Streamlining Client Onboarding with Salesforce in Insurance Broking
You would agree that the insurance industry deals with complicated processes. It faces the most cumbersome paperwork, tedious processes, and complicated rules & regulations. Client onboarding by insurance brokers is one such tedious task performed by insurers regularly. It is a perfect recipe to annoy your clients.
Being an insurer you need to complete the following tasks thoroughly to maintain an insurance policy:
- Gathering and verifying client information
- Completing paperwork, and
- Ensuring compliance
If you perform these tasks using traditional methods, the effort needed can go up to unimaginable levels. However, using technology, you can ensure a smoother client onboarding. Salesforce CRM is a software that provides solutions to automate the client onboarding process. This AI-integrated software saves your time and effort while maintaining 100% accuracy.
In this blog, we discuss the challenges of traditional methods of client onboarding. We also discuss the need for Salesforce for insurance to overcome these challenges.
Challenges of Traditional Client Onboarding by Insurance Broker
If you continue using traditional methods for client onboarding by insurance brokers, you will face several challenges causing delays and prolonged processes. Here are the challenges of traditional onboarding methods:
Manual Data Entry
As an insurer, you need to record the following information about a client:
- Personal Information of the clients
- Their Financial details
- Verification documents
If you use manual data entry, you have to create several records, registers, and files. It consumes a lot of time, effort, resources, and infrastructure costs. On top of that, it can lead to many errors.
Paperwork Overload
For onboarding a client, you have to maintain extensive documentation including forms, contracts, Stamps, KYC, and other compliance documents. Managing these documents physically requires a lot of infrastructure costs while causing environmental damage. The sheer amount of paperwork leads to inefficiency and misplaced documents.
Communication Gaps
Have you played Chinese Whispers? If yes, then you know the importance of clear communication in insurance broker onboarding. Unlike automated processes where information is used as it is, traditional methods like phone calls and emails rely heavily on the ability and coordination of the employees.
Compliance and Regulations
You have to follow many regulations for running an insurance business. Due to the high risk involved in insurance, regulations are important to safeguard the interests of all the parties. Using manual methods is not feasible to keep compliance documents for client onboarding in place and up-to-date.
Client Experience
The traditional client onboarding methods are complicated and cause delays. This can frustrate your clients and leave a poor first impression or lead to loss of business.
What is Salesforce Client Portal Insurance?
The Salesforce insurance client portal is a specialized feature within the Salesforce CRM tailor-made for the insurance industry. This portal acts as a dedicated online platform for insurance broker onboarding. It allows you to interact seamlessly with your clients making the process much smoother.
Key Features of Salesforce for Insurance
Here are some key features of Salesforce for insurance that can help in efficient client onboarding:
Client Portal
The Salesforce insurance client portal allows clients to fill out forms, upload the required documents, and track their onboarding process online in real time.
Integration with Other Systems
If you use other software solutions like CRM or other financial softwares, Salesforce can integrate with them ensuring a seamless flow of information.
Customized Workflows
You can customize the insurance broker onboarding workflow to meet your specific needs.
Analytics and Reporting
Salesforce analytics tools allow you to access up-to-date reports for tracking the progress of onboarding. You can identify bottlenecks and tweak the workflow to solve this problem.
Secured Data Storage
Salesforce for insurance provides safe storage for client data that complies with all regulations and is safe from the risk of being misplaced or stolen. You can retrieve this data as and when required.
How Salesforce Automated Insurance Client Onboarding Works?
Here’s how Salesforce for Insurance offers a comprehensive solution to the challenges of traditional onboarding methods.
Reduces Risk of Errors
You can ask your clients to access the Salesforce client portal for insurance and input their information directly into the system. By doing so, the need for your manual intervention is reduced making the process less error prone.
Increased Efficiency
With Salesforce, all documents can be stored digitally. You can easily store the documents and retrieve them in one click without losing any data. This increases the efficiency of the entire process.
Saves Time
Salesforce for insurance facilitates real-time communication between brokers and clients. Clients get updates through automated notifications reducing the communication time and overall onboarding experience.
Improved Compliance
Salesforce allows automated collection and verification of necessary documents. This reduces your burden by ensuring that all regulatory requirements are met automatically.
Enhanced Client Satisfaction
Unlike traditional methods, an automated insurance client onboarding process leads to a better client experience. Clients get more convenient and faster service with Salesforce.
Steps to Implement Salesforce for Insurance Client Onboarding
Salesforce is a boon for the insurance industry making it more efficient, quick, accurate, and compliant. Implementing Salesforce can help you to streamline the workflow and grow your insurance business. To set up Salesforce client onboarding, follow these steps:
Step 1: Assess Your Needs
Determine the needs of your brokerage and identify areas where automation can provide the maximum benefits.
Step 2: Choose the Right Salesforce Solution
While Salesforce provides several solutions tailored for the insurance industry, you can choose the best ones that suit your business.
Step 3: Customize the Platform
With the help of a Salesforce expert, customize the platform to meet your specific insurance broker onboarding requirements.
Step 4: Train Your Team
Make sure to train all your team members to use Salesforce effectively. This will help you transition smoothly and maximize your benefits.
Step 5: Monitor and Improve
Review the onboarding process regularly and make the necessary improvements. You can use the Salesforce analytics tools to identify the areas that need improvement.
It can be a challenge for you to overhaul your business model and processes all of a sudden. Hence, it is advisable to get help from experts. Manras is a certified Salesforce consulting partner. They can help you to integrate Salesforce for insurance seamlessly helping you at all stages. Click here to automate your insurance business!
To Sum it Up
Salesforce for insurance can transform the process of customer onboarding reducing the friction in the process and enhancing the client’s experience. The automated solution can not only reduce the costs of your insurance business but also allow you to retain and add more clients. Try the Salesforce with Manras automated insurance client onboarding now!
