Skip to content

[Insurance] The Next-Gen Customer Experience – A Dreamforce Case Study

insurance
Last week at Dreamforce, I heard a compelling story about unifying the customer experience and journey in the Insurance industry. Eran Agrios, Head of Go To Market for Financial Services Cloud at Salesforce, played the role of “Julie”, a State Farm policyholder and brought an experience to life that was exponentially easier than any process I have ever experienced.

Turning a Bad Day Around

The story started with Julie right after she backed into a pole and damaged her car. Instead of putting off an onerous insurance and repair process — as I may or may not have done in the same situation — she logged right into her State Farm mobile app to submit a claim. First, she quickly and easily chat(bot)ted her way through a series of questions to provide the necessary details. Then, the app allowed her to take a photo of the car and the damage it had suffered. Within seconds, she was prompted to go ahead and submit the claim. (Note that behind the scenes, AI had analyzed the photo and compared it to other vehicles, claims and repair costs, and immediately presented Julie with a description and classification for the damage, alongside an estimate for repairs). The claim submission triggered a customer journey where Julie immediately received a text confirmation that her claim was submitted and being processed followed by updates to the claim status each step of the way.
Over at State Farm, Julie’s agent, Craig, was using Salesforce Financial Services Cloud which provided a consolidated view of his business including key metrics, interactions, leads, open claims and policies written. With its Einstein AI capabilities, Craig was alerted that Julie filed a notice of loss claim and received a recommendation to call Julie and check in that same day.
Julie was impressed with the call and her seamless State Farm experience, so she spent enough time chatting with Craig to see that he really understood her household and needs. Sharing news of her coming baby seemed natural as they discussed how coverage was working for her in the various areas of her life. With this additional information, Einstein crunched the data and provided recommendations on additional products Julie is likely to buy, updated her multi-product likelihood score, and gave Craig a whole new set of ‘next best actions’ to take over the next few months.
Creating this type of unified customer experience wasn’t easy for a firm founded 96 years ago, and selling through a network of 19,000 agents throughout the U.S.. It started with a commitment to research and innovation and a decision to embrace disruption. State Farm decided to empower their workforce to be prepared for what comes, starting with the core belief that success comes from constantly looking at things from the customer’s perspective.

The Next-Gen Experience: Turning a Good Day into a Good Month into a Good…

Customers today are more sophisticated than ever before and are exposed to a wide variety of consumer experiences on a daily basis, through various channels. Data, analytics and AI allow for extremely personalized promotions and service, which customers are beginning to expect from the companies they patronize. While 10 years ago, companies expected to compete primarily on product and price, leaders today know that customer experience is often the key battleground. State Farm demonstrates this with the digital tools they’ve built for customers to easily submit claims during the most stressful situations. But one touchpoint alone doesn’t make the next-gen customer experience.
The next-gen customer experience is seamless and personalized, on a day-to-day, week-to-week, year-to-year basis, across digital and offline channels, no matter who in the company is interacting with the customer. People, process and technology transformation is typically required for enterprise financial services firms with legacy systems in place. Automated data capture and synchronization into CRM platforms has enabled State Farm to provide actionable insights to State Farms agents that improves the customer experience and presents agents with opportunities to grow their book of business.
State Farm considers their ultimate weapon to be their unique combination of technology with the local, personal relationships their State Farm agents have created and continue to build with customers. In the last 18 months, State Farm has modernized 90,000 customer-facing associates on the Salesforce CRM platform alongside modernizing business processes and other technologies, all in the name of improved customer experience. These empowered agents are part of the next-gen, unified customer experience, using tools like Salesforce Financial Services Cloud and its AI-driven Einstein Insights alongside Hearsay’s Advisor Cloud to keep customers engaged with tailored communications at exactly the moments that matter.
Related:

[Wealth Management] The Next-Gen Customer Experience – A Dreamforce Case Study


Decades of complex processes and legacy systems have been blamed for slowing down digital transformation in the financial services industry. Delivering solutions that unify the customer journey is challenging given the industry ‘spaghetti’ of systems and data. To address customer needs for both their business and personal journeys, firms need to provide a unified client experience across products, channels, and geographies.
During the Dreamforce Financial Services keynote, BBVA demonstrated how they leverage Salesforce Financial Services Cloud (FSC) along with integrations with other systems and data sources to unify the client experience across products, channels, and geographies. While unifying systems and data is challenging, it also presents a unique opportunity for organizations to integrate their best of breed solutions and consolidate an increasing amount data via connectors to drive actionable insights for both advisors and customers.

The Customer View

BBVA shared the story of Alexandro Martin, a customer who had the opportunity to go through the unified customer journey with them across business and personal lines. At the same time Alexandro took ownership of his family’s business, he also received news that his first baby was on the way.
Although Alexandro was ambitious in business, he knew he needed to save for his family too and was able to start immediately with the BBVA mobile app. With a few clicks, he transferred some money from his savings into a new account his for his first baby. Because all relevant information was captured in the mobile application on Alexandro’s financial accounts is integrated with Salesforce FSC, a trigger was created to introduce Alexandro to a wealth management advisor. Alexandro was assigned to an advisor and then prompted by his mobile application to schedule a meeting based on the advisor’s availability.

The Advisor Side

Behind the scenes in FSC, the process described above triggered an Action Plan for the BBVA advisor. Her Action Plan very clearly outlined key customer onboarding tasks, including the appropriate engagement channels for each task. Alexandro’s FSC profile also included all of the financial account and personal information his advisor needed to prepare for their first meeting. Based on discovery in the initial financial planning meeting, the advisor was able to easily create a business referral and FSC routed the referral to the appropriate expert.
Most importantly, Alexandro’s new advisor was able to place him on a customer journey to receive personalized messages about his financial progress at the right time and through the right channel. Data captured from these interactions, as well as additional information provided by Alexandro, will be captured in Salesforce for Einstein to provide improved recommended actions in the future. Furthermore, this data will remain accessible in FSC across all advisors so management can track performance and share best practices in team meetings.

The Next-Gen Customer Experience

Customers from Alexandro’s generation aren’t like their parents; they’re exposed to a wide variety of consumer experiences on a daily basis, through various channels. They expect the type of best-in-class digital experience they get from the leading ecommerce sites, across all of their services: seamless and personalized, on a day-to-day, week-to-week, year-to-year basis. And in a field like wealth management, it has to be taken a step further and extend to offline channels too.
Regulations in the financial services industry call for rigorous processes and technology like AI to manage data and customer engagement. AI and automation, along with a clearly defined strategy for collecting and capturing data from a number of systems and surfacing that data to advisors and customers in a meaningful way to drive intelligent interactions, work to a firm’s benefit in unifying the customer experience as well. This requires integration of required systems to orchestrate workflows and actions, including secure and compliant engagement channels like email, social media and text. Automated data capture and synchronization into CRM platforms has enabled BBVA to provide actionable insights to their advisors that deliver a compelling end-to-end experience for customers and present advisors with opportunities to grow their book of business.
Related: