Generating and Measuring ROI from Salesforce AI in Your Insurance Business

Implementing AI-augmented Salesforce CRM and advanced agency management system (AMS) technologies in your insurance agency or brokerage can make many processes easier and strengthen the focus on customers and their needs. You can achieve substantial ROI and productivity benefits with Salesforce and AMS infused with AI. It’s worthwhile tracking, measuring, and managing these outcomes for continuous improvement. Let’s take a closer look at the ROI and other tangible results you could generate with Salesforce AI, which can help you assess them.

Short time-to-value and productive operation

When you implement Salesforce Financial Services Cloud for Insurance in your agency or brokerage, your startup and adoption period can be brief. Your team members can become comfortable using the solution in just three to four days by accessing training content in Salesforce Trailhead. With the intuitive screens and dashboards in Salesforce, they can quickly get to a point where they confidently perform tasks and rely on AI and AI-fueled automations help them work more productively. Even before they have access to Salesforce, they can watch videos in the Sikich YouTube library to learn how the CRM environment will support them. That rapid on-ramp to a productive Salesforce experience means you can start tracking ROI metrics and tangible, beneficial changes associated with Salesforce AI right after go-live.

Ample ROI opportunities in a Salesforce AI context

As we describe in our eBook, Unlock competitive advantages with transformative AI for insurance, generative, analytical, and predictive AI can make many everyday processes more efficient, help you deliver outstanding customer experiences, and simplify compliance. In the context of Salesforce and its many AI capabilities, ROI for your insurance business results from multiple, coinciding factors, such as:

• More accurate, complete, and consistent data following data cleansing and data quality management in preparation for deploying Salesforce and its AI capabilities
• Time and costs saved from more efficient, faster, less error-prone processes
• Greater impact in less time from skills and expertise on your team
• More personalized, proactive, anytime approach to customer-centricity and serving customers’ needs

Measuring the ROI and other positive impacts of Salesforce AI

Meaningful metrics can help you monitor your progress toward substantial ROI and assess the impact of AI. Below, we list some examples to spur your creativity in driving and reporting on measurable outcomes. Let’s start by considering positive change in key business processes.

Rapid, low-risk underwriting

• Average time saved and error reduction in underwriting assisted by intelligent automation
• Faster decisions by underwriters relying on AI-fueled risk assessment
• Increase in the speed of data collection and submissions processing
• More profitable pricing resulting from better visibility and clearer risk profiles of applicants
• More rapid assessment of applicants’ financial history, credit scores, and risk potential
• Productivity increase of underwriters managing multiple underwriting workflows

Accelerated, simplified claims management

• Satisfaction level of customers with the easiness and convenience of submitting claims
• Time saved by automated AI review of images, videos, and other materials submitted by customers
• Reduction in time required to evaluate and decide on claims
• Percentage increase in managing greater numbers of claims thanks to enhanced scalability of processes and systems
• More time available for higher-value tasks by minimizing data entry chores

Understanding and meeting demand

• Increased revenue from anticipating and addressing individual customers’ changing requirements at important milestones in their lives
• Greater revenue and increased customer satisfaction with improved demand forecasting enabled by AI analysis of claims histories and the likelihood of events that prompt changes in coverage

Delivering measurably outstanding customer experiences

Once you run your agency or brokerage with support from Salesforce and insurance-tailored AI, you can reduce customer churn and drive improvements in customer satisfaction and retention. Here are some possible metrics to track:

• Customer lifetime value (CLV), the total revenue or profit generated by a customer over the entire course of their relationship with your business
• Increased net promoter score (NPS)
• Timely, automatic highlighting of all renewal opportunities with recommendations for next steps to take with customers
• Improved customer satisfaction and retention achieved by AI-enabled identification of customers at risk of moving to another provider
• Less time required for communications with customers, supported by generative AI
• Increased revenue and customer satisfaction resulting from better-targeted sales and marketing campaigns, supported by AI analysis of market sentiment and customer perceptions
• Time saved and boost in customer satisfaction by enabling customers to use AI-augmented chatbots to address their concerns
• Increased customer retention achieved by continuous improvements in the ability of AI chatbots to understand and respond in natural language
• Additional revenue and greater customer loyalty and satisfaction because of proactive, AI-powered guidance and recommendations regarding coverage adjustments in times of climate and social change

Enabling an excellent workforce

Salesforce AI can also save you costs and boost efficiencies on the team and in workforce management processes. A few likely applicable metrics:

• Time saved in identifying and hiring best-fit job candidates
• Less time required for employee onboarding and training after hiring
• Greater employee satisfaction and retention
• Costs of recruiting and onboarding saved because of reduced turnover
• Enhanced individual and organizational productivity as measured by KPIs
• Cost savings resulting from automation and AI support for employees, reducing the dependence on specialized skills and allowing more generalists on the team

Risk mitigation and efficiencies in ensuring compliance

When it comes to compliance, AI in Salesforce can help you transition to lower-cost, lower-risk proactive compliance and simplify supporting tasks. A few ideas for measuring the difference:

• Reductions in cost and effort required to adjust to changing compliance mandates because of proactive compliance management enabled by AI assessments of the regulatory environment
• Time saved by producing compliance documentation and reports with generative AI
• Costs cut by avoiding penalties thanks to real-time AI monitoring for potential compliance risks and omissions
• Reduced overhead and greater efficiencies in compliance management with monitoring by AI agents
• Cuts in expenses, reduced losses, and minimized risks achieved by proactive compliance with changing data protection and management standards, as opposed to reactive damage control, risk mitigation, and reputational loss following a data theft or other cybercrime

Next steps

Case studies demonstrate that insurance businesses using Salesforce and AMS enhanced with generative, predictive, and analytical AI are achieving breakthrough results in terms of ROI, savings, efficiencies, and productivity. ROI and tangible transformations are top-of-mind when Sikich deploys Salesforce, often together with an AMS, for your insurance business. From our initial fact-finding to efficient implementation, to ongoing support to maintain the value of your technology investments, we focus on delivering results. The mentioned examples are not exhaustive, and other metrics may make sense in your insurance business. Sikich can assist you in determining the best ways to measure your ROI and the tangible results from Salesforce, AI, and other technology deployments.

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, AI transformations across the insurance customer lifecycle.