A Systematic Review of Salesforce CRM Adoption in the Insurance Domain: Benefits, Challenges, and Future Trends

Abstract

Insurance business is characterized by a rich history of adopting changes in technology, which encompass actuarial risk models and online computerization. This systematic review examines the use of Salesforce Customer Relationship Management (CRM) in insurance companies, including its advantages, implementation difficulties and new emerging trends. Salesforce CRM has been amenable in terms of flexibility and scalability, and it has a set of cloud-based apps that enable businesses to streamline their operations in terms of sales, service and marketing all rolled into one in Salesforce CRM. The platform can allow consolidating the customer data, and thus customer-centered engagement can be realized with actions based on analytical insights of their behavior. It also improves the efficiency with which operations are carried out by streamlining workflows, scheduling tasks and implementing a real-time dashboard that guides informed decisions. However, the incorporation of futuristic technologies e.g., artificial intelligence (AI) and machine learning (ML) poses its problems, e.g., employee training and skilling and issues relating to algorithmic transparency. The trend of the future implies the increased use of Salesforce Financial Services Cloud, the application of AI-based tools, such as Salesforce Einstein, to gain predictive analytics, and the integration of blockchain to ensure higher security and transparency. Furthermore, stronger connectedness with Insurtech, application of IoT to perform risk assessment in real-time, and the emergence of low-code/ no-code tools might influence the next challenge of CRM-based insurance services that may correspond to changes in regulatory requirements.