Insurance Industry Game Changer Salesforce To Acquire Vlocity
Salesforce is leading the way in insurance solutions!
On February 25, 2020, Vlocity CEO and Founder David Schmaier announced that Salesforce has assigned a definitive agreement to acquire Vlocity.
Setting the bar for industry standards, Vlocity increases sales and service, improves operational efficiency and creates more agility in marketing.
Vlocity serves key industries including; Media and Entertainment, Insurance, Government and Health to name a few.
Vlocity offers solutions for every division of your business including:
Property and Casualty Insurance
Life Insurance & AnnuitiesGroup
Insurance Claims
How does Vlocity work for the Insurance Industry?
Vlocity’s Digital Insurance Platform drives digital transformation by initiating key insurance components and processes through Salesforce.
Through this highly intelligent software, insurance carriers and their agents can:
Provide quotes to clients fast and efficiently
Initiate policy compliance and administration
Provide top of the line claims management systems
Allow for billing which can then be deployed to all aspects of the insurance industry
Exploring Vlocity’s Digital Insurance Platform
Let’s take a look at how Vlocity’s Digital Insurance Platform and Salesforce work together to enable both Carriers and MGA’s to run their core insurance processes.
1. Complete Policy Process
Imagine the entire policy lifestyle on the Cloud, that is what Vlocity Insurance brings to the table.
The Vlocity Process Library offers several pre-configured transactions that you can download. Alternatively, through the drag-and-drop tooling, you can design your own.
2. Omnichannel Delivery
Vlocity Insurance offers out of the box applications including;
Producer Portals
Policyholder and Broker Portals
Consumer and Producer Mobile Applications and;
Contact Center Consoles
These applications can be optimized with your own branding.
3. Middle and Back Office Efficiency
Vlocity Insurance is fast and efficient. This comes from the easy to deploy middle and back end office engines.
Through the use of the Vlocity platform, the following can be run in the Cloud and can be managed without code:
Rules for policy configuration, claim adjudication, and underwriting
Algorithm ratings and matrix look-ups and calculations
Forms management and document generation
Integration through real-time AI plus open connectors
4. Data and Integration
Vlocity Insurance offers several insurance-specific objects and all of them are a 100% add-on to Salesforce. You can pre-configure claims, insured items, policy transactions, coverages, and more.
If you have data that is running outside of Salesforce, Vlocity provides a series of integration tools that easily connect to REST (Representational State Transfer) and SOAP (Simple Object Access Protocol) endpoints.
Vlocity Benefits
One of the biggest benefits of Vlocity is the partnership with Salesforce. Whether your company needs data migration or back-office integration, Vlocity is setting the bar for innovative technology that brings it’s A-game when it comes to a robust CRM system.
Their cloud apps help many companies deliver the highest level of service to their customers without absorbing too much time and budget to do so.
The software provides industry-specific collaboration available across many channels. The omnichannel functions provide the ability to create target specific offers, up-sells and cross-sells relevant to the clients’ specific needs. Improvement can be seen within the companies ROI and retention rate.
Because the software was built on Salesforce, it leverages the Salesforce’s Sales, Marketing, Community, Analytics, and Service cloud capabilities.
If you’re looking for software to help you stand out from the competition, Vlocity delivers.
Vlocity provides fast, accurate interactions within the customer channels so your insurance team can focus their attention on the customers more rather than the learning curve of managing a complex software system.
Are you ready to transform your CRM system?
The powerful suite of 100% native to Salesforce task-based components provides industry-specific transactional capabilities.
With simplicity at the forefront, insurance teams can focus more on customer interaction and less on software function.
Are you interested in discovering whether Vlocity is a good fit for you and your business? Book your no-obligation 30-minute strategy call here.