How Salesforce Extends Beyond CRM for Banking and Insurance

March 23, 2021by rashmita satpathy

Customer Relationship Management software helps in delivering outstanding service to the customers. From giving access to rich customer profiles to providing alerts such as client life events, these CRMs have revolutionized the way these industries operate. 


CRMs are no more an optional commodity in the Banking and Insurance industry, and with companies such as Salesforce bringing to the plate much more than typical CRM offerings, it becomes important to talk about why Salesforce is important for the Banking and Insurance industry. So without any further ado, let’s get started!


#1: Hearing Out What Customers Need


Salesforce offers several tools and functionalities which help in understanding the customer better. This allows bequeathing them with unique offerings catered to their needs and desires. Customers don’t mind sharing their data in the hope of better services. For example, Accenture’s research showed that 64% of people would want insurance premiums based upon their behavior. That means if they have a good driving record, having a comparatively low premium would bring a smile on their face. 

customer needs

Another research by eMarketer also proves something on this line where the data showed that 80% of people don’t mind sharing their data if companies offer personalized services. Salesforce custom integrations come in handy in such scenarios as they make summary and visualization of data a cakewalk. 


Read: Digital Transformation in the Financial Industry – Digitising the Sales Process & Transformation Frameworks


#2: Automation Helping in Solving Complex Problems


Both the insurance and banking industry have to deal with a myriad of service requests daily. A good CRM software could analyze the most occurring inquiries and prepare data to be utilized by AI for automation. By automating processes where human intervention isn’t required, the agents’ time would free up, and they would be able to involve themselves in more productive tasks. 



The idea of providing self-service not only reduces the time taken to provide the right solutions to customers but also leads to an increased focus on a complex issue that requires human intervention. Additionally, when a service agent gets a 360-degree view of a customer’s profile, past activities, and transactions, they’ll better understand customers’ issues and help them accordingly. 


#3: Product Comparison Tools


The banking and insurance sector has many products and services stocked on shelves waiting for customers to pick them up. However, prospective clients expect transparency, and if a business can provide them so, it could lead to lifelong trust. 




This is where banks and insurance companies could use Salesforce for product comparison tools. They make the buying decision easier and help insurance agents and bankers explain the difference between the two products and services to the client. 


Also Read: How financial service providers can scale up quickly with Salesforce Financial Cloud


#4: Inhouse Training


The whole world is moving towards AI, the cloud, and everything technology. It becomes important to get the staff trained thoroughly on software and technologies they would be working on, and this is where Salesforce could be of great help. Salesforce partners can provide training to internal teams, which would help get work done seamlessly.  


 Contact us to find out more about how we can help your business to achieve unprecedented growth.     


#5: Increasing Customer Loyalty


As per research, acquiring a new customer is 5-25 percent more expensive than retaining an existing customer. Salesforce helps get key insights about a customer, which are beneficial in devising personalized plans for every customer. Further, even inactive customers could be recognized and rekindled through several re-engagement tools. 



Read More: Salesforce for Financial Industry: How to Streamline your Sales Process




The banking and insurance sector contributes to a nation’s GDP and serves almost every person on the planet. A good CRM goes a long way in the seamless operation of these two industries. With more than a decade of Salesforce expertise and excellent service, CEPTES can help make your banking and insurance processes more transparent, seamless, and secure. We hope the above information about Salesforce and its importance in these two sectors was helpful. To know more, connect with us or request a consultation here.