving innovation at the industry level, and this acquisition doubles down on that strategy.
At Silverline, we are excited about the opportunity this gives for clients in the Property & Casualty, Health, and Life & Annuity Insurance industries to drive additional innovation with the Salesforce platform. As one of Vlocity’s strongest partners in Property & Casualty, Health, and Life & Annuity Insurance for the last two years, we look forward to the additional opportunities to partner with Vlocity and Salesforce for our client success.
Vlocity tools on the Salesforce platform
The announcement of the acquisition is only two days old, and it will likely be months before we understand how Salesforce intends to integrate the tools Vlocity has developed more broadly in their core and industry-specific clouds.
Salesforce has been making a greater case for its value beyond the front-office. Salesforce Flow brought a level of sophistication to complex business processes in Salesforce. As it seeks to get a greater slice of the middle and back-office market, Salesforce can extend the functionality they introduced with flow by integrating Vlocity Omniscript’s capabilities to create complex guided sales and service processes with clicks-not-code.
We are also eager to see how the industry-specific solutions Vlocity has developed will be more tightly integrated with Salesforce’s industry clouds. Last year, Salesforce rolled-out Insurance-specific functionality to FSC. Vlocity extends those capabilities with a fully configurable quote-to-bind process, complete policy administration system, and claims management. Integrating those capabilities more tightly on the Salesforce platform through FSC provides a solid end-to-end platform solution for carriers, managing general underwriters and managing general agents.
What this means for our clients today
This acquisition will increase client value by combining Salesforce’s best-in-class engagement layer technologies with best-in-class industry vertical solutions provided by Vlocity. We believe Vlocity’s solutions are positioned to be the system of transaction and system of record for a variety of business core capabilities, such as: Health Insurance Marketplace, Quoting, Underwriting, Policy Administration, Billing, and Claims. The acquisition will allow a more seamless buying experience for our clients.
The insurance industry is entering a major innovation wave, with approximately half of insurers having started or completed a technology modernization initiative. That coupled with new technologies and rising consumerism like IoT and Direct To Consumer distribution models are resulting in business model innovation. The combined product mix provided by Salesforce and Vlocity provide the optimal toolset to fuel this digital transformation wave.
Silverline’s defined sub-industry focus, coupled with proven success with both Salesforce and Vlocity, uniquely positions us to drive additional value with our current and future Property & Casualty, Health, and Life & Annuity Insurance industry clients.
For more information about product mix, available business core capabilities, and best practices across the two product sets, reach out.