Vlocity: Unleashing Digital Transformation in Insurance

Vlocity: Unleashing Digital Transformation in Insurance

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 1 Nov, 2018

Vlocity + Salesforce have created a platform built for microservices and digital engagements that allows insurers to break-free and innovate. Vlocity is a modern suite of omnichannel solutions for insurers, producers, providers, employers, and consumers built on top of the Salesforce platform.
Designed for Health, Employee Benefits, Property and Casualty, Life and Annuities, and Specialty Lines of business, Vlocity provides guided, digital interactions across the customer journey, including enrollment, onboarding, quoting and applications, underwriting, customer support, account management, renewals, and claims. These interactions can be configured without code and deployed to any device or channel and integrate seamlessly with back-office and third-party systems.

The Vlocity Difference

  • Faster Time to Market with Industry Expert Design
    There’s no need for custom development. Their industry experts have made it easy to quickly deploy carrier-specific cloud solutions with no code management.
  • Lower Cost of Ownership
    Legacy systems are expensive to maintain. With Vlocity, cost of ownership are lower and customers benefit from continuous innovation with three major product releases a year.
  • 360 Degree View of Front and Middle Office
    They create a single platform with a 360-degree front and middle office view, integrating, consolidating and configuring data for greater service efficiencies, personalization, and accuracy.
  • 100% Additive and Native to Salesforce
    As the leading strategic ISV Salesforce partner, their solutions are developed to complement the Salesforce platform. Customers can buy end-to-end capabilities or select particular modules.

Vlocity serves 40+ enterprise insurance companies and their multiple business lines and brands across North America, Europe, Asia, Australia, and Africa. In 2018 they won Forbes 2018 World’s Best Cloud Companies, JMP Hot 100 Software Companies and the Stratus 2018 Award for Cloud Computing.

Customer Impact Examples
A top five U.S. health plan was looking to reduce their group rate, quote and apply cycle time from days to minutes. Vlocity provided best-in-class, industry-specific cloud applications for nearly hundred thousand employers and brokers to streamline quoting and application approvals. Because of the agile and user-friendly digital platform, they achieved 50%-time savings in their application processes.

A Global P&C Insurer relied on spreadsheets and emails with brokers in their International Specialty Lines business. In just 8 weeks, Vlocity delivered a broker portal with quoting for two products:  cutting the turnaround time for a quote from 2 days to just 10 minutes.

An Iconic American P&C Insurer struggled to get agents to quote Business Owners Policies, as their prior application was too difficult for most users. In 12 weeks, Vlocity implemented a new quote-to-bind portal which reduced quoting time by 50%, and increased quote volume by 75%. The solution included a 70+ step rating procedure, plus DocuSign eSignature. Vlocity’s responsive digital design ensured that agents quote from their mobile devices right from the start.

How it Works:


Why we selected Vlocity for DIA Munich:
The Vlocity and Salesforce partnership is fundamentally transforming how the world's leading insurers engage with their policyholders, providers, agents, and employees. Insurers use Vlocity + Salesforce to go live in a matter of weeks and see immediate business results, including quoting and application times reduced from days to minutes, double-digit increases in agent digital quoting, a huge reduction in post-sale setup times, expedited time to proficiency, reduced call handle times, and improved NPS scores.

At previous DIA events, Vlocity covered their Digital Claims solution and Virtual Insurance Agent. At DIA Munich Peter Caryotis, Vice President, Insurance & Financial Services, EMEA & John Williams, Senior Solution Specialist, Insurance & Financial Services, EMEA will focus on how the health vertical is digitally transforming broker sales and self-service tools so that carriers can achieve faster quote cycle times, eliminate application errors, and retain customers.



Who is Vlocity?
Vlocity, a Forbes Cloud 100 company and strategic Salesforce ISV, delivers industry-specific cloud and mobile software that embed digital, omnichannel processes for customer-centric industries. Built in partnership with Salesforce, the world's #1 CRM company, Vlocity is one of Salesforce's fastest growing partners. Vlocity Industry Cloud Apps embed industry-specific functionality, best practices and business processes for the Communications & Media, Insurance & Financial Services, Health Insurance, Energy & Utilities and Public Sector industries. Vlocity enables companies to achieve faster business agility and time to value from the cloud across digital and traditional channels.

"The best customer experiences are industry-specific." David Schmaier, CEO and Founder



https://vlocity.com/

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