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AI Transformations Across the Insurance Customer Lifecycle

Bob Hennigar

Oct 31 2024

6 min read

In your insurance agency or brokerage, insightful assistance from AI can help you generate outstanding value from mutually beneficial, lifetime customer relationships. Many insurance businesses are already embracing AI, especially in streamlining essential processes like claims management or making smarter risk assessments. Continuing AI innovation will benefit many other insurance use cases and can give you a competitive edge in winning and serving customers. In this article, we take a look at how AI in Salesforce can be beneficial throughout customer lifecycles.

A technology for winning and serving customers

When you implement Salesforce as your customer relationship management (CRM) system together with a modern agency management system (AMS) in your insurance agency or brokerage, you can enhance your ability to understand and serve individual and business customers. Many insurance businesses are using their Salesforce and AMS to empower agents and teams to do their best work for customers and achieve ambitious individual and organizational performance goals.

By deploying these technologies, you also gain access to a comprehensive portfolio of AI capabilities, including generative, analytical, and predictive AI. From Einstein Copilot to make your team members’ lives easier, to real-time intelligence based on internal and external data, to efficient development of communications, reports, and content, AI can be transformative for your business. It can simplify, automate, and accelerate many everyday processes and make it easier to engage with your customers in a productive and timely manner.

Insurance firms are customer-centric organizations whose success depends on their ability to win, serve, and retain customers. AI capabilities in Salesforce and AMS make it easier and more efficient to accomplish this—throughout the entire lifecycle of customers. Below are a few examples of how AI can make a difference at key junctures in your customer relationships.

Approaching the Market

Salesforce and AMS AI Capabilities at Work	Advantages and Outcomes
AI-powered data analysis of possible target markets AI-infused, intelligence-driven marketing campaign planning with clear goals and metrics First version of communications and marketing messages drafted and designed by generative AI Quantitative and qualitative monitoring of the impact of marketing messages, followed by AI-infused recommendations regarding opportunities and improvements	Greater ROI and impact from marketing spending, campaign management, and collateral development Complete, real-time visibility and analysis of marketing performance Reduced number of unproductive leads and inquiries Faster, more intense awareness and engagement from potential customers Increased organizational intelligence regarding markets and trends

Generating High-Potential Leads

Salesforce and AMS AI Capabilities at Work	Advantages and Outcomes
AI-driven review and analysis of responses to initial communications and sentiments regarding insurance provider Revision and fine-tuning of marketing materials and communications based on feedback analysis High-certainty, rapid identification of likely prospects and creation of targeted communications and messages to reflect their concerns	Timely identification of individuals and businesses prospects facing an insurance decision Ability to offer personalized communications and start building relationships at first contact Higher likelihood of keeping leads interested and engaged

Converting Prospects to Customers

Salesforce and AMS AI Capabilities at Work	Advantages and Outcomes
Comprehensive, dependable risk profiles informed by AI review of individual, industry, and market data Fast, error-free contracts and supporting documents drafted, designed, and customized by generative AI Communications and commitments tracked and prioritized by AI	Faster conversion from prospect to customer More in-depth understanding of risk associated with individual prospects Reduced likelihood of prospective customers changing their minds last-minute

Managing Customer Engagements

Salesforce and AMS AI Capabilities at Work	Advantages and Outcomes
Fast AI review of claims and supporting information Immediate visibility of changing customer risks and upsell opportunities AI-infused chatbots enabled with natural language processing (NLP) available anytime Insurance agents supported by AI-generated summaries and guidance regarding customer histories, needs, and concerns AI-enabled automation of routine processes Reliable identification of the most satisfied, loyal, and influential customers based on their account histories and communications	Rapid, sound claims decisions and fast resolution of customers’ concerns during emergencies Reduced risk of fraudulent or error-riddled claims Continuous improvement in the effectiveness of customer interactions Agents and team members less distracted by routine tasks, more focused on customers Improved ability to connect with loyal customers and generate referrals

Salesforce and AMS AI Capabilities at Work

Advantages and Outcomes

Fast AI review of claims and supporting information
Immediate visibility of changing customer risks and upsell opportunities
AI-infused chatbots enabled with natural language processing (NLP) available anytime Insurance agents supported by AI-generated summaries and guidance regarding customer histories, needs, and concerns
AI-enabled automation of routine processes
Reliable identification of the most satisfied, loyal, and influential customers based on their account histories and communications

Rapid, sound claims decisions and fast resolution of customers’ concerns during emergencies
Reduced risk of fraudulent or error-riddled claims
Continuous improvement in the effectiveness of customer interactions
Agents and team members less distracted by routine tasks, more focused on customers
Improved ability to connect with loyal customers and generate referrals

Supporting Customers Through Their Personal and Organizational Journeys

Salesforce and AMS AI Capabilities at Work	Advantages and Outcomes
Forecasting of likely insurance requirements resulting from events like a growing family or expanding business, buying property, moving to another part of the country Monitoring of environmental and social conditions that can have a bearing on coverage requirements Timely, proactive communications with relevant guidance and recommendations, developed efficiently with generative AI Reassessment and predictive analysis of pricing and coverage models to truly meet customer needs	Closer, more mutually beneficial relationships with customers Reduced likelihood of customer churn Higher customer lifetime value (CLV)Increased customer trust in their insurance provider’s offerings and expertise Elevated net promoter score (NPS)

Salesforce and AMS AI Capabilities at Work

Advantages and Outcomes

Forecasting of likely insurance requirements resulting from events like a growing family or expanding business, buying property, moving to another part of the country
Monitoring of environmental and social conditions that can have a bearing on coverage requirements
Timely, proactive communications with relevant guidance and recommendations, developed efficiently with generative AI
Reassessment and predictive analysis of pricing and coverage models to truly meet customer needs

Closer, more mutually beneficial relationships with customers
Reduced likelihood of customer churn
Higher customer lifetime value (CLV)Increased customer trust in their insurance provider’s offerings and expertise
Elevated net promoter score (NPS)

Reducing Customer Churn

Salesforce and AMS AI Capabilities at Work	Advantages and Outcomes
Analysis and reporting on internal and external data to identify customers at risk Individualized communications and outreach with planning input and drafting assistance from generative AI Competitive analysis of industry trends, pricing, and coverage plans being offered in the market	Ability to engage with customers at risk before they decide to switch to a competitor Increased customer retention and mitigation of revenue losses Proactive dissemination of targeted, value-reinforcing messages in advertising channels and on social media

Serving Customer Communities

Salesforce and AMS AI Capabilities at Work	Advantages and Outcomes
Visualization and description of customers’ professional and personal connections and relationships Sentiment analysis of social media and blog posts and comments Predictive analytics regarding risks and coverage needs across a community, neighborhood, organization, or region AI-powered review and update recommendations regarding insurance offerings and pricing models for available target markets and market segments	Business and revenue growth at a relatively low investment Increased brand awareness and reputation Closer connection to families, organizations, and communities whose members rely on each other for vendor recommendations and reference Intelligence to build and strengthen your presence in new market segments

Salesforce and AMS AI Capabilities at Work

Advantages and Outcomes

Visualization and description of customers’ professional and personal connections and relationships
Sentiment analysis of social media and blog posts and comments
Predictive analytics regarding risks and coverage needs across a community, neighborhood, organization, or region
AI-powered review and update recommendations regarding insurance offerings and pricing models for available target markets and market segments

Business and revenue growth at a relatively low investment
Increased brand awareness and reputation Closer connection to families, organizations, and communities whose members rely on each other for vendor recommendations and reference
Intelligence to build and strengthen your presence in new market segments

Next steps

Sikich engages with your insurance firm in a collaborative, individualized manner—the way we recommend companies treat their prospects and clients by using Salesforce and AMS with sophisticated AI capabilities. We have delivered successful Salesforce and other technology projects to insurance companies for many years and are proud of our long-standing relationships with satisfied clients. While broad AI adoption is still underway, getting ahead of the AI tidal wave right now can give you an edge on the competition and strengthen your customer relationships. Our insurance technology experts know how to help you generate measurable results from Salesforce AI following a fast, frictionless implementation.

To get started or have your questions answered, you can:

Contact Sikich.
Learn more about Salesforce for Insurance deployed by Sikich.
Download our ebook Unlock competitive advantages with transformative AI for insurance.
Read our blog, Generating and measuring ROI from Salesforce AI in your insurance business.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

About the Author

Bob Hennigar