Today’s revelation that Salesforce is integrating insurance into their Financial Services Cloud and Einstein Analytics for Financial Services products is certainly an exciting one.
First and foremost, Salesforce’s Financial Services Cloud offers the prospect of improved speed to value for insurance companies. It achieves this, in part, through an insurance-specific data model, pre-configured integration to common insurance solutions like Guidewire and Duck Creek, and features that are tailored to the needs of the insurance and financial services industry. On this last point, Salesforce is able to take advantage of features that it originally developed for the wealth management and retail banking industries – for example, householding, life events, and referrals – that would also be highly applicable to insurance. Over time, I would expect for Salesforce to continue to add more insurance-specific capabilities within Financial Services Cloud.
Second, Salesforce Financial Services Cloud provides a focal point for Salesforce to innovate together with the insurance industry. Over the last few years, Salesforce has built an impressive list of acquisitions that have helped to extend and enhance the power of its platform. There is significant opportunity to better apply those capabilities to the needs of the insurance industry, whether that be artificial intelligence, data integration, analytics, machine vision, or location services just to name a few. Add to those acquisitions Salesforce’s commitment to three releases of enhancements and new features per year, and Salesforce’s ability to bring innovation to the insurance industry is on strong footing.
Third is Salesforce’s close collaboration with key industry players. As evidence of this, on stage with them today at InsureTech Connect was State Farm (which you can see HERE). State Farm’s Rand Harbert described State Farm’s journey in positioning Salesforce as a system of engagement across its 19,000 agents, their team members, and State Farm associates for the benefit of its customers.
I would love to hear from you regarding your reaction to Salesforce’s announcement of bringing its Financial Services Cloud platform to the insurance industry. Stay tuned to this blog for more coverage of the Salesforce Financial Services Cloud in insurance.