Salesforce Underwriting Solutions
Enhance user experience and increase the speed of common transactions.
Insurance industry changes have resulted in underwriting updates to leverage new data points and pricing logic.
Combining engagement and transactional capabilities on one platform is crucial to reducing time to value, maintaining strategic agility, and improving outcomes.
There is no better platform than Salesforce to achieve these goals.
The insurance industry is in a major transformation stage with a number of key trends converging:
- Sales channel diversification has led to a growing share of direct to consumer relative to traditional commission based models.
- IoT provides information not previously available to provide insight into claims risk due to policyholder behavior.
- AI and automation provide the ability to decrease operating costs and provide better experiences due to shortened cycle times. Along with this is a move from paper to digital quoting and application processes.
With the addition of Salesforce Industries (formerly Vlocity), Salesforce improves its best-in-class engagement technologies with core underwriting capabilities, including: a rules engine based off of the insurance product catalog, the underwriter workbench tool, and guided process flows.
These configurable features enable end users to get the most value out of their solutions.
For insurers who have technology solutions that provide some, but not all, of the capabilities listed, the architecture can be modified to leverage your existing investments. The Salesforce Industries products make this easy, and often achievable via configuration.
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Product Catalog
Leverage the product catalog and guided process flow in quote and application capture to drastically reduce Not in Good Order (NIGO) quotes or applications by ensuring all required data and associated forms are captured prior to underwriting.
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Automated Underwriting
Introduce automated underwriting for the most manual underwriting requirements and prioritize the highest value rules. Automation rules should be curated and extended past the initial implementation. Consider product segmentation and leveraging “shelf-rated” product pricing based on risk.
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Underwriting Follow-up
Automatically trigger proactive followup notifications tied to product rules and make use of the contact’s engagement preferences to communicate through the channel of their choosing. This can be extended to more complex series of interactions usually associated with marketing campaigns like a welcome or renewal campaign.
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Group Policy Features
Set up the group policies features seamlessly in the enrollment system. This provides a consistent look and feel to the brokers or individuals that are applying.
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Broker Portal
Aggregate underwriting notifications and updates along with other broker functions, like book of business and licensing and appointment functions, in a consolidated broker portal.
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Pricing and Risk Visibility
For renewals, use current policy cost in next term’s pricing and adjust product cross and upsell recommendations. This can be automated during the quoting process and refined during underwriting. Leverage captured data, including those from IoT or other third-party sources, to decrease cohort size to more precisely align risk and price.
Benefits of a Salesforce Underwriting Solution
Insurers who embrace these tactics in providing tools for their underwriting teams will realize:
Lower operational costs and better applicant/broker experiences resulting in increased market share
Shorter duration from quote to policy due to removal of paper and automation
Decreased operational cost due to digitization and automation
Reduced business risk from resource scarcity
Calculate a Quick Quote
You can get a quick quote in a snap using the out-of-the-box functionality within OmniStudio and Salesforce for Insurance. See it in action!
Why choose Mphasis Silverline?
Mphasis Silverline is a top Salesforce partner with over 15 years of experience serving insurers. Our consultants specialize in financial services technology, and many come with first-hand experience working at insurance organizations.
In addition to our industry expertise, we also bring our technological expertise from over a thousand implementations on the Salesforce platform. With our cross-cloud expertise, as well as our knowledge regarding the broader insurance technology landscape, we’ll help recommend and design underwriting solutions that best fit your needs.
