If you’ve been tasked with modernizing your insurance agency’s tech stack or improving its customer outcomes, you’ve no doubt heard of Salesforce. The CRM has a dedicated product for financial services businesses (the Salesforce Financial Services Cloud), plus lots of workflows and out-of-the-box features designed to make life easier for insurance agencies.
But it’s also a major investment and would likely require everyone at your agency to change the way they operate day to day. Here, I’ll outline the essential considerations that can help determine whether Salesforce is the right solution for your agency.
More on insurance: Robotic Process Automation (RPA) Use Cases in Insurance
The Benefits of Salesforce for Insurance Agencies
Insurance agencies that adopt Salesforce can expect to enjoy five big-picture benefits:
These are substantial benefits that any insurance agency should take seriously. But they’re not the whole story.
The Hurdles of Adopting Salesforce at Insurance Agencies
If Salesforce were all upside, every insurance agency would have adopted it already. The following three hurdles help explain why it’s not always a straightforward decision.
The Bigger Picture: Staying Competitive in a Changing Space
Thinking in a bigger way about the industry, the question for insurance agencies shouldn’t be about whether or not to adopt a CRM platform like Salesforce, but about which platform to adopt.
Right now, legacy companies face lots of pressure from insurtech startups that offer a streamlined, integrated customer experience. That pressure isn’t going away. What’s more, insurtechs have changed customer expectations about how easy and engaging it should be to work with an insurance company.
If you’re not meeting those expectations, you’ll likely lose customers
There’s also the reality that CRM platforms like Salesforce are constantly innovating and making their product better. Replicating that with in-house software is prohibitively expensive; you’d need a team as big as Salesforce’s team dedicated to coming up with ideas, making changes, testing, and ensuring uptime. It’s an enormous job – especially for a business in the insurance industry.
Get Expert Input before Taking the Leap
Adopting Salesforce is a big change for any insurance agency – and really, any organization. Because of that, it’s best to consult with experienced experts before taking the leap.
We’ve worked with lots of insurance agencies, and our team has helped deploy Salesforce Financial Services Cloud dozens of times. If you’d like a more definitive opinion about whether Salesforce is the right solution for your agency, get in touch. We can have a conversation about your goals, the state of your business, and what makes the most sense for your company.
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