Definition
In Salesforce Financial Services Cloud and Industries, an object representing a customer's insurance policy including coverage details, premium amounts, policy terms, and associated claims.
Real-World Example
a support manager at QuickAssist uses Insurance Policy to improve response times and customer satisfaction scores. After implementing Insurance Policy, agents have the tools and context they need to resolve issues on the first contact. Average handle time decreases by 20% and CSAT scores climb to an all-time high of 94%.
Why Insurance Policy Matters
In Salesforce Financial Services Cloud and Industries products, an Insurance Policy is an object representing a customer's insurance policy. The record stores coverage details (what's insured, coverage limits, deductibles), premium amounts and payment schedules, policy terms (effective date, expiration, renewal), beneficiary information, and links to associated claims. It's the central record for an insurance customer's relationship with their insurance products.
Insurance Policy is part of a broader insurance data model that includes Producer (the agent or broker), Account (the policyholder), Product Coverage details, Claim records, and Beneficiary information. Together, these objects model the full insurance customer relationship in a way that supports policy administration, claims handling, customer service, and renewal management. For insurance companies using Salesforce, the Insurance Policy record is typically central to their CRM strategy and integration architecture.
How Organizations Use Insurance Policy
- •Coastal Insurance — Built their entire customer experience around the Insurance Policy object in Financial Services Cloud, with claims, payments, and renewal tracking all linked back.
- •Redwood Financial — Uses Insurance Policy records to drive renewal campaigns, with reminders going out 60 days before expiration.
- •NovaScale Insurance — Built integrations between their policy administration system and Salesforce Insurance Policy records to keep both in sync.