The Ultimate Guide to Salesforce Financial Services Cloud

What is Salesforce Financial Services Cloud? 

Salesforce Financial Services Cloud is a specialized CRM platform designed to empower financial institutions and optimize their operations. It is built on the robust foundation of Salesforce’s core CRM infrastructure. FSC brings together client data and interactions from various business touchpoints, regions, and channels to offer a unified view of customer relationships. 

The solution caters to a huge range of providers including banking, wealth management, insurance, asset management, etc. Financial Services Cloud easily blends industry-specific functionalities with the powerful capabilities of Salesforce Sales Cloud and Service Cloud. 

Moreover, the platform enables financial institutions to integrate data from a range of sources—including core banking systems, portfolio management tools, and financial planning software—into one scalable and secure environment. 

Administrators can also tailor workflows, processes, and data models to align with their organization’s needs, aligning it with Salesforce’s commitment to security, scalability, and customization. By streamlining implementation and automating routine tasks, Financial Services Cloud allows teams to concentrate on client-centric activities while maintaining compliance and operational agility.

Salesforce Financial Services Cloud isn’t just a CRM—it’s a game-changer for financial institutions looking to deepen client relationships and streamline operations. By unifying customer data, automating routine tasks, and integrating seamlessly with core banking and financial tools, it allows firms to work smarter, not harder.

Who is Salesforce Financial Services Cloud For?

Salesforce Financial Services Cloud is designed to meet the diverse needs of financial institutions by providing tailored solutions. Its robust offerings, add-ons, and industry-specific features help organizations streamline workflows and deliver personalized financial services. Here’s a detailed look at how it contributes to specific sectors within the financial industry.

1. Retail Banking

It equips retail banks with a unified customer view, enabling personalized services and enhancing operational efficiency.

• 360-Degree Customer View: Consolidates customer data, including accounts, transactions, and interactions, allowing banks to tailor services to individual needs, thereby fostering loyalty. 
• Process Automation: Automates routine tasks such as account openings and transaction processing, reducing manual errors and streamlining operations.
• Regulatory Compliance: Simplifies data management and audit procedures, ensuring adherence to industry regulations.

2. Commercial Banking

The Financial Cloud enhances relationship management and operational efficiency for commercial banks by centralizing client interactions.

• Deal Pipeline Tracking: Allows banks to monitor deal progress and manage loan origination effectively. 
• Team Collaboration: Facilitates seamless collaboration across teams with centralized information. 
• Real-Time Insights: Provides role-specific dashboards offering insights into client needs and market trends.

3. Mortgage and Lending

FSC streamlines the loan lifecycle from application to closing, enhancing efficiency in the mortgage and lending sector.

• Automation of Processes: Reduces manual work by automating credit checks, document collection, and underwriting. 
• Real-Time Data Exchange: Integrates with external financial systems for accurate decision-making. 
• Enhanced Communication: Improves interactions among borrowers, lenders, and financial institutions. 

4. Corporate Investment Banking

Here is how this solution from Salesforce efficiently manages complex client relationships and transactions for corporate investment banks: 

• Deal Management Tools: Enables tracking of client interactions and investment activities. 
• Advanced Analytics: Offers insights into market trends and portfolio performance for strategic decisions. 
• Secure Information Sharing: Ensures compliance with regulatory standards while promoting collaboration. 

5. Insurance Agencies & Brokerages

Financial Cloud enhances customer relationship management and operational efficiency for insurance agencies.

• Automation of Tasks: Automates policy renewals and claims processing, allowing focus on personalized service. 
• Centralized Customer Data: Provides a comprehensive view of policyholders for tailored insurance solutions.
• Compliance Tools: Assists in meeting industry regulations while maintaining high service standards. 

6. Life & Annuity Insurance Companies

The platform improves client engagement and financial planning for life and annuity insurance providers.

• Detailed Client Profiles: Access to financial goals and risk assessments for customized product recommendations. 
• Automated Underwriting: Enhances operational efficiency and ensures regulatory compliance. 
• Personalized Advisory Features: Builds long-term relationships based on trust and transparency. 

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7. Group Benefits

Financial Cloud streamlines benefits administration and enhances communication between employers and employees.

• Centralized Employee Data: Tracks enrollments and automates compliance checks.
• Efficient Communication: Facilitates clear communication of benefits options and updates. 
• Reduced Administrative Burden: Automation improves the overall benefits experience. 

8. Wealth Management

This Salesforce solution for Wealth Management provides comprehensive portfolio management and personalized investment strategies for wealth management firms.

• Advanced Analytics Tools: Delivers insights into market opportunities and client investment performance.
• Seamless Communication: Strengthens relationships and enhances transparency in financial planning.

9. Asset Management

Salesforce for financial services optimizes investment strategies and client relationships for asset management firms.

• Real-Time Portfolio Insights: Allows adjustment of investment approaches based on market trends. 
• Automation Features: Improves reporting accuracy and streamlines regulatory compliance. 
• Collaborative Tools: Enhances team coordination for effective decision-making. 

By offering tailored solutions across these sectors, Salesforce Financial Services Cloud empowers financial institutions to streamline workflows, enhance client engagement, and maintain compliance, ultimately driving growth and operational excellence.

Features of Financial Services Cloud

Salesforce Financial Services Cloud goes beyond a one-size-fits-all approach. It equips financial institutions with features designed to boost efficiency, enhance customer engagement, and empower informed decision-making across multiple roles and departments. Here’s a closer look:

1. Pre-Built Data Models

Salesforce FSC provides pre-configured data models tailored to the financial industry, covering Wealth and Asset Management, Banking, and Insurance. These models are designed to handle industry-specific data types, relationships, and workflows, significantly reducing the need for custom development. 

By leveraging these models, financial institutions can ensure best practices, improve data management, and accelerate implementation while maintaining regulatory compliance.

2. Customizable Objects

FSC extends the standard Salesforce Sales and Service Cloud objects with industry-specific packaged objects. This allows firms to tailor the platform by adding custom fields, workflows, and automation that reflect their internal processes. 

Financial institutions can create bespoke solutions that align with their business needs, enhancing operational efficiency and decision-making with this flexibility.

3. Relationship Maps

Understanding complex client networks is crucial in financial services. FSC’s Relationship Maps visually represent client connections, linking businesses, legal entities, households, and other relevant entities. 

By mapping these relationships, advisors can gain deeper insights into client ecosystems, identify cross-selling opportunities, and build more personalized engagement strategies.

4. Actionable Relationship Center (ARC)

The Actionable Relationship Center (ARC) serves as a centralized interface for managing client interactions. By aggregating all relevant data into a single, easy-to-navigate dashboard, ARC allows advisors to access comprehensive client profiles, monitor interactions, and take proactive actions.

This enhanced visibility enables more informed decision-making, fostering stronger client relationships and improving service responsiveness.

5. Life Events and Business Milestones

Life events and business milestones often trigger significant financial decisions. FSC helps advisors track these critical moments, such as career changes, major investments, and retirement planning. By providing a structured view of these events, advisors can offer timely and relevant financial guidance, positioning themselves as trusted partners. This approach enhances client retention, satisfaction, and revenue growth through personalized financial planning.

6. Action Plans

To ensure process consistency and efficiency, FSC provides Action Plans that automate task assignments and deadlines for routine activities, such as client onboarding, compliance verification, and portfolio reviews. These automated workflows help financial institutions maintain regulatory compliance, reduce manual errors, and enhance productivity. Advisors can focus on higher-value tasks, improving client outcomes and operational efficiency.

7. Alerts and Notifications

In the fast-paced financial industry, timely information is essential. FSC’s alert system delivers real-time notifications about key client activities, such as large transactions, policy renewals, and address changes. 

These alerts enable advisors to respond proactively, mitigate risks, and maintain strong client relationships. Financial professionals can offer more responsive and effective client support by staying informed.

8. Compliant Data Sharing

Regulatory compliance is a top priority for financial institutions. FSC provides advanced data-sharing controls that allow organizations to configure role-based access to sensitive client information. 

These security measures help firms comply with regulations such as GDPR and CCPA, reducing the risk of data breaches and unauthorized access. FSC enhances data privacy, security, and legal compliance by ensuring only authorized personnel can view and modify data.

9. Intelligent Document Automation

Managing financial documents manually can be time-consuming and error-prone. FSC’s Intelligent Document Automation streamlines document processing by automating the management of consent forms, disclosure documents, and authorization requests. 

This reduces paperwork, accelerates approvals, and ensures compliance with industry regulations. Financial advisors can focus more on client engagement rather than administrative tasks, improving overall productivity.

10. Comprehensive Deal Management

Successful deal management requires transparency, collaboration, and control. FSC enables sales teams to manage all aspects of financial deals through role-based data-sharing options. This feature ensures that sensitive deal-related information remains accessible only to authorized stakeholders while facilitating seamless collaboration. Institutions can accelerate deal cycles, minimize risk, and optimize deal outcomes with better deal tracking and oversight.

11. Pre-Assembled Flows

FSC includes industry-specific pre-assembled flows that automate key processes, enhancing efficiency and customer experience:

• Retail Banking Flows: Automates routine banking operations such as credit card activations, account closures, and address updates, reducing manual workload and improving customer service.
• Insurance Flows: Streamlines critical insurance processes, including claims initiation, beneficiary updates, and policy modifications, leading to faster resolution times and increased accuracy.

12. Experience Cloud Sites

FSC enhances client engagement through self-service portals that empower both customers and financial professionals:

• Insurance Agent Portal: Provides insurance agents with a comprehensive view of policyholders, including policy details, claims history, and interaction logs. This centralized information hub enables agents to deliver personalized service, improve response times, and drive sales effectiveness.
• Financial Services Client Portal: This enables clients to apply for loans, manage accounts, and access financial documents online. This self-service capability reduces the need for in-person visits and phone inquiries, improving convenience, transparency, and customer satisfaction.

By harnessing these powerful features, Salesforce Financial Services Cloud empowers financial institutions to work smarter, not harder, providing an exceptional experience for their employees and clients.

How Secure is Financial Services Cloud for Protecting Sensitive Data?

As the financial sector embraces digital transformation, safeguarding every aspect of customer data remains a top priority. However, not all tools offer the highest level of security. Salesforce Financial Services Cloud stands out by providing a robust security architecture and comprehensive safeguards, ensuring the protection of sensitive financial information.

1. Enterprise-Grade Security That Meets Financial Standards

Financial Services Cloud is designed with enterprise-grade security features designed to meet the stringent requirements of the financial sector: 

I. Comprehensive Encryption  

• Data in Transit: All communications are secured via TLS 1.2+ encryption, ensuring the information shared between users and the platform stays private. 
• Data at Rest: Sensitive data stored in the cloud is encrypted using AES-256, the same security standard trusted by the government and militaries.
• Field-level encryption: With Salesforce Shield, organisations can encrypt specific fields (such as Social Security Numbers, bank account details, and card information) at the database level, adding an extra layer of security. 

II. Granular Access Controls

Role-based permissions ensure that employees only access data relevant to their role. For example, a financial advisor might access client portfolios, while customer support staff can only see contact and order-related information. This reduces the risk of unauthorised access. 

Multi-Factor Authentication (MFA) is enforced to block unauthorized logins, even if the passwords are compromised. 

2. Meeting Global Compliance Without Complexity 

Financial institutions operate under stringent regulatory frameworks and compliance with security and privacy standards, which are non-negotiable. This Salesforce product simplifies this process by adhering to globally recognized certifications, including ISO 27001, SOC 1/2/3, and PCI DSS, ensuring organisations meet critical security benchmarks. 

Additionally, it provides data residency options, allowing businesses to store and process data in specific regions to comply with laws like GDPR and CCPA. Furthermore, a comprehensive audit trail tracks all data access and modifications, enabling seamless compliance reporting and demonstrating accountability in case of audits.

3. Enhanced Protection with Advanced Security Features

For organizations handling highly sensitive financial data, Salesforce Shield offers additional security features to protect against sophisticated threats. Platform Encryption extends encryption capabilities to include attachments and metadata, ensuring complete data protection. 

Event Monitoring provides real-time visibility into system activity, detecting anomalies such as unusual login attempts or bulk data exports, which could indicate a security breach. This allows security teams to respond promptly to potential threats. Additionally, Data Masking prevents accidental exposure of sensitive information by obscuring it in user interfaces and reports, reducing the risk of data leaks.

4. Security is a Shared Responsibility

While this cloud offers robust security features, organizations must take an active role in safeguarding data. Security is a shared responsibility that requires proper configuration, continuous monitoring, and employee awareness. Features like MFA and field encryption must be correctly implemented and regularly updated to ensure effectiveness. Employee training is equally critical, as phishing attacks and weak password practices remain significant threats. 

Organizations should educate their teams on security best practices, such as recognising phishing attempts and using strong, unique passwords. Additionally, integrating the financial cloud with external security tools like Splunk enables proactive threat detection, allowing businesses to respond swiftly to potential security incidents.

5. Staying Ahead of Evolving Cyber Threats

Despite its robust security measures, no system is entirely immune to risks. Insider threats remain a concern, as malicious actors with legitimate access can exploit sensitive data. Organisations should enforce strict access controls and conduct regular security audits to mitigate this. 

Additionally, third-party integrations can introduce vulnerabilities, making it essential to vet all connected applications to prevent security loopholes carefully. Since the cybersecurity landscape constantly evolves, it becomes crucial for organizations to update their security policies and stay ahead of emerging threats. A proactive approach to security ensures FSC remains a safe and reliable platform for financial institutions.

By employing these comprehensive safeguards, Salesforce Financial Services Cloud empowers you to prioritize the security of your client data, fostering trust, ensuring compliance, and enabling you to focus on delivering exceptional financial services with peace of mind.

To better understand how the cloud can be customized to meet the specific security and compliance needs of your financial organization, you can access guides and references that provide valuable insights, best practices, and real-world use cases. These resources will help you comprehend the full range of possibilities available to you!

If you are looking for a reliable Salesforce Service Cloud Implementation Expert, then get in touch with our experts and schedule a call today!

How to Integrate Financial Services Cloud with Other Salesforce Products?

Salesforce Financial Services Cloud is a standalone solution for financial services providers. But when integrated with other products like Experience Cloud, Data Cloud, Revenue Intelligence, etc., it can do wonders. 

Here’s how integrating FSC with these products can work for businesses:

1. Experience Cloud Integration

By connecting the financial services platform with Experience Cloud, financial institutions enable secure access to client data for external users—be it partners or customers. This approach fosters transparency and boosts engagement by offering a centralized platform where clients can conveniently view their financial information.

• Customizable Sites: Experience Cloud sites are fully customizable to mirror the institution’s branding and ensure a consistent, user-friendly interface for external users.
• Security and Compliance: Access to client data is guarded by robust authentication and authorization measures, ensuring that the institution meets stringent financial industry regulations.
• Client Profile Management: Advisors can efficiently manage client profiles and provide tailored services by directly accessing client account information within the site.

Ultimately, this integration increases transparency by providing real-time access to critical financial information, streamlining communication between advisors and clients, and improving customer trust and satisfaction.

2. CRM Analytics for Financial Services Integration

When the platform is integrated with CRM Analytics, financial advisors gain a powerful tool for customer intelligence. The inclusion of Einstein Discovery enables the creation of automated AI models, uncovering hidden patterns within customer data and offering more profound insights into client behavior.

• AI-Driven Insights: Einstein Discovery allows users to develop AI models without coding, yielding profound insights into customer behavior and preferences.
• Data Visualization: CRM Analytics comes equipped with robust data visualization tools that simplify interpreting complex data, making it easier to communicate insights to stakeholders.
• Seamless Workflow Integration: Customer insights are integrated directly into the advisors’ daily workflows, ensuring that valuable data is readily accessible.

This integration empowers financial institutions to make informed decisions based on data-driven insights, enabling advisors to deliver highly personalized services and fostering improved customer engagement and service delivery.

3. Data Cloud Integration

Connecting the platform with Data Cloud allows financial institutions to merge client data from multiple channels—interaction, behavioral, and transactional—into a unified view. This comprehensive approach ensures that institutions have a well-rounded understanding of their clients.

• Unified Client View: Data Cloud consolidates data from various sources, providing a complete picture of client interactions and behaviors.
• Data Activation: The integrated data can be leveraged to tailor marketing campaigns, refine customer service efforts, and enhance overall client engagement.
• Direct Integration: Advisors can access this unified data directly within their regular CRM workflows, ensuring that every decision is based on the most current information.

The integration deepens customer understanding, breaks down data silos to improve operational efficiency, and supports more targeted and effective service delivery across the board.

4. Revenue Intelligence Integration

By merging the financial services platform with Revenue Intelligence, institutions can use predictive analytics to identify customers at risk of churning or those likely to add assets. This predictive approach enables proactive engagement, ensuring that customers receive the most relevant products and services.

• Predictive Analytics: The system analyzes customer behavior to forecast churn risks and potential asset additions, allowing for timely, proactive measures.
• Personalized Product Recommendations: By understanding customer behavior and preferences, the platform facilitates tailored product suggestions, enhancing customer satisfaction and loyalty.
• Seamless Integration: Predictive insights are integrated directly into advisors’ workflows, ensuring that they can act on these insights promptly and effectively.

This integration drives revenue growth by targeting customers with personalized offerings and improves customer retention through proactive engagement strategies that address client needs before dissatisfaction occurs.

5. Salesforce Scheduler Integration

Integrating with Salesforce Scheduler empowers financial institutions to deliver a personalized customer experience by scheduling appointments with precision. This ensures that clients meet with the right advisor at the optimal time, enhancing engagement and satisfaction.

• Personalized Scheduling: The tool allows advisors to arrange appointments that align with customer preferences and advisor availability, ensuring meaningful interactions.
• Integrated Appointment Management: Appointments are managed directly within the CRM workflow, making the process seamless and efficient.
• Efficient Coordination: By streamlining appointment scheduling, institutions can significantly reduce no-shows and best use advisor’s time.

This integration enhances the overall customer experience by ensuring timely and personalized interactions, boosting operational efficiency and reducing administrative burdens.

6. Salesforce Shield Integration

Pairing the financial services platform with Salesforce Shield adds a robust layer of security. This integration is designed to protect sensitive client data with comprehensive security tools, ensuring data integrity and regulatory compliance.

• Data Encryption: Shield employs Platform Encryption to secure data at rest, guarding sensitive information against unauthorized access.
• Event Monitoring: Real-time monitoring of system events helps detect potential security threats and respond promptly.
• Compliance Support: Shield’s suite of security controls and audit trails ensures that the institution remains compliant with industry regulations.

By reinforcing data security and ensuring compliance with regulatory standards, this integration minimizes the risk of data breaches and non-compliance penalties, thereby protecting client trust and the institution’s reputation.

7. Marketing Cloud Account Engagement (Pardot) Integration

Integrating FSC with Marketing Cloud Account Engagement (formerly Pardot) provides a full suite of marketing automation tools that enable financial institutions to manage campaigns effectively. This integration allows for personalized customer interactions and streamlined marketing operations.

• Marketing Automation: Pardot automates marketing workflows, allowing for personalized campaign management and efficient tracking of customer engagement.
• Seamless Workflow Integration: Marketing insights are readily available within the CRM, ensuring that advisors can access relevant data immediately.
• Personalized Campaigns: The system supports the creation of targeted marketing campaigns based on detailed customer behavior and preferences.

This integration enhances customer engagement by delivering personalized marketing messages and improves operational efficiency by reducing manual marketing tasks, ultimately leading to higher conversion rates.

Prerequisites for Product Setup For FSC – Insurance Implementation

Before configuring insurance products in Financial Services Cloud (FSC), the following packages must be enabled:

1. Financial Services Cloud (FSC – Sales/Service): The core Salesforce solution for managing financial services and customer relationships.
2. Vlocity Insurance: Extends FSC to design and support complex insurance products.
3. Insurance Industries Extension: Integrates FSC and Vlocity Insurance to create a seamless insurance management experience.

How to Implement Salesforce Financial Services Cloud?

Following are the guided steps for successfully implementing Salesforce Financial Services Cloud: 

Step 1: Enabling Salesforce Standard Components for Insurance

• Access Vlocity Cards
  1. Open App Launcher (click on the 9-dot menu).
  2. Search for Vlocity Cards and select it.

• Install VlocityInsProductModelCards
  
  Click the right drop-down button and select “Install VlocityInsProductModelCards”.

Note: Common Installation Error: VlocityInsProductModelCards

Troubleshooting and Error Resolution 

If you encounter errors while installing VlocityInsProductModelCards, follow these steps:

1. Open Developer Console:
   • In Lightning Experience: Click the gear icon → Select Developer Console.
   • In Salesforce Classic: Click the user menu → Select Developer Console.
     
2. Navigate to Debug > Open Execute Anonymous Window.
   
3. Paste the following Apex code into the Enter Apex Code window and execute it: namespace. CorePostInstallClass.runDev2ProdInserts();
   • If you’re using Contract Life Cycle Management, add 
     namespace.CmPostInstallClass.cmRunDev2ProdInserts();.
   • If you’re using Order Management, add
     namespace.XOMCreateDPMappings.createDPMappings();
     
4. Replace the namespace placeholder with the appropriate one:
   1. vlocity_cmt for ​Salesforce Industries Communications, Media, and Energy
   2. vlocity_ins for Vlocity Insurance
   3. vlocity_ps for Vlocity Government
      
5. Click Execute to resolve the installation error.

Step 2: Configuring Product UI in Salesforce

1. Adding Tabs to Product Layout
   • Navigate to the Product Layout.
   • Add a mention tab to enhance visibility of product details.

2. Configuring Coverage
   • Go to Edit Page.
   • Drag Vlocity Cards from the component list.
   • Set Layout Name as: ins-Coverage-container.
   • Set Custom Visualforce Page Name as: insuranceCoverage

3. Configuring Insured Items
   • Go to Edit Page.
   • Drag Vlocity Cards from the component list.
   • Set Layout Name as: ins-insured-items-container.
   • Set Custom Visualforce Page Name as: insuranceInsuredItems

4. Configuring Attributes
   • Go to Edit Page.
   • Drag Vlocity Cards from the component list.
   • Set Layout Name as: ins-product-attributes-container.
   • Set Custom Visualforce Page Name as: insuranceProductAttributes.

5. Configuring Product Rules
   • Go to Edit Page.
   • Drag Vlocity Cards from the component list.
   • Set Layout Name as: ins-product-rules.
   • Set Custom Visualforce Page Name as: insuranceProductRules.

6. Activating Inactive Vlocity Cards
   • If a card appears inactive, activate the layout in Vlocity Cards with their respective templates.
   • Activate: ins-coverage-container from Vlocity Card Settings.

Step 3: Product Setup and Configuration

1. Product Model and Setup

After configuring all product-related settings, your product will be structured as follows:

2. Coverage

Note: Insurance coverage refers to the protection of an individual or entity against potential risks. It can include various types such as auto insurance, life insurance, or specialized options like hole-in-one insurance. Coverage ensures financial security against unforeseen events and is issued by insurers based on specific terms and conditions.

Adding Coverage In Salesforce

1. Create Product records with the “Coverage Spec” record type.
2. Link coverage to its parent product (Root Item) using the junction object “vlocity_ins__productChildItem__c”.
3. Verify the coverage linkage:
   1. Navigate to the Root Product.
   2. Go to the Coverage tab.
   3. Ensure the linked coverage records are visible.

3. Insured Item

Note: In insurance, the insured item refers to the specific object, property, person, or entity protected by a policy. It could be a car, house, valuable possessions, a person’s life, health, or even business operations. Essentially, it’s what the insurance policy is designed to safeguard against potential risks or losses.

For instance, in auto insurance, the insured item is the vehicle, while in life insurance, it’s the insured person’s life. Identifying the insured item is key to understanding the scope of coverage and the protection provided by the policy.

Creating an insured item in Salesforce

1. Create Product records with the “Insured Item Spec” record type.
2. Link the Insured Item to its parent product (Root Item) using the junction object “vlocity_ins__productChildItem__c”.
3. Verify the insured item linkage:

1. Navigate to the Root Product.
2. Go to the Insured Item tab.
3. Ensure the linked insured items are visible.

4. Attributes in Insurance

Attributes play a crucial role in insurance by storing essential information about insurance products. Instead of creating multiple fields (columns) for various details—risk assessment, premium calculation, and insured product rating—attributes provide a scalable way to manage metadata without exceeding system limits.

For instance, attributes like model, value, make, and colour in vehicle insurance help assess risk and determine premiums. Similarly, in crop insurance, attributes such as yield, area, season, geolocation, and historical pandemic data contribute to risk evaluation.

Creating an Attribute in Salesforce

1. Navigate to Setup > Vlocity Attribute Designer.
2. Create a new attribute category and define attributes.

For more details on attribute configuration, refer to the Attribute configuration.

5. Underwriting Rules and Product Rule Engine

The Underwriting Rule Engine in Salesforce enables insurers to define and enforce underwriting rules efficiently. These rules establish criteria such as risk factors, eligibility, coverage limits, and pricing guidelines. The system automates rule evaluation, ensuring consistency and accuracy in underwriting decisions.

Creating Underwriting Rules in Salesforce

1. Underwriting rules are stored in the “vlocity_ins__productRequirement__c” object.
2. To create a rule:

1. Navigate to the Root Product Detail Page.
2. Click the Rules tab.
3. Create a new rule with relevant conditions.

3. Example Rule: Crop Yield Underwriting

1. Rule Name: Yield > 5000
2. Applicable Type: Quote
3. Transition Name: Select from state transitions created for quotes
4. Rule Scope: Insured Item name available on Root Product
5. Expression: 12.yield > 5000
6. True Action: Define action if the rule passes
7. False Action: Define action if the rule fails
8. Enter Success and Failure Messages to provide user feedback.
9. For more details on creating underwriting rules, refer to how to create your first underwriting rule?
10. An action in Vlocity is configured on the Vlocity Action object, triggering a service class based on its configuration. To review underwriting rules, navigate to the Rule tab.

Step 4: Business Rules for Product Rating and Quote Price Adjustment

1. Decision Matrix Creation

Lookup tables (decision matrices) rate products based on predefined inputs, helping in premium calculations and pricing adjustments.

1. Creating a Lookup Table 

Go to App Launcher > Business Rule Engine > Lookup Table > New (Decision Matrix).

2. Expression set creation

1. From the App Launcher, search for and select Business Rules Engine.
2. In the OmniStudio app, go to the Expression Sets tab.
3. Click New, enter a Name (e.g., GetAllDocumentTypes), and select Usage Type: Default.
4. Click Save.
5. In Expression Set Versions, click the version name.
6. Open the Expression Set Builder and:
   • Click the Elements icon.
   • Drag the Lookup Table element onto the canvas.
   • In the Search Lookup Table, select GetAllRequiredDocumentType.

Insurers can automate premium determinations, risk assessments, and complex product calculations by leveraging lookup tables and calculation functions.

Note: –  Limitations of the Business Rule Engine

While BRE provides powerful decision-making capabilities, it comes with certain limitations. Some restrictions can be adjusted by referring to BRE limitations. Ensure you evaluate these constraints before implementing extensive rule configurations.

Step 5: Insurance Quoting 

An insurance quote is the estimated cost of a policy based on the information provided to the insurer and the selected coverage. You typically receive an insurance quote when shopping for new coverage.

1. Configuration Steps:

1. Navigate to the Quote Detail Page:
   • Add Vlocity Insurance Quote Component.
2. Create a tab on the Quote object page named Quote LWC.

2. Adding Insured Items and Coverages

1. Once the configuration is complete, you can add insured items to the quote.
2. This setup automatically applies coverages based on product configuration.
3. Use the “Add Product” button to add the Root Product to the quote.

4. After successfully adding the root product, the dropdown menu allows you to:
   • Add insured items under the quote (if they exist under the root product).
   • Automatically include applicable coverages if an insured item has associated coverage.

3. Converting Quotes to Insurance Policies

1. Once the offer (Quote) is created, it can be accepted.
2. After acceptance, the quote is converted into an Insurance Policy.

Step 6: Running the underwriting rule for Quotes

Underwriting rules evaluate insured items to ensure they meet the required criteria before processing the quote.

Executing Underwriting Rules in Salesforce

To run underwriting rules for a quote, use the following class and method:

• Class: InsQuoteService
• Method: invokeProductRules

This function checks whether the quote line item passes or fails the underwriting process. For more details on Underwriting Product Rules, refer to the Underwriting Product Rules.

Step 7: Create an Insurance Policy

Two data models are available for policy creation—one provided by Vlocity and another by the FSC Insurance data model, which includes additional objects from the Vlocity + FSC (vlocity_ins_fsc) package called the “Insurance Extension Package.”

To create a policy, Salesforce provides standard product classes. Refer to the link for policy creation services: Insurance Policy Services

This service class accepts policy JSON and generates a policy along with its related records, including:

1. Transaction
2. Policy Asset
3. Policy Coverages
4. Customer Property
5. Payment Schedule Entries
6. Policy Term Standing (to set policy limits for claims)

Steps for Policy Creation:

1. Extract Quote Details

1. Class: InsQuoteService
2. Method: getQuoteDetail
3. This service retrieves a quote JSON that captures all quote-related information, including quote line items and customer details. And can create using custom as per the business requirement

2. Transform Quote JSON to Policy JSON

1. The method InsPolicyService:createUpdatePolicy accepts the modified Quote JSON and transforms it into Policy JSON.
   
2. This process ensures the creation of:

1. Insurance Policy
2. Policy Payment Schedule Entries
3. Policy Assets
4. Policy Coverages

3. Execute Policy Creation

1. After the Policy JSON is structured, it is passed into the createUpdatePolicy method of the Policy Service, which finalizes policy creation.

Step 8: Document Generation For Policy Quotes

Policy, Quote documents can be generated in 2 ways:

1. Client-Side Document Generation – Uses browser-based tools and components to generate and display documents instantly on the user’s end.User can also refer  Client-Side document 
2. Server-Side Document Generation – Uses backend processing to generate documents, ensuring better security and handling of large-scale operations.User can also refer Server-Side document generation

Step 9: Go-Live Steps

To successfully deploy the insurance solution, follow these key steps:

1. Deploy Custom Schema
   1. Ensure all required objects and fields are deployed.
2. Deploy Product Configurations
   1. Migrate root products, coverages, insured items, attributes, and underwriting rules using Data Loader or Composite Tree API.
3. Deploy UI Configurations
   1. Configure page layouts, Lightning pages, and custom UI components.
4. Deploy Business Logic and Automation
   1. Deploy custom code, expression sets, lookup tables, Integration Procedures (IP), Data Raptors, custom classes, OmniScripts, and any necessary automation.

Now you have successfully implemented Salesforce Financial Services Cloud.

Integration Capabilities of Salesforce Financial Services Cloud

Salesforce Financial Services Cloud is designed to connect seamlessly with various external systems, thereby enhancing operational efficiency and customer experience. Here’s a closer look at its integration capabilities:

1. API and Middleware Compatibility

• API Integration:

The solution offers REST and SOAP APIs, empowering developers to build custom integrations that facilitate smooth data exchanges with platforms such as core banking systems or portfolio management tools. Security is ensured through OAuth 2.0, which supports secure and compliant data transfers.

• Middleware Integration:

With the acquisition of MuleSoft in 2018, integration options have expanded significantly. MuleSoft provides a comprehensive platform for connecting applications, data, and devices across cloud and on-premises environments. Its pre-built connectors and support for a wide range of protocols simplify the process, enabling real-time data flow while reducing complexity.

2. Real-Time Data Exchange

• Event-Driven Architecture:

The platform supports an event-driven approach, so when a customer updates their profile, the change can instantly trigger updates across connected systems.

• Streaming APIs:

Its streaming APIs allow for continuous, real-time data transmission, which is particularly beneficial for applications that require immediate updates—such as portfolio management or transaction notifications.

3. Pre-built and Custom Integrations

• Pre-built Integrations:

The Salesforce AppExchange marketplace features a range of ready-made integrations tailored for the financial services sector. These solutions address everyday needs like compliance management and customer onboarding and can be installed and configured quickly.

• Custom Integrations:

The cloud solution supports custom development for organisations with unique requirements through tools like Apex and Visualforce. In addition, Salesforce’s extensive partner ecosystem—including consulting firms and independent software vendors—can assist with creating integrations that meet specific business needs.

4. Connectors

• Integration Connectors:

Using pre-built templates, MuleSoft’s vast array of connectors facilitates integration with diverse systems—from databases to messaging platforms and cloud services. For systems without dedicated connectors, generic options such as HTTP or FTP are available to ensure reliable connectivity.

5. Integration with Core Banking and Insurance Systems

• Unified Customer View:

The platform enables a unified view of customer data by connecting with core banking and insurance systems like mobile apps, net banking portals, etc. This unified perspective is essential for delivering personalized services and enhancing customer engagement.

• Compliance and Security:

These integrations are designed to adhere to strict regulatory requirements while maintaining high data security standards, ensuring that sensitive customer information is always well protected.

What are the benefits of using Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud is popular for being a revolutionary platform for financial institutions, improving customer interactions and enhancing compliance management. 

But is it truly worth the investment, or is it just another overhyped CRM platform with a financial branding? While skeptics argue that its costs and complexity may outweigh its benefits, here’s why FSC still holds a strong case for financial firms looking to stay competitive.

1. A Unified Customer View

One of FSC’s most significant selling points is its 360-degree customer view, allowing financial advisors, bankers, and insurers to access real-time customer data from a single dashboard. While many argue that any robust CRM can achieve this, what sets FSC apart is its industry-specific data models and built-in integrations with financial data sources. Unlike generic CRMs, it offers relationship mapping, client goals tracking, and wealth insights, helping firms personalise their services at scale.

2. Automation That Reduces Manual Work

On one hand, FSC eliminates redundant manual processes, such as data entry, document approvals, and compliance checks, saving countless hours for advisors and banking professionals. However, automation also requires extensive configuration and training to align with a firm’s unique operational needs. Still, for organizations willing to invest in proper implementation, the efficiency gains far outweigh the initial setup challenges.

3. Compliance & Risk Management

Regulatory compliance is one of the pain points in the financial sector. Financial services cloud provides built-in tools for automated compliance tracking, audit trails, and data security, making it easier for firms to adhere to industry regulations. While some argue that compliance software can be integrated into other CRMs at a lower cost, Salesforce’s pre-built compliance features reduce the risk of human errors and regulatory fines, making it a compelling choice for risk-conscious financial institutions.

4. AI-Driven Insights

Salesforce Einstein for finance acts as a differentiator, providing predictive analytics, next-best-action recommendations, and client sentiment analysis. It’s said that AI-driven insights are only as good as the data fed into them. However, firms leveraging FSC’s AI capabilities can identify client needs faster, proactively offer financial products, and even detect potential churn before it happens.

5. Seamless Integration

Salesforce’s ecosystem is vast, and FSC integrates with multiple third-party financial tools. It includes integration with core banking systems, wealth management platforms, loan servicing software and other Salesforce clouds. However, integrating FSC with legacy systems can be time-consuming and require additional middleware solutions. Yet, once correctly set up, this integration eliminates data silos and enables cross-departmental collaboration. 

6. Hyper-Personalization for Clients

In the financial services industry, generic client interactions no longer cut it. Customers expect highly tailored experiences based on financial goals, risk profiles, and spending behaviors. Salesforce Financial Services Cloud (FSC) delivers hyper-personalization by leveraging AI-driven insights to track financial goals, investment histories, and client life events. Unlike traditional CRMs, FSC allows advisors to map multi-client relationships, such as family wealth structures, enabling firms to offer customized financial planning and wealth management solutions. 

7. Improved Advisor Collaboration

One of the biggest challenges financial institutions face is fragmented communication between teams. FSC eliminates departmental silos by creating a unified workspace where advisors, relationship managers, and customer service representatives can collaborate in real time. Whether tracking client interactions, setting up follow-ups, or sharing critical financial insights, it ensures that all team members are on the same page. With a centralized view of client history and economic data, advisors can seamlessly transition cases without duplication or inefficiencies. 

While some argue that FSC requires significant investment and configuration, its extensive benefits—ranging from AI-driven insights, automation, and compliance to omnichannel engagement and fraud prevention—make it a high-value choice for financial institutions.

Salesforce Financial Services Cloud Pricing & Licenses

Salesforce Financial Services Cloud follows a pay-as-you-go model with different prices based on the needs of a business, user types, and add-on features. 

• User-based Pricing: 

The pricing depends on the type of user license. Some may offer complete access to all the functionalities, while others may give access to some specific tools only. 

• Add-on Functionalities:

FSC offers additional features like AI insights, industry configurations, and business intelligence reporting that users can buy separately as add-ons.

Here is the detailed pricing for Financial Services Cloud: 

Considering there are multiple licenses, consulting with a Salesforce expert who can guide you towards the right license and maximize your investment. 

Final Take 

The way people manage their finances is changing, and so are their expectations from financial service providers. Clients want more than just transactions; they seek personalized advice, proactive service, and reliable digital experiences. That’s where Salesforce Financial Services Cloud makes all the difference.

Whether you’re a wealth manager looking to build deeper client relationships, a banker aiming for better portfolio management, or an insurance provider streamlining claims, Financial Services Cloud helps you deliver faster, smarter, and more personalized financial services.

As your Salesforce Implementation Partner, we understand that every financial business has unique needs. That’s why we help you customize and integrate Salesforce FSC in a way that works best for you. 

Want to see how FSC can transform your business? Let’s chat! Schedule a free consultation today.

AUTHOR

Shubham

Service Cloud, Salesforce Managed Packages

With over 5 years of experience, Shubham specialize in curating solutions on Salesforce Service Cloud, Nonprofit Cloud, Consumer Goods Cloud, Managed Packages, and ServiceNow ITSM. He designs and implements end-to-end service solutions that improve operational workflows and ensure seamless integration across enterprise systems. Shubham’s expertise lies in creating secure, efficient, and agile platforms tailored to unique business needs.