2015 ICTA Nomination. Technology by Revolution Group.
Salesforce was selected as the CRM tool for Frank Cowan Company in 2013, with an initial focus on our Specialty Programs & Association broker partners and clients, with the opportunity for expansion into other lines of business. It was deployed by Frank Cowan Company in August, 2014 as our sole Customer Relationship Management (CRM) platform.
Specifically, Salesforce is used to help manage and develop relationships with a growing number of brokers and associations. Prior to Salesforce, Frank Cowan Company relied on an accounting driven system to manage broker portfolios. Revolution Group, a technology consulting service well versed in CRM and insurance integration, was engaged to assist with the configuration and deployment of our Salesforce instance. They were brought on board as they had an excellent track record for bridging the gap between the technology and the business, including work with other insurance companies and brokers so we could learn from an experience partner and hit the ground running. Salesforce now provides a much more strategic way to manage broker account information.
Essential features include:
- Access to information: The sales team can now access real-time information relating to broker relationships and business submissions from a laptop or mobile device.
- Automation: Salesforce was first populated with data extracted from our legacy system. Cognos has since made it possible for automatic updates from our data warehouse. In addition, business reservations are logged semi-automatically into Salesforce.
- Centralization: Information pertaining to our accounts and sales activities are centralized and managed in Salesforce. This includes emails, correspondence, eblasts documentation, phone calls, meeting, etc. for easy recall and dissemination. We have combined several manual leads lists into Salesforce which will allow for more effective targeting with our broker partners.
- Business Flow Tracking: Salesforce tracks business and its position in the sales funnel. This feature allows field staff and other users to tell what submissions are available and how they are moving through the underwriting process. We can now view the accounts and premium values associated with any given broker.
All of these features help Frank Cowan Company make smarter business decisions while using time and resources more effectively in an effort to generate increased strategic growth for ourselves and our business partners.
We can now visually see the impact of our activities and visits and make business decisions based on data, including modifying our travel and resource allocation to focus on the areas that matter to our brokers and their clients. Because 5 years of data is already loaded into the CRM, we have a solid base of knowledge to build upon to be able to adjust our approach on a regional or program basis. Additionally, the system has been designed so that its use can easily be expanded into additional Frank Cowan Company departments including Risk Management and Underwriting, as well as in partnership with our municipal lines broker partners.
From a reporting and forecasting standpoint we now have the ability to monitor and measure the activities of our people in the field and the results these have generated. This gives a numeric and graphic representation for accurate forecasting. We can now fine tune our effectiveness by studying what really works. In this year’s planning process the CRM was utilized for forecasting our growth and generating more precise targets through analyzing the effectiveness of our various activities and then aligning resource requirements accordingly to reach our goals.
In this year’s planning process, Salesforce was used to forecast our growth and generate more precise targets through analyzing the effectiveness of various activities.
Although Salesforce has only been implemented at Frank Cowan Company for a few months, we believe it will increase our effectiveness (already seen in our activity measurements) by over 20% through the better deployment of our resources.
Benefits – Improving the Business Flow
Business Development Managers at Frank Cowan Company now have an instant and detailed view of a complete broker profile including a relationship overview and account and premium activity stretching back 5 years. This allows Business Development Managers to focus on key aspects of the relationship – this insight was not always available prior to deploying Salesforce.
While it is early days for our CRM we believe this reallocation of our resources to better match desired results will allow us to increase our sales by over 20%. We will achieve this target as we have improved efficiency and effectiveness for planning and execution through our access to more accurate and more organized information. This impacts business by improving the quality of the submissions that we see in tandem with improving the quantity of submissions that we see.
Forecasting can now be done with greater attention to detail and accuracy by having instant access to our real time sales funnel. Additionally, we are fine tuning the different sales related activities that we embark on nationally based on the results that we are now able to monitor and measure. This allows us to better target our time and other resources with partners to maximize our results rather than a shotgun type approach.
Revolution Group is an Ohio-based technology consulting services company that specializes in the integration and implementation of CRM. They have a proven track record of bridging the gap between the business and the technology which was instrumental in our successful deployment of Salesforce. They helped us to avoid pitfalls and maximize the effectiveness of our Salesforce CRM tool.
About Frank Cowan Company
Frank Cowan Company is a leader in providing specialized insurance programs, including risk management and claims services for municipalities and public service, healthcare, education, community, children’s and social service organizations across Canada. Proven industry knowledge, gained through over 87 years of partnering with insurance companies and independent brokers, gives Frank Cowan Company the ability to effectively manage the necessary risk, advisory and claims services for both standard and complex issues. For more information, visit www.frankcowan.com.
SOURCE: Frank Cowan Company