Salesforce for Insurance - Loss Control
Loss prevention is a pillar of the insurance industry as a risk management technique used to reduce the number of claims by mitigating the risk.
Insurance companies look to help businesses minimize claims by focusing on safety and risk management techniques.
Insurers may perform customized loss control plans for businesses.
To develop this plan, the insurer examines a company’s operations and history, looking to show any causes of risk like unsafe working conditions.
The insurer then looks to provide a detailed solution to mitigate the identified risk. For example, loss control consultants look to understand the causes of workplace injuries at a company.
The consultants may find the company is putting the staff at higher risk by not providing enough safety equipment or training and consultants offer a potential solution, that by making specified changes, it may reduce risk and result in loss prevention.
Insurers are looking for a software solution to assist with managing the loss control process.
From Account Management, Work Assignments, managing the fieldwork, business intelligence, and reports, as well as an integration framework that allows legacy systems to connect and ensure all data is centralized for these fieldwork employees.
Let’s break each of these components down and see how Salesforce works as a solution for loss control in insurance.
Salesforce as a solution for loss-control in the insurance industry
ACCOUNT MANAGMENT
Loss control consultants and other stakeholders need a centralized location for the loss control history and complete insurance plans of the insured.
In addition, they may look to collect and store further information like hiring and disciplinary policies, training schedules and records, OSHA forms, fleet safety and maintenance programs, quality control practices, fire protection inspections, and more.
All this information and data can be centralized and easily accessible in the Salesforce Account object.
With access at the consultant's fingertips with Salesforce mobile, the consultants can navigate to the information they need in the field, prior to visits, and anytime they want in one, centralized place.
FIELD SERVICE
A lot goes into managing fieldwork. From assigning the loss control work, service requests, mapping and scheduling upcoming visits, to the actual fieldwork.
First, insurers need a process to assign the work to the various consultants.
There are several ways to make this happen in Salesforce, whether you use Cases or Salesforce’s very solution-specific product - Field Service Lightning.
Salesforce is a powerhouse in managing field service activity. They continue to enhance, innovate, and invest in field service capabilities.
Recently, Salesforce acquired ClickSoftware - a cloud-based field service and workforce management software for $1.35 billion dollars.
In this age of Insurtech innovations, we like to say it’s not worth trying to create your own product, always try to get something off the shelf because companies like Salesforce look at their products under a microscope and continuously work to improve the software.
Building your own product is challenging because once the initial build stops, it’s difficult to continue to allocate budget to it for innovation and continuous improvement.
Could you imagine an insurer making a $1.35B acquisition just to improve their loss control capabilities?
Instead, looking at a product like Salesforce allows a company to take an existing tool and simply modify it for their specific needs. Not start from scratch. The cost difference between the two paths is immense.
Salesforce has mapping and scheduling capabilities, online/offline mobile and tablet accessibility to capture data, recommendations, photos, diagrams, and attach documents in the field.
BUSINESS INTELLIGENCE AND REPORTING
With all the account data in one location, loss control consultants can create custom reports, dashboards, and data extracts to make the most out of their loss control data.
Leverage the power of Salesforce’s database to build targeted loss control efforts.
Some insurers have fragmented databases that make it difficult for leadership to create comprehensive reports and dashboards.
But Salesforce has standard API capability as well as more comprehensive integration capabilities - like MuleSoft - that allow companies to integrate any additional policy administration, claims, imaging, and other core systems all into one place.
Being able to pull this data from fragmented systems into one system, Salesforce, insurers have now exponentially empowered their staff with the data they need at their fingertips.
Salesforce for Loss Control is likely a capability many insurers wouldn’t expect.
However, Salesforce is an ideal solution! Providing all the account data in one centralized view, creating a streamlined way to assign fieldwork to loss-control consultants, providing a centralized place to access and store their data, as well as advanced field service, reporting, and data integration capabilities.
If you’d like a free one-hour consultation to understand how this might enhance your company’s insurance loss control process, fill out our contact form!