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Financial Services Cloud 101 for Insurance Companies

Sikich

Apr 27 2023

3 min read

What is Financial Services Cloud?

Financial Services Cloud is a cloud-based customer relationship management (CRM) platform introduced by Salesforce in 2016 to meet the ever-changing needs of the financial services industry. The suite of tools and services are designed to help companies specializing in areas such as insurance, commercial and retail banking, wealth management, and mortgages. It automates and streamlines processes, improves customer experience, and increases productivity.

Why Should Insurance Companies Choose Financial Services Cloud Over Sales Cloud?

Salesforce Sales Cloud is a fantastic sales management tool that can be used across thousands of industries to manage leads, improve onboarding, provide sales forecasts, and more. But the financial service industry has its own unique aspects, including complex products, long sales cycles, and a distinctly personalized approach to customer service. It is also a highly regulated industry that must follow strict laws and policies at the state and federal level.

Financial Services Cloud was created with all of these considerations in mind, giving firms a customizable platform that allows them to ramp up their capabilities and expand their business while improving customer satisfaction every step of the way.

The differences between the two platforms are by design. Sales Cloud’s relatively austere format was intentionally created to give it the flexibility to support companies of every size and industry. By contrast, FSC acts as an accelerator for financial services and insurance firms, taking unique industry-specific data models, processes, and workflows into account as a starting point while saving the time and resources that would be required to customize Sales Cloud to their specifications.

What Are the Top Benefits of FSC for Insurance Companies?

Financial Services Cloud officers a wide range of features and capabilities that can be customized for your firm’s specifications and needs:

Client data management
Ability to view client and households
Customizable firm and agent pages
Internal communication and collaboration tools
Marketing and lead generation
Lead to client conversion
Compliance and risk management assessment
Communication and customer support

Financial Services Cloud can give your insurance firm a more competitive edge and increase its speed to market. Not only is it completely customizable, it can be integrated with other Salesforce products and third-party applications for maximum flexibility.

How Can I Get Started With Financial Services Cloud?

To learn more about how Salesforce Financial Services Cloud can help you transform your systems to provide the fastest, highest quality, and most satisfying customer experience in your firm’s history, contact us to connect with our team of highly skilled Financial Service Cloud experts today.

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

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 