Managing Insurance Renewals on Salesforce with FiveM and Fortimize Accelerator

May 22, 2024


In the insurance industry, underwriters bear an important responsibility for appropriately managing the evolving risk within their renewal books, doing so accurately, efficiently and competitively. Leveraging FiveM and their experience in insurance, along with Fortimize and their technology expertise in Salesforce, we’ve developed solutions like our Insurance Renewal Accelerator, which is transforming the management of insurance renewals on Salesforce. This accelerator expedites the implementation time for companies, allowing them to better use the technology to streamline the renewal process for underwriters and agents, saving time and money, all while improving the agent and policyholder experience.

Outcomes produced by our Insurance Renewal Accelerator include:

Persona-Centric Dashboards

One of the key features of Fortimize’s Insurance Renewal Accelerator is its dynamic dashboards tailored for different user personas. Whether it’s a C-suite executive or an individual underwriter, the dashboard provides a comprehensive overview of essential data points in chart form. This customization ensures that each user can access pertinent information relevant to their role, enhancing decision-making capabilities.

Reporting Capabilities

The reporting capabilities of the Insurance Renewal Accelerator allow underwriters to drill down into detailed insights behind dashboard report charts. For example, reports such as “Insurance Policies by Agency and Agent” offer high-level insights into agency and agent performance, while “Claims by Loss Cause and Policy” provides detailed information on claims grouped by loss cause and policy. This capability enables underwriters to extract valuable insights from these examples, allowing them to make better and faster decisions.

Automation for Efficiency

Automation lies at the core of the Insurance Renewal Accelerator, offering numerous possibilities to streamline the renewal process. For instance, underwriter assignments for renewal opportunities can be automated, ensuring that tasks are efficiently allocated based on predefined criteria, such as workload or risk complexity. Additionally, automated notifications can be triggered, alerting relevant stakeholders when a renewal opportunity requires attention or escalates.

Customizable User Interface

The user interface within Salesforce offers extensive customization options, catering to the unique preferences and requirements of underwriters. From the homepage to individual record pages, users can modify components and tabs to display relevant data points effectively. This flexibility empowers underwriters to optimize their workspace for enhanced productivity and decision-making.

Enhanced Record Management

Insurance policy records serve as the focal point for underwriters, providing comprehensive insights into policy-related data. Within Salesforce, each tab on the policy record displays separate objects, including standard Salesforce objects like coverages and transactions, as well as custom objects tailored to specific industry or client needs.

Single Source of Truth

Many carriers support multiple policy and claims administration systems. Rather than forcing underwriters to “swivel chair” across multiple interfaces – each with their own learning curve – leverage a “single pane of glass” where the entire risk portfolio is visible in one place, regardless of the admin system.

Relationship Management

Beyond policy management, the integration facilitates relationship tracking between policyholders, agents, and agencies. Relationship records enable underwriters to visualize and track connections between various entities, enhancing collaboration and decision-making processes.

FiveM and Fortimize’s Insurance Renewal Accelerator is bridging a huge gap for insurance companies and how underwriter service insurance renewals. By leveraging dynamic dashboards, robust reporting capabilities, and automation, , they can streamline operations, enhance decision-making, and drive greater efficiency in managing their risk portfolios.

Unlock endless possibilities

Thought Leadership Paper

Digital Transformation in the Financial Services Industry During COVID by Jim Collins