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Understand Your Clients to Serve Them Better

Learning Objectives 

After completing this unit, you’ll be able to:

  • Compare and contrast business and insurance profiles.
  • Describe how customer property is tracked in the insurance data model.
  • Discuss the ways in which Insurance for Financial Services Cloud supports record rollups.

Know Thy Customer

The insurance data model provides ways to model customer data so you can understand customer needs better, thus powering empathetic customer engagements and upselling and cross-selling opportunities. To this end, the data model includes the Person Life Events and Business Milestones objects.

Life events are discrete, important experiences that occur in a client’s life, often triggering significant change and adjustment. Examples include graduation, marriage, childbirth, illness or injury, and changing or losing a job.

Business milestones are the equivalents of life events for a business. Examples include mergers and acquisitions, spinning off of a business unit, stock buyback, and so on.

Say hello to Rachel Adams again. Rachel, as you know, is a valued customer of Cumulus Insurance. She currently works as a data scientist with Cloud Kicks, makers of stylish and comfortable custom sneakers, and she’s married to Nigel Adams. Sales agents like Zeynep and service agents like Zaw can use this kind of information to congratulate Rachel on her recent wedding anniversary and look for an opportunity to sell a policy to her husband.

Cloudburst, the nightclub business owned by Nigel.

Nigel’s originally from New York City and owns a successful nightclub there: Cloudburst. Agent Zaw, who’s also assigned to business insurance, can use this information to try and sell a fire insurance policy to Cloudburst's newly opened club in Manhattan. Let’s see what all this looks like in the data model.

A picture showing the information contained in the Business Milestone, Account, Person Life Event, Contact, and Person Account objects and how they relate to each other.

Business and Insurance Profiles

The Business Profile object represents the insurance-related attributes for an insured business and the Insurance Profile object represents the insurance-related attributes for an insured person. These two objects can be used to understand customers’ risk profiles.

Consider the following data model illustration which captures a crucial point about Cloudburst’s business history: previous history of bankruptcy. Agents can be mindful of this while trying to sell business insurance policies to Cloudburst. 

Similarly, agents and underwriters can factor risks related to Rachel’s fondness for tobacco and alcohol while selling her a life insurance policy. 

A picture showing the information contained in the Business Profile, Account, Insurance Profile, Contact, and Person Account objects and how they relate to each other.

Customer Property

The Customer Property object records the insurable and insured properties of a customer. Consider Rachel who owns two cars: a sedan and an SUV. However, only the sedan is insured by Cumulus. Knowledge of all properties owned by a customer, such as homes and automobiles, presents cross-selling and upselling opportunities to agents. 

A picture showing the information contained in the Account and Customer Property objects and how they relate to each other.

Look at the Big Picture Through Financial Services Cloud Householding

Insurance for Financial Services Cloud supports record rollups. Record rollups show all related records of all the members of a household in a related list. For example, an insurance policy record rollup will display all insurance policies owned by any member of a particular household. Record rollups help insurance providers visualize the policy footprint (total number of policies) in a household.

Salesforce ships record rollups for the Insurance Policy and Claims objects. Admins can make these rollups accessible to users by dragging Household Insurance Policies and Household Claims onto the related list section of the Account (Household) Layout.

The Household Insurance Policies and Household Claims related lists added to the Account (Household) object page layout.

And voila, insurance- and claims-related rollups are now accessible from the Related tab of a household page.

Record rollups for claims and insurance policies for the Adams household show up in the Related tab of the household account.

Bringing It All Together

Thus far in this module, we saw bits of pieces of the Insurance for Financial Services Cloud data model, within the context of crucial aspects of the industry. Let’s see what the overall insurance model looks like when we bring it all together.

The complete Insurance for Financial Services Cloud data model.

In this module, you learned how the insurance data model in Financial Services Cloud can help you track the key information related to your business and the activities of important users like your sales and service reps. The insurance data model helps bring all information related to insurance policies and claim summaries to Salesforce, so you can have a 360-degree view of your policyholders. 

Know that while the insurance data model gives you objects and fields out of the box, it also lets you define the relationships between different sets of data. It’s not a one-size-fits-all data model. Instead, it’s flexible and helps you manage enterprises both large and small based on business requirements. 

Summing Up

We know that the insurance data model can look a bit overwhelming. But you saw how easily Karuna, the business architect, along with her intrepid friends at Cumulus Insurance, set up the insurance data model and architecture for their business to achieve a 360-degree view of their policyholders.

A graphic showing how Insurance for Financial Services Cloud helps customers achieve a 360-degree view of their policyholders.

Now consider how you can adopt, implement, and customize Insurance for Financial Services Cloud for your specific business requirements. With Insurance for Financial Services Cloud, you can help agents and service reps track their performance and stay focused on their goals. Sales managers can also view consolidated performance summaries for all their distributors or monitor their individual performance. Agents and service reps can combine the policyholder 360-degree view with life events and business milestones to provide clients with relevant and timely advice: boosting NPS and the bottom line all at once.

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