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The Top 5 Ways Financial Services Cloud Integrates with Insurance Industry Financial Systems to Improve Efficiency and Save You Money

Sikich

May 10 2023

2 min read

Financial Services Cloud is a tool designed by Salesforce to help financial industry firms automate processes, speed up workflow, and improve communication and customer experience. One way it does so is by integrating with financial systems.

While insurance companies share similar attributes with other areas of the financial services industry, they have their own unique regulations, processes, and objectives. Here are the top five ways Financial Services Cloud can easily integrate with financial systems for insurance companies.

Claims management systems

Financial Services Cloud can integrate with claims management systems, such as BriteWire, Applied Epic, and Filehandler Enterprise. This enables insurance companies to streamline every step of the claim process, from filing to processing to payment. This increases transparency, speeds up workflows, and reduces wait times as companies process claims, thereby increasing customer satisfaction and trust.

Policy administration systems

By integrating with policy administration systems, such as AgencySmart and BindHQ, Financial Services Cloud can help companies automate data entry and more efficiently manage policies, premiums, and other administrative data.

Underwriting systems

Integrating Financial Services Cloud with underwriting systems such as OneShield and Duck Creek Rating enables agents to automate the underwriting process, reducing costs and improving the accuracy of underwriting decisions.

Commissions systems

Automating commission payments by integrating Financial Services Cloud into your commission systems allows firms to quickly calculate and pay commissions to brokers and agents while reducing the likelihood of errors. This supports a better work environment for agents and brokers so that they can focus on servicing their clients and converting leads.

External data sources

Financial Services Cloud allows your firm to quickly import and validate data from a range of external sources, including spreadsheets and databases. Automating data entry helps improve speed and accuracy, improving workflow and customer experience.

How to get started with Financial Services Cloud

Contact us to speak with our team of Financial Services Cloud experts to discover all the ways that FSC can integrate with your insurance firm’s financial systems to improve your workflows, reduce costs, and increase satisfaction among agents and customers alike.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 