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Insurance Brokers: Harnessing Data for a Unified Future!

Introduction and Background

Futureform recently led a significant project for a leading independent specialist broking firm catering to intermediaries, direct insureds, and reinsurers. They operate within Lloyd’s and international markets, providing expert brokerage services tailored to the needs of their diverse clientele.

Project Overview

The project aimed to streamline the tracking of renewals and new business opportunities by automating processes and consolidating data within a single platform. By leveraging Salesforce Financial Services Cloud, the project enhanced visibility and efficiency for brokers and teams. Ultimately, the initiative provided a comprehensive view of forecast health, empowering the organisation to make data-driven decisions.

Challenge

Before our engagement, the company lacked a unified mechanism for consolidating renewal and new business pipelines across all business units and teams. Significant manual effort was needed to extract expiring policy information, which was then transformed into spreadsheets for various teams to track. This led to inconsistent processes among teams and made it challenging for the company to report on its overall renewal pipeline. Additionally, with sales targets set in the financial ledger system, manual effort was required to monitor progress against the budget. The information stored in disparate systems, combined with the manual handling of data, increased the risk of errors, ultimately affecting the accuracy of the company’s pipeline and budget reporting.

Why Futureform?

Futureform was an excellent choice for this project due to its expertise in automating insurance brokerage processes and a proven track record in similar implementations. Their strong knowledge of Salesforce, MuleSoft, and Tableau CRM, along with a commitment to leveraging data for insights, ensured efficient execution and enhanced visibility. Additionally, Futureform’s collaborative approach and dedication to continuous improvement aligned perfectly with the organisation’s objectives.

Solution

  • Futureform transformed the manual tracking of renewals by leveraging existing functionality for the organisation. By using Insurance Policies in Salesforce, sourced from the PAS system, OpenTWINS, we automated the creation of renewal opportunities linked to expiring policies.
  • The opportunity was linked to the policy, allowing Futureform to utilise Omnistudio to visualise data from OpenTWINS and the organisation’s DMS, providing teams with a complete 360-degree view of renewal opportunities directly on the record.
  • With automated renewal generation in place, we implemented CRM Analytics to visualise the renewal pipeline alongside new business. Integrating the CRM Analytics connector with Snowflake enabled us to pull budget data from their ledger, facilitating effective tracking of team performance against budget targets.

Products

  • The project utilised Financial Services Cloud for tailored financial solutions, MuleSoft Anypoint Platform for seamless integration, Sales Cloud for effective sales management, and Salesforce CRM Analytics for data visualisation. These products enhanced operations, improved client engagement, and supported data-driven decisions.

Results and Impact

  • Now, all pipeline data is seamlessly consolidated in one place, empowering brokers with actionable, data-driven insights right from a single platform.
  • The CRM Analytics dashboard has become the go-to tool for teams, allowing them to explore their pipeline effortlessly while eliminating the need for manual renewal opportunity generation—saving significant time.
  • This powerful dashboard delivers a comprehensive view of pipeline health, providing the executive team with an unprecedented, data-driven experience that transforms decision-making.