Salesforce: Leveraging AI to Power Financial Services Cloud

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Financial Services Cloud will harness the power of AI to help insurance brokerages
Salesforce has announced the launch of its new AI-powered solution that will help insurance brokerages - Financial Services Cloud for Insurance Brokerages

This week, American cloud-based software company Salesforce announced the launch of its new AI-powered solution.

The platform, which will be generally available in February 2025, will aim to help insurance brokerages streamline time-consuming processes such as commission processing.

By combining real-time data, AI and CRM, Financial Services Cloud for Insurance Brokerages will help to reduce operational costs and enhance insurance brokerage’s relationships with their customers.

AI is becoming a prominent point of discussion across several industries, with many questioning the balance between its risks and benefits. However, Financial Services Cloud for Insurance Brokerages will harness the power of AI to improve cross-functional team collaboration and produce a more tailored service for clients and customers. 

Eran Agrios, SVP & GM for Financial Services at Salesforce explains: "Traditional insurance agency management systems are outdated and complicated, and employees are tired of switching between multiple platforms.

"Financial Services Cloud for Insurance Brokerages gives brokers, producers and account managers the tools needed to enhance collaboration, automate previously labour-intensive tasks, and offers a holistic view of clients’ journeys to ultimately help them build deeper and more meaningful client relationships.”

Eran Agrios, SVP & GM for Financial Services at Salesforce

Financial Services Cloud

The Financial Services Cloud (FSC) for Insurance Brokerages will target insurance brokerages and help companies in the field embrace the evolving industry and accelerate complicated processes. 

By accessing data from insurance platforms, wealth and core banking, the platform will allow companies to enhance their financial success by unlocking exclusive insights for financial planning.

The FSC will also help streamline workflows for many insurance brokerages as they will be able to access its multitude of benefits through one platform, rather than having to use numerous systems to enhance clients. 

Many pioneering insurers, wealth managers and leading banks have trialled this innovative technology. Sankha Ghosh, EVP & CIO at AssuredPartners says: "With the help of Salesforce Financial Services Cloud, we’ve witnessed a significant transformation across our sales and operations with faster onboarding and better collaboration among our clients, agents and producers.

“As we expand our work with Salesforce, new offerings like Financial Services Cloud for Insurance Brokerages will help us boost team efficiency further, while also empowering our producers and account teams to provide deeper and more personalised client experiences.”

Subscriptions to this innovative platform will range between US$300 a month, to US$700 a month. A span of versions is available, allowing organisations to choose the correct options that will tailor their business needs. 

The capabilities

The Financial Services Cloud for Insurance Brokerages will possess an abundance of capabilities that will streamline many processes, reduce overall maintenance costs and increase productivity for insurance brokerages. 

Some of the benefits that Financial Services Cloud for Insurance Brokerages possesses include:

  • AI-Powered Client Engagement

The platform will use Data Cloud to craft a unified client profile, complete with all real-time client interactions, relevant data, claims history and policy details. Organisations can then use AI to outline how they can use this data to enhance client engagement. 

  • Commissions Management

This will allow the complex process of managing commission splits to be enhanced. By doing this, accounting and finance teams can establish its own rules on how they can utilise and split commissions, which will make the process more efficient in different situations.

  • Employee Benefits Servicing

FSC will consolidate plan tracking information of employee benefits in a single platform. By doing so, account managers will be able to renew employee benefits annually with ease and use AI to craft potential plan changes to enhance future employee experience. 

  • Property and Casualty Industry Servicing

Insurance brokers can provide specific customer support by being able to gain a clear view of its client property details and policy information. Through this, organisations can stay up-to-date with information in the industry and be able to apply this knowledge to support to its customers. 

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