What to do about Fragmented Data?

Fragmented data continues to be a large issue within Financial Services.  For Distributors, various core systems and data feeds exist by product line, often further splintered by acquisition activities.  This prevents the ability to easily see the totality of clients’ or downline Agencies’ relationship.  Further, this hamstrings the ability to find opportunities to grow the value of your relationships.  

For distributors that work directly with clients, account ownership data can be used to associate the financial account from the feed or system to the client.  Salesforce’s Financial Services Cloud solution will natively rollup the account data to the client and the client’s household.  With proper data mapping rules and stewardship functions, Salesforce can also handle more complex scenarios like a client that is working with multiple advisors/agents on both personal and business financial accounts.    

For distributors that work in the non-captive or independent agent distribution model with downline agencies, the data can also be aligned using agent identifiers like National Producer Number so that production data can be associated back to the Agent.  Salesforce’s Financial Services Cloud can be configured to roll up this data through the producer hierarchy including more complicated scenarios like splits and multiple producer hierarchies per agent.

Having a complete view of the production information allows for inspection allows for either an Agent or an external wholesaler to have a conversation about how to better help the client or Agency.  Data like quoting and Policy/Financial Account allows for revenue growth discussions, while rolling up loss-ratio and claims data allows for profitability management through changing distribution behavior. 

To complement Financial Services Cloud’s rollup capabilities, Salesforce’s Data Cloud product is built to harmonize data from different sources.  The Identity Resolution feature can be used to merge data from different sources into a unified, complete picture.  Further, data in Data Cloud can be used for agentic AI via AgentForce.  Data Cloud has a host of connectors to other systems, however, in the event a system isn’t compatible with Data Cloud, Mulesoft can be used to migrate the data into Data Cloud.

Unifying data within Salesforce unlocks additional business use cases to enable Financial Services companies to better serve our clients.