Jenna Trott  |  OCTOBER 28, 2023  |  5 Minute Read

Life is unpredictable and in times of turmoil – it helps to feel secure and cared for. Property and casualty insurance agencies play a vital and dynamic role in our interconnected world. Beyond being a simple safeguard against unforeseen events, P&C agencies act as a sturdy shield that helps individuals, families, and businesses weather the storms that life inevitably throws their way. P&C companies ensure that a small accident doesn’t turn into a financial catastrophe, that a natural disaster doesn’t spell doom for entire communities, and that businesses can stand tall after unexpected setbacks. However, in this era of shifting customer behavior, disruptive digital landscapes, regulatory complexities, and fierce competition, property and casualty insurers ultimately find themselves struggling to shoulder the weight of both providing exceptional customer experiences while navigating the persistent challenge of staying ahead of rapid technological advancements and striving to achieve profitable and sustainable growth.

McKinsey’s 2023 Global Insurance Report highlights key strategies for property and casualty insurance agencies including employing innovative approaches to address emerging risks and customer needs, leveraging technology and data analytics. Further, the P&C companies that leverage targeted distribution strategies will be the companies that succeed.

P&C insurers help provide peace of mind to those they serve and empower policyholders to face the future with confidence; thus these companies deserve the same assurance that they’re prepared to meet these new challenges and demands head-on – but how? In this blog, we’ll be discussing the benefits of leveraging Finserv DNA capabilities with Salesforce to remain competitive and resilient.

The Benefits of Salesforce for P&C

Salesforce consistently ranks as the leading choice for companies looking to accelerate their digital transformation efforts; but particularly so for small to mid-size P&C insurers. With Salesforce, these companies can easily track and manage customer interactions, identify sales opportunities, optimize the claims management process, and make better decisions – faster. Plus, with the ability to customize the platform to meet their unique needs, small to mid-size insurers can create a tailored solution that works for them. Other benefits of leveraging Salesforce include:

→ Gain deeper insights into customer preferences, behaviors, and needs, allowing companies to tailor their products and services accordingly.

→ Optimize sales and marketing efforts by automating repetitive tasks, improving lead conversion rates, and gaining a holistic view of their sales pipeline.

→ Intelligent automation capabilities improves the overall claims experience, reduces administrative burdens, and speeds up claims resolution, leading to higher customer satisfaction.

→ Robust reporting and analytics empowers insurers to optimize their operations, improve risk assessment, and uncover opportunities for growth.

→ Salesforce is built for scalability and can easily accommodate the growing needs of P&C insurance companies.

→ Enables enhanced regulation compliance for P&C insurers by providing a centralized platform for managing and monitoring compliance activities.

Benefits for your business

There are so many benefits to integrating Guidewire and Salesforce, especially for small to midsize P&C insurers! But for the sake of simplicity, what you need to know is that it boils down to four key advantages for your company:

Customer Centricity & Agility
In today’s insurance industry, multiple core systems and a CRM can create a fragmented experience for users, agents, and customer service representatives. This leads to inefficiencies and challenges in obtaining a holistic view of policyholders. Guidewire for Salesforce offers a seamless integration between Guidewire InsuranceSuite and Salesforce Financial Services Cloud, providing instant access to integrated data and enabling a comprehensive understanding of policyholders.

Data Integration
Unlock the power of seamless integration between Guidewire and Salesforce with bi-directional data transfer. Key header-level attributes of policy and claims data seamlessly flow into Salesforce Financial Services Cloud, enabling enhanced features and functionalities. Experience the benefits of global search, effortlessly identifying callers based on associated policies and claims. Enjoy an omnichannel customer experience as quotes and claims initiated in Guidewire appear in Salesforce in near real-time. Streamline workflows with synchronized activities and notes, gaining a single-pane view of cross-system processes across Salesforce and Guidewire.

On-Demand InsuranceSuite Views
Gain instant access to detailed information using native Salesforce Lightning Web Components, retrieving secure data from Guidewire PolicyCenter, ClaimCenter, and BillingCenter. Experience the power of native Salesforce UI components, viewing InsuranceSuite data directly within Salesforce, regardless of storage in Salesforce Financial Services Cloud. Enjoy configurable 360° visibility by combining UI and custom components for comprehensive views of policy transactions, billing summaries, and claims exposure.

Embedding Digital UI
Embedded digital flows enable users to initiate cross-system transactions directly within Salesforce, streamlining user processes. The embeddable digital UI provides real-time quoting and servicing capabilities integrated with InsuranceSuite, ensuring a seamless and efficient experience. With secured access to PolicyCenter, ClaimCenter, and BillingCenter transactions, digital security is applied at each entry point.

A Supercharged Customer Experience for Julie

Background
Meet Julie, a busy professional who recently made the decision to switch her insurance provider after a series of frustrating experiences with her previous insurer. Julie was enticed by the prospect of seamless digital transactions and personalized service that the insurance industry promised, but her actual encounters fell short of these expectations. The constant need to toggle between multiple screens, endure lengthy phone calls and processes, and the lack of system integration made managing her insurance policies an arduous and time-consuming task.

Challenge
Julie’s insurance journey was riddled with numerous pain points. What should have been a straightforward process of obtaining quotes, managing policies, and filing claims turned into a time-consuming ordeal. She constantly found herself navigating between various screens and platforms, adding unnecessary complexity to her experience. The glaring disparity between her expectations of a seamless digital encounter and the actual state of the insurance industry became a frustrating reality she had to contend with.

Solution
Ultimately, Julie switched insurance providers to a company utilizing Guidewire for Salesforce. This strategic move proved to be the missing link in addressing Julie’s pain points and delivering a truly customer-centric insurance experience. By seamlessly integrating Guidewire’s leading core processing platforms with Salesforce’s customer-focused capabilities, Julie finally found herself on a path to a streamlined and personalized insurance journey:

→ Julie no longer had to waste time toggling between multiple screens. The integration of Guidewire’s core processing platforms with Salesforce provided a unified interface, allowing Julie easy access to manage her policies, obtain quotes, and file claims seamlessly within a single platform.

→ The integration of Guidewire for Salesforce empowered Julie’s insurer with a holistic view of her policy history, preferences, and interactions. With this comprehensive understanding, the insurer could now provide Julie with personalized service that catered to her individual needs. From recommending tailored coverage options to promptly addressing her inquiries, Julie felt genuinely valued and understood as a customer. The power of this integration transformed her insurance experience, fostering a strong sense of trust and satisfaction with her insurer.

→ By harnessing the customer-centric capabilities of Salesforce, her insurer successfully delivered a seamless digital experience that rivaled the smoothness of transactions in other industries. The integration of efficient processes, personalized service, and a user-friendly interface had a profound impact on Julie’s perception of insurance, elevating her confidence in her new insurer and fostering a deeper sense of trust. Guidewire for Salesforce not only met Julie’s expectations but exceeded them, transforming her insurance journey into one marked by satisfaction and convenience.

Results
This compelling case study underscores the power of integrating top-tier core processing platforms with Salesforce, placing customers at the forefront and reshaping the digital landscape of the insurance industry. Through Guidewire for Salesforce, the industry can redefine what it means to deliver exceptional service and personalized solutions to customers like Julie.

Why AGG?

When it comes to finding the right partner for technology integration and digital transformation, it’s crucial to find a company with the right experience. Access Global Group offers a unique position thanks to our combination of global deployment expertise and the nimbleness of a boutique firm. With over 15 years of diverse industry experience and a Salesforce Platinum-level partner status, Access Global Group ensures that your agency’s needs and expectations are met throughout the integration process. Access Global Group’s expertise in integrating Salesforce and Guidewire with property and casualty companies is invaluable, as is our one-of-a-kind project methodology that places our clients at the forefront of every decision made. Our extensive experience working with Salesforce and the financial services industry further underscores our ability to provide the best possible solutions for your business. We eagerly invite you to share the challenges your company is currently encountering and how our highly curated solutions may help.