Meet the Digital Insurance Platform
Learning Objectives
After completing this unit, you’ll be able to:
- Describe some insurance industry challenges.
- List benefits of using the Digital Insurance Platform.
- Explain how the platform addresses business challenges.
Insurance Industry Challenges
Meet Anna Murphy, a professional in her early 40s who lives in San Francisco. Anna works as a data scientist at Cloud Kicks, where she gets Cumulus health insurance as part of her benefits package.
Cumulus is a large, well-diversified provider of insurance services nationwide. It offers a variety of insurance plans, including medical and auto coverage.
Anna is in the market for auto insurance for her trusty sedan. She decides to shop online with Cumulus, but getting coverage doesn’t go as smoothly as she expects. Anna visits the Cumulus website, which asks her to complete a form so that an agent can get in touch. But Anna can’t wait. She needs coverage to start tomorrow, so she shops online through another insurance provider. Sorry Cumulus, you’re out of the running.
Enter Justus Pardo, a star consultant who has worked for several prestigious companies. Most recently, Justus was hired by Cumulus Insurance as an independent consultant to complete a project to improve customer experiences.
Justus has worked extensively to help companies transform how they deliver customer experiences in the digital age. He knows the insurance industry is in the throes of digital disruption and that Cumulus faces serious challenges.
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Digital disconnect: Customers expect modern digital experiences on their device of choice. They want to complete standard processes online, such as getting a quote for insurance or submitting a claim, and they want help as soon as they need it. Cumulus doesn’t have the digital capabilities to deliver these experiences. This means customers like Anna often need to perform manual tasks and deal with multiple agents.
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Innovation blockers: Market conditions are ever-changing, and it’s important to launch new products to market fast. Cumulus struggles to adapt and deliver new products with its legacy systems because the code behind the products is complex. Cumulus needs an army of programmers to update the code when its products, policies, and processes need to change.
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Legacy costs: Cumulus runs its business on a patchwork of disconnected, on-premise systems that require lots of upkeep and cost a fortune to run.
Thankfully, Justus knows how to help Cumulus Insurance deliver exceptional customer experiences and become a leader in the insurance industry. He’s implemented the Digital Insurance Platform before and knows it will work like a charm to turn customers into Cumulus fans.
Let’s discover the Digital Insurance Platform and how it can bring digital transformation to Cumulus.
The Insurance Solution
The Digital Insurance Platform helps insurers and their distribution partners quickly turn into customer-centric digital businesses. The platform enables end-to-end management of core insurance operations, including product development, quoting, underwriting, policy administration, claims, and more. Unlike conventional core systems, these lifecycle processes are powered by the Salesforce Einstein 1 platform and seamlessly integrated into the entire digital customer journey.
The modular design of the Digital Insurance Platform can digitally enable all core insurance operations or integrate with existing legacy systems to drive business forward. Let’s take a look at the platform components.
Component |
What does it do? |
|---|---|
Product Administration |
Drives agile insurance product development, policy rating, and more |
Quote, Rate, and Apply |
Enables digital quoting for policyholders, brokers, and underwriters |
Policy Administration |
Manages the entire policy lifecycle, including quoting, issuance, endorsements, billing, renewals, and commissions |
Contract and Enroll |
Creates contracts with employers and enrolls participants in group benefit plans |
Claims Management |
Enables the entire claims lifecycle, including claim intake, auto-adjudication, managing reserves, and arranging payment |
Industry Problems Solved
The Digital Insurance Platform helps companies like Cumulus remove obstacles and achieve digital transformation with impressive results, which include:
- Improved service efficiency
- Increased sales agent productivity
- Increased online renewals
- A higher Net Promoter Score®
How do insurance companies solve industry challenges for success? You guessed it, the Digital Insurance Platform. With the platform, companies benefit from:
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Digital-first and omnichannel service: A full set of guided processes and API services power automated experiences across portals, apps, chat, and emerging technologies.
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Rapid innovation: The platform is metadata-driven and because of this, companies can release new products and iterate fast, with zero or low code.
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A cloud-native solution: Because the platform runs on Salesforce, business data is stored in the cloud. Cloud storage is highly scalable, and the total cost of ownership is much lower than on-premise, legacy systems.
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