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To help insurance brokerages tie in disparate systems to manage their operations and increase employee productivity, CRM software provider Salesforce has introduced a new offering in preview, Financial Services Cloud for Insurance Brokerages.

Insurance firms or brokerages use three or more systems to service clients, and are looking to tie them into a unified system in which they can use real-time data to increase productivity and reduce expenditure, according to a survey of 105 insurance firms, carriers, and brokerages conducted by Arizent Research for Salesforce.

Salesforce aims to do just that with Financial Services Cloud for Insurance Brokerages, which will become generally available in February 2025. The new offering will combine fundamental products Salesforce already offers to automate several facets of the insurance business such as client management, policy servicing, and commission processing. Data Cloud, for instance, will be used to combine an insurance brokerage’s structured and unstructured data, such as policy details, claims history, and real-time client interactions into one platform.

“With this unified client profile, producers and account managers can now use AI to help them identify patterns and critical trends, such as gaps in coverage or potential retention risks, or where to focus efforts such as prioritizing prospects,” the company said in a statement.

Financial Services Cloud for Insurance Brokerages will include modules for Commissions Management to help finance and accounts teams within insurance firms or brokerages to simplify the process of managing commission splits; Employee Benefits Servicing to aid in the process of maintaining and renewing employee benefits for clients; and Property and Casualty Industry Servicing.

In order to effectively manage commissions, finance, and accounts teams can key in a set of rules or create a library of rules and definitions to allow the algorithms inside Financial Services Cloud to implement rule-based process automation.

Separately, account managers can simplify employee benefits servicing by making use of the real-time data and in-built inside Financial Services Cloud, which in turn use algorithms to recommend potential plan adjustments or suggest additional coverage options, the company said.

The new offering can create a unified view of a client’s property details and policy information across different insurance carriers, which in turn allows brokerages to provide more personalized support, Salesforce said.

Financial Services Cloud is available for enterprises in monthly and annual subscriptions across various categories. Monthly subscriptions start at $300 per month and go up to $700 per month with varied capabilities. The yearly subscription starts at $180,000 per organization per year.