Is Salesforce CPQ Worth It? How Salesforce CPQ Accelerates Insurance Sales

Insurance is a complex arena providing products that vary from individual to individual, coupled with an evolving landscape of regulations. Agents selling insurance premiums are choked with tons of documents, customized products themselves, and lengthy approval processes that always end up delayed and full of errors. 

Nevertheless, one of the innovative solutions that companies seeking to improve their sales processes and become more efficient have turned to is Salesforce CPQ (Configure, Price, Quote).  

So is Salesforce CPQ a good investment for an insurance company?

Let’s discuss in this post how Salesforce CPQ can change the face of insurance sales and the value it promises to add to a modern-day insurance company that is keen on keeping a competitive edge.

What is Salesforce CPQ? 

• Salesforce CPQ is a tremendous revolutionary resource for the complete streamlining and automation of the quoting process.  

• In fact, CPQ stands for Configure, Price, and Quote; this is through which Salesforce CPQ enables sales teams to automatically produce quotes, preferably quite accurate and customized according to customer requirements, products, and pricing models.  

• Coupled with the strength of Salesforce CRM, CPQ speeds up the sales cycle and enables sales teams to make informed decisions based on real-time data. 

Some Key Features of Salesforce CPQ: 

Product Configuration: Customization of insurance products with options to include riders, limits, and coverage based on an individual client’s needs. 

• Automated Pricing: Swiftly integrates pricing rules and discounts for an accurately pre-determined quotation. 

• Hasten Quoting: Create errorless quotes, proposals, and contracts in one-tenth of the time spent if done manually. 

• Approval Workflow: All quotes and discounts should go through the appropriate approval process before being sent to the customer. 

How Does Salesforce CPQ Benefit Insurance Sales? 

Salesforce CPQ has an extensive role in insurance, especially in citation, policy bundling and commissions. Here are some of the ways it hastens selling: 

1. Generation of Quotation Fast and Accurately

• The crucial challenge in insurance is providing an accurate quote for a specific potential customer. Most of the time, manual quoting leads to errors, delays and missed opportunities. Salesforce CPQ enables the sales team to configure products, apply relevant pricing rules and generate highly customized quotes within minutes. This way, such a challenge is eliminated.

• For example, when a customer requires insurance for different aspects, such as life, health and auto, an agent may bundle several policies into one set of coverage and provide all the discounts needed to ensure total compliance with regulations. Using Salesforce CPQ, that process is done automatically with lesser errors, thereby speeding up the entire process. 

2. Affordability to Every Customer of Customized Policies

• Usually, the sale of insurance policies entails some sort of tailoring to the needs of the customer. Conventional methods of creating personalized quotes would take a long time and could also contain errors. Therefore, the configuration tool from Salesforce CPQ makes it easy for agents to configure policies quickly as per the client’s exact needs. 

• Take for example, John Doe would want to make some adjustments regarding the specifics of his life insurance policy which he aims to customize with limits and exclusions, such as coverage amounts, beneficiaries and even specific exclusions on his policy. Using Salesforce CPQ, the agent can make a proper quote on the customer’s behalf instantly as he chooses options and applies pricing rules according to the customer’s preferences. 

3. Better Compliance and Lesser

• Errors Insurance sales are very much regulated and, hence, companies have to be assured in compliance with local, state, and federal laws in every quote and every policy. Even more, a slight error in pricing or terms can cause problems in law, resulting in huge revenue losses. 

• The risk of such problems is eliminated through Salesforce CPQ because all the quotes would comply with the approved pricing models, discounts, and compliance standards of the organization. Furthermore, automation of approval workflows along with error-free quote generation increases the chances of non-compliant or incorrect pricing not being sent to the client. 

4. Live Insights and Vision

• Salesforce CPQ offers real-time data and analytics that enable insurance companies to analyze how their sales teams perform against understandable customer behavior and plans to improve sales tactics. Real data helps sales managers guide teams better where popular products are, the type of coverage customers are looking for, and which discounts are working. 

• For instance, it would be possible for insurance companies to calculate which policies accrued most profits, what the construction costs for acquiring customers were, and how asymmetric but at the same time very optimally pricing strategies would work. 

5. Salesforce CRM: A Seamless Ecosystem

• Salesforce CPQ is totally integrated with Salesforce CRM whereby all customer info, quotes, and policy data are located within a single unified system. This integration eliminates silos that separate departments, allowing salespeople to gain a 360-degree view of their customers’ journeys. 

• With such end-to-end visibility, insurance companies can create accurate quotes while concurrently tracking customers from the moment of inquiry until the closure of a sale. This better enables seamless customer relationships from the point of inquiry through the solicitation and implementation of their new policy. 

Is Salesforce CPQ Going to be Worth It for Insurance Companies? 

Salesforce CPQ has really helped to value insurance as it automates and streamlines the entire QTC process. Speed, accuracy, and customization are important benefits for insurance agents when having to return a customer inquiry, determining whether compliance requirements are met, and having a reduced incidence of errors. 

Also, seamless cross-department communication and a common view of customers available to sales teams are possible, thanks to integration with Salesforce CRM. Agents quoting faster accurate customized estimates not only improve productivity for the sales team but raise customer satisfaction in a competitive insurance arena. 

Summary  

Salesforce CPQ is more than just operating systems for gathering information; it is a strategic investment that can transform the entire sales processes of insurance companies. By automating complex tasks, it minimizes human error and accelerates quoting processes, thereby keeping the insurance businesses far ahead of their competitors and improving their service quality. If you are considering increasing your insurance sales efficiency and speeding up the pace of selling insurance, you should definitely consider Salesforce CPQ.