Financial Services Cloud (FSC) for Insurance Brokerages combines CRM, AI, and real-time data to boost team productivity, improve operational efficiency, and drive personalized client experiences — all on one platform

Customers like The Baldwin Group and AssuredPartners use FSC to enhance client interactions and deliver more tailored service and recommendations as well as improve cross-functional team collaboration

Salesforce today launched Financial Services Cloud (FSC) for Insurance Brokerages, a new  AI-powered solution to help insurance brokerages automate and streamline time-consuming processes like policy servicing and commission processing. Built on the Salesforce Platform, this new offering will help producers and account managers at insurance brokerages deepen their client relationships by expediting and improving processes (such as plan year renewals) while identifying potential retention risks and coverage gaps.

Why it matters: Insurance brokerages currently use three or more systems to engage clients, often leading to fragmented experiences, siloed client data, and disconnected workflows. But this is quickly changing: 60% of insurers are adopting new technology tools to improve various elements of their operations. In a highly competitive market, insurance brokerages can stand out by using real-time data, CRM, and AI all on a single platform to increase efficiency and reduce operational costs. 

Innovation in action: Built specifically for the insurance industry, Financial Services Cloud for Insurance Brokerages can help expedite and streamline complex processes. Capabilities include: 

• AI-Powered Client Engagement uses Data Cloud to create a complete client profile that unifies all relevant structured and unstructured data, including policy details, claims history, and real-time client interactions, on one platform. With this unified client profile, producers and account managers can now use AI to help them identify patterns and critical trends, such as gaps in coverage or potential retention risks, or where to focus efforts such as prioritizing prospects.

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• Commissions Management helps finance and account teams streamline the complicated process of managing commission splits, which happens when the brokerage conducts business on behalf of its clients and allocates a portion of the commission to one or more producers. Finance and accounting teams can set up a library with rules and definitions for how commissions should be split across producers and apply those definitions to various situations. For example, if a broker leaves the company or an acquisition occurs, finance and accounting teams can quickly and efficiently reallocate the split assignment.
• Employee Benefits Servicing helps account managers navigate the multifaceted process of running the employee benefit’s plan year renewal process by consolidating plan tracking information on a single platform. Now, account managers can more efficiently manage their placement processes, track action plans, digitally coordinate between carriers and brokers, and reduce duplicative data entry. Account managers can also use real-time data and AI to recommend potential plan adjustments or additional coverage options when a client is exploring plan renewal options.
• Property and Casualty Industry Servicing provides brokers a consolidated view of client property details and policy information across different insurance carriers. This view allows brokers to provide more personalized and tailored support. For example, a brokerage specializing in maritime insurance can track changes or updates in industry-specific data, such as vessel details, captain credentials, and marine policies, enabling account teams to more effectively manage operations and deliver proactive service to their clients during significant events like expanding operations, adding to their fleet, or hiring new operators.

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Salesforce perspective: “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 labor-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

Financial Services Cloud for Insurance Brokerages gives brokers, producers, and account managers the tools needed to enhance collaboration, automate previously labor-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

Customer perspective:

• “Our mission at the Baldwin Group is to provide tailored insurance and risk management solutions for our clients across every stage of their lives. We’re excited to partner with Salesforce as they continue to develop innovative solutions for the financial services industry that will help us to connect and empower our sales and account management teams in new and exciting ways.” ‌— Amri Raju, Senior Director, CRM, Customer Engagement, The Baldwin Group 
• “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 personalized client experiences.” ‌— Sankha Ghosh, EVP & CIO, AssuredPartners  

Availability:

• Financial Services Cloud for Insurance Brokerages will be generally available in February 2025.

Pricing:

• Find more information on Financial Services Cloud pricing.

Learn more: 

• Watch the Dreamforce session on how Salesforce can help agencies and brokerages optimize for growth
• See FSC for Insurance Brokerage live in action at Salesforce booth #​​1426 onsite at InsureTech Connect (ITC)
• Learn how 100+ new out-of-the-box AI capabilities can help over 15 industries tackle pain points now
• Learn about Salesforce’s recent innovations that streamline the dispute management process for financial services institutions
• Read how Salesforce Financial Services Cloud is helping customers like Holmes Murphy save time and millions with automation

Any unreleased services or features referenced here aren’t currently available and may not be delivered on time or at all. Customers should make their purchase decisions based upon features that are currently available.