In 2018, a global insurer and Fortune 100 member approached Gerent to help transform their entire quoting platform. While the insurer remained a dominant player in the industry, they felt themselves starting to fall behind in terms of time to quote and broker experience. The root of their problem stemmed from the fact that they were trying to manage their insurance premium calculations entirely through Excel spreadsheets.
Premiums are calculated based on dozens of factors, such as the number of employees and officers a company has and revenue. All of this was initially handled in Excel because the Microsoft office tool was simple to set up and provided a standard database that was easy for everyone to access.
However, as their client base grew and Liberty’s rules and conditions for various insurance plans and rates multiplied, Excel became an unwieldy tool to use and was causing unacceptable quote delays and frustration throughout their broker network.
To solve this problem, Liberty decided to pursue a Salesforce implementation. The goal was to create a single platform that would allow both clients and brokers to input relevant data and receive a quote as fast as possible.
Vlocity and OmniScript power digital transformation
Gerent began by setting up the insurer’s products in a single Salesforce system. Specifically, all products were set up on the Vlocity Configure, Price, and Quote (CPQ) platform.
Gerent then leveraged OmniScript to guide users through various sales workflows and scenarios. With Omniscript, sales and service teams have access to all customer information and the most relevant information for a particular situation. The same holds true for products. Now, when sales teams gather information about a prospect’s business, they can input it into Salesforce while the call is taking place. Salesforce will instantly provide either the best insurance options or the right question to get more information to present an insurance option.
Vlocity lets the insurer capture a wide range of company information, such as size and revenue. This can then be used for insurance rating procedures. Calculation matrices are applied to provide insurance premiums, often automatically and near-instantaneously, which are used to inform the OmniScript information provided to sales teams. Quotes are created directly in Salesforce, where they are made available to clients, brokers, and insurance providers.
Worldwide insurance provider achieves near-instantaneous quoting
Before migrating their quoting and sales platform to Vlocity and Salesforce, producing a quote was an extremely time-consuming and labor-intensive process for the insurer. An agent would have to gather every piece of available information from a client, import it into an Excel sheet, and then send that sheet to the insurers quoting office for them to begin the underwriting process. Then, underwriters had to look at every factor that goes into pricing premiums manually, applying rules and calculations as they go, before finally providing the final premium. This process usually took five to seven days.
Now, with Salesforce, brokers can input prospect data into Salesforce and have a quote in fifteen to thirty minutes. This has resulted in a dramatic increase in sales. Additionally, the streamlined and easy-to-use platform has helped the insurer retain top broker talent.