Digital Transformation

Digital Transformation in Insurance
Digital Transformation, Insurance

Digital Transformation in Insurance: Opportunities and Challenges

The insurance industry is crucial for an economy. The pandemic changed the way insurers operate, and several processes such as sales, service, claims, and others have been transferred to digital channels. 

A year has passed since these changes were implemented where employees and insured persons alike have got used to the new normal. 

That being said, there are tremendous opportunities in the digital sector that could benefit both parties at either end of the insurance spectrum if embraced. 

Here we discuss some of the challenges and opportunities and how they could be leveraged. 

 

Omnichannel Access to Services

People preferred buying policies and doing basic tasks such as paying insurance premiums by physically going to the office. The pandemic forced people to ride the digital horse and strengthened the online service ecosystem. Now that customers have made a move, such practices must be encouraged. 

This could be done by providing omnichannel services to the customers. An insurance company should provide multiple touchpoints to the customer, such as mobile apps, websites, and so on. 

Further, efficient measures to check customer credentials and health status be employed so that insurance fraud is decimated and no impediments come in the way of due diligence.

 

Utilizing Customer Data for Better Services

Data is the king in the present times. While getting data isn’t tough, presenting it in a meaningful way is. Salesforce could present the data to help the employees get proper insights and make efficient marketing decisions. 

Also, as per research, customers don’t mind sharing their data if better services could be provided. It becomes important to offer personalized services to the clients who aim at the pain points. 

This would increase the return on the investment done and lead to more satisfied customers and higher customer retention.

Read: 4 Effective Tips to Use Salesforce for Customer Retention

 

Keeping a Vigilant Eye on the Data Protection

The stringent laws about data privacy and data protection such as GDPR, the Personal data protection bill of India, and others belonging to different countries worldwide need to be strictly complied with. 

Treating data with high-handedness could invite high penalties and even a ban on the operation of the company. This has necessitated contacting attorneys specializing in data privacy laws to create a proper strategy and road map of data acquisition and protection. 

The world is wary of security breaches, cyber-attacks, and online fraud, and it becomes important for insurance companies to handle such threats efficiently. This would repose the trust of customers in the company’s operations.

Read:  How Salesforce Extends Beyond CRM for Banking and Insurance

 

Breaking Down Silos, Connected Digital Ecosystem

Just a few decades ago, almost every industry used to work in silos. This means there were straitjacket divisions between different departments of the same organizations. However, now there is a high need to connect the different departments so that synergy could be ensured in the whole company’s functioning.

Tools such as Salesforce allow the companies to integrate the data between different teams leading to better decision making, planning, and implementation.

Several strategies, such as account-based marketing, increasingly rely on sharing of data to combine sales and marketing departments’ efforts so that one doesn’t create bottlenecks in others’ work. 

 

Conclusion

The pandemic has pushed us years ahead when it comes to adopting a digital way of working and living. From the legal to even consulting industry, every industry has saved costs and benefitted tremendously from this digital move. It is high time that insurers adopt this new way of functioning and strengthen their operations, benefitting both the customers and the company. To know more, connect with us or request a consultation here.

Digital Transformation, Financial Industry, Salesforce Financial Cloud

Digital Transformation in the Financial Industry – Digitising the Sales Process & Transformation Frameworks

Before we know about Digital transformation in the Financial Industry first, we have to understand the definition of Digital transformation.

Digital transformation is the cultural, organizational, and operational change of an organization, industry, or ecosystem through the smart integration of digital technologies, processes, and competencies across all levels and functions in a staged and strategic way.

Digital transformation leverages technologies to create value and new services for various stakeholders. Customers in the possible broadcast sense rapidly innovate and get the capabilities to adapt to the changing circumstances.

Digital transformation is not just about the disruption of technology. It is about value, people, optimization, and the capability to rapidly adapt when needed through the intelligent use of technologies and information.

After getting a general idea about digital transformation now, let’s understand the financial industry’s digital transformation.

The finance organization has emerged as a driving force of this transformation. Chief Financial Officers are often leading digital transformation initiatives by serving as first movers of digital solutions and working with functional leads to quantify the benefits and show potential cost savings or efficiency gains.

ALSO READ: How financial service providers can scale up quickly with Salesforce Financial Cloud

Finance may also have the best understanding of what level of digitization will work best with the company’s current operating model, or it needs to be changed to optimize the technology use. The point is demonstrated via four finance-led case studies across a variety of industries.

Digital Finance Framework

The disruption period highlights and amplifies business vulnerabilities. Chief Finance Officers and finance leaders must safeguard the business while anticipating changing trends, addressing market volatility, and establishing long-term financial and operational resilience across the industry.

By embracing digital capabilities and upskilling, Chief Finance Officers can help insulate their business from disruption and allow the finance function to operate at a high level, even in a remote environment. The digital finance framework brings together operations, insights and analytics, systems and architecture, and the stakeholder experience.

RECOMMENDED: Digitizing the Financial Industry: A Requisite for a Customer-centric Approach

Technology Levers

Digital Operations

  • It works automatically without any supervision; it contains intelligent automation software. This is called Smart automation.
  • It provides automated solutions with creative designs, tailored to our customer’s specific needs. This type of automation is called Edge automation.
  • It integrates many processes to work in coordination with each other.

Insights and Analytics

  • The Insights are preventive
  • It contains graphical images or animations which are useful in communicating with each other.
  • It predicts a specific model, which makes our work more comfortable and smooth. 

Stakeholder Experience

  • It automatically processes the finance-related work in a minute and straightforward way.
  • It can be used and can be accessed anywhere, which makes our job very easy.
  • External Stakeholder Portals. It has portals in which external stakeholders can access it to increase the organization’s finance.

Digital Foundation

  • It consists of microservices and APIs, which can make our work easier. We can access data anywhere and any part of the world.
  • It uses Software as a Service as a financial platform.
  • It uses digitization processes like OCR and ICR.

Final Thoughts

Finally, we summarize that nowadays, it is a digital world, and everyone wants to get digital, so the ability to transform using digital solutions, particularly in finance, will help endure the crisis and provide long-term sustainable value. Chief Finance Officers and finance leaders can lead their finance organizations by rapidly embracing technology and adapting to disruption.

CEPTES is a Salesforce Silver consulting partner that can guide you as your strategic partner to speed up the business value of your Salesforce.com investment through consultation, digitization, and innovation. If you are thinking of growing your business using the Salesforce platform, we can help you to know more. Please get in touch.

ALSO READ: Salesforce for Financial Industry: How to Streamline your Sales Process

Digital Transformation, Financial Industry

Digitizing the Financial Industry: A Requisite for a Customer-centric Approach

The BFSI industry has been facing a lot of challenges in recent years. Customer expectations, rising competitions, investor expectations, and regulatory requirements are the most common obstacles, exacerbated by the rapid technological, customer, and market shifts. This has forced the financial institutions to rethink their business models and transform their time-consuming and complex operations to much more simplified processes in order to meet market standards. Technology is playing a key role in this change. Digital Transformation, rather than being just another buzz, has become an integral part of the business strategies of organizations.

From the introduction of ATMs to advanced AI, the financial industry has seen some revolutionary transformations driven by cutting-edge technologies. All major financial institutions have come to appreciate the need for a customer-centric approach to maintaining a healthy position in this competitive and rapidly molding market. Therefore, they are employing huge amounts of resources to stay ahead of the curve.

Why is digital transformation crucial for the financial industry?

With concepts like organizational agility, increased collaboration, and risk assessment being the leading trends of digital transformation in recent years, FinTech and financial service providers are relying on powerful tools such as Salesforce to adapt, improvise, and overcome various hurdles facing the industry. Salesforce, with its vast array of tools including Sales Cloud, Marketing Cloud, Service Cloud, Community Cloud, and Analytics helps companies shorten sales cycles, capture new contracts, boost employee productivity, meet compliance, and most of all, provide a seamless experience to clients.

Ways to digitize the financial industry using CRM software and cloud offerings :

Stronger relationships with customers

With a 360 customer view, Salesforce’s Service cloud helps you provide the highest levels of customer service, Omni-channel integration allows customer service agents to connect with their customers holistically, via all available channels. Salesforce helps you provide personalized advice and valuable alerts to your clients, helping you build loyal relationships.

Cross-departmental collaboration

With all the information present on a centralized platform or database, it is easy for all employees and managers to communicate data effectively and stay updated. Managers can keep a check on employee productivity using the right tools, and lead the enterprise through a top-down approach. Having a central location for data helps cut down manual administrative tasks and fosters efficiency.

Mortgage lending

The process of mortgage lending can be strenuous on a client, which is why Salesforce offers hand-holding from the first step to the last. The Einstein analytics tool provides relevant information that helps agents make better recommendations, catering uniquely to each client. Each interaction with brokers, lenders, and banking agents can be tracked on a centralized system through the Salesforce Finance Services, making customer-service a seamless experience. 

Smart scaling

The use of AI and smart cloud platforms allows retail banks to adapt to shifting marketing conditions and consumer demands, thus scaling their processes accordingly. AI allows you to have a 360-degree view of each customer, so you can send the right trigger messages, emails, or personalized communication to customers and engage effectively. The best part about Salesforce CRM software and AI tools is that they modify data based on real-time changes of customer behavior, which essentially translates to the fact that you’re always a step ahead. 

Compliance

With access to secure client and household profiles, Salesforce ensures that the company can manage compliance effectively. Information is shared instantly and transparently, so it is easy to see all client interactions, as well as the information that was shared. 

Convenience

The fact of the matter is that the financial industry needs revolutionary and innovative solutions that complement their traditional methods and operations. More and more banks and financial enterprises are grasping the value of a customer-centric approach that offers convenient banking. A digital transformation in the financial industry will not only drive innovative solutions and boost productivity but also offer a robust system for customized, hassle-free banking. 

CEPTES has a decade of consulting experience and exceptional service under its belt. In partnership with Salesforce, CEPTES has effectively transformed many financial service providers into becoming data leaders of changing market conditions. Our Salesforce-powered solutions will assist you in your digital transformation journey. To know more, please get in touch.

Digital Transformation, Sales Cloud, Salesforce Essentials

Remote Selling: Ensuring Productivity of a Remote Sales Team during the Pandemic

The current global scenario caused offices to be shut down, forcing most people to work from home, and this, de facto, includes sales teams. Sales have always been the kind of field that relies a lot on in-person pitches and meetings. So it’s understandable if your primary concern is how to make sure your sales team sell from home efficiently, without feeling demotivated or disengaged & without hampering the overall sales productivity. 

It is undeniable that the pandemic has dampened the shine of the sales team and their forte. However, there is a tremendous wealth of opportunities, ready to be made use of, if businesses are nudged towards a digital transformation.  

Let’s take a look at the major pain-points of a sales team working from home, and then integrate solutions for the same:-

Change how you work

It’s a tricky task to sell efficiently from home. Your sales team is bound to miss departmental camaraderie and one-on-one meetings with clients, where they could pursue them to no ends. Trying to replenish a similar culture while working remotely, might not prove successful. Instead, the time is nigh for a digital transformation. Now is the time to tap into the field of virtual selling, by building a high productivity workspace, even from home. 

Increasing productivity

The current situation might have put a dent in spirits, thus creating a decline in productivity. Tackle situations like these by integrating Salesforce Sales Cloud, world’s #1 sales automation tool. Having highly powerful CRM tools to rely on would make a world’s difference. Imagine a dashboard that allows you to see every important detail in one glance or a tool that shows you the entirety of a client’s specifications, and a virtual assistant that reminds you of hot leads. 

With Sales Cloud, you get all of this and more, thus creating an immediate boost in sales and productivity. Selling from home just got a whole lot more comfortable and efficient.  

Less time on spreadsheets, more time to sell

Sales reps are often found spending a large chunk of time filling out spreadsheets, looking for data from various sources, researching potential leads, preparing quotes, and so on. Why spend so much time doing tasks that can be automated? With Sales Cloud, you get to sell from home intelligently, without bothering about manual labour. Salesforce paves the way for sales automation like never before. They also allow your sales representatives to seamlessly collaborate with other sales representatives, as well as members from different teams.

Communicating with the team

Guaranteed, it was convenient when people could update each other through offline meetings. Intelligent cloud infrastructures allow you to maintain even better standards of seamless communication, even though your entire team is working remotely. Now you can access, edit, securely share and track data in real-time.

Process automation features enable email integration, distribution of leads, and quicker flow of crucial information. No more relying on sticky notes, doodled messages, WhatsApp updates or grapevine communication. Integrating CRM tools leads to better communication channels, which in turn creates a boost in sales and productivity

There’s no limit to what small businesses can achieve through an affordable Salesforce platform tailored for them. CEPTES is a leading Salesforce Platform Service provider that hand-holds small businesses through digital transformations through seamless CRM integration so that their sales can continue to skyrocket, even when working from home.

Get in touch with us to know more.