In an attempt to better serve the insurance companies, salesforce.com (CRM - Free Report) recently expanded its financial services cloud with insurance-focused enhancements.
The company is looking to provide insurers “with a unified, 360-degree view of their policyholders including household relationships, life events, coverage and claims across all lines of business.”
The new features include a revamped Agent and Customer Service Rep Console, pre-packaged Lightning Flow templates and Life Events. In addition to this, the company unveiled upgrades of Einstein Analytics for Financial Services and Community Cloud for Financial Services.
The need for advancements in insurance carriers to keep pace with the increasing convenience of digitization is the primary driving force behind an improved Financial Services Cloud. Significantly, with this, salesforce is looking to help insurers provide distinctive experiences by “leveraging data and AI and digitizing touch points.”
Growing Adoption of Cloud Offerings: A Tailwind
salesforce is gaining traction from a robust demand environment as customers are undergoing a major digital transformation. The company is benefiting from the rising uptake of its cloud offerings, aided by its expanding partner ecosystem.
The company’s burgeoning partner base, which is favoring digital transformation of its customers, is likely to remain a key driver in this regard. Further, the frequent acceptance of its solutions among the partners is a positive.
In June 2019, salesforce announced that it has been chosen by the leading Japan-based property and casualty insurance provider Tokio Marine & Nichido Fire Insurance to “unify every customer touchpoint across its corporate and sales, call centers, insurance agencies and marketing divisions on a single CRM platform”. Tokio Marine & Nichido deploys salesforce’s cloud capabilities to support a million insurance agents in Japan and its 50,000 insurance agencies.
Moreover, in May earlier, a major insurance and retirement solutions company Pacific Life selected salesforce as one of its strategic technology partners for digital transformation.
Further, Rhode Island-based Amica Mutual Insurance Company, UK’s largest personal lines insurers LV= General Insurance and Paris-based Generali France SA are all deploying salesforce Financial Services Cloud to cater to the needs of their policyholders.
We therefore believe that the company’s strategy to frequently launch products and cloud services is being instrumental in expanding its clientele and will continue driving the top line.
Zacks Rank and Stocks to Consider
Currently, salesforce has a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader technology sector are Rosetta Stone (RST - Free Report) , Chegg (CHGG - Free Report) and Perficient (PRFT - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Rosetta Stone, Chegg and Perficient is currently projected to be 12.5%, 30% and 10.8%, respectively.
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