Insurance Industry Mapping

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GIS Mapping for Insurance Industry Decision-Makers

Despite turbulence in the global economy, the insurance industry has remained resilient. The world’s largest insurance market continues to be the property and casualty (P&C) sector which recently saw a rise in net income. While the insurance industry is no doubt thriving, businesses are facing certain challenges due to rapid changes in the digital world. Today, insurance agencies struggle with stiff competition as customers now have more options when it comes to shopping for policies. In addition to traditional brick-and-mortar establishments, insurance agencies can now be found online competing for customers in your local area.

To continue to grow and succeed, it is important for businesses in the insurance industry to learn more about their customers, their competitors, and where they stand in the market. Gathering this type of intelligence can be highly valuable as you continue to grow in a highly volatile industry. To help your business gain the data and intelligence required for growth, try business mapping technology. Online business mapping provides businesses with the tools and resources they need to perform comprehensive market analysis and create visual maps that can be viewed and shared across various business departments.

Make Better Decisions to Enhance Business Growth

In the insurance industry, location is everything. By understanding more about locations through location-based analysis, businesses can better understand what their risks are, where their customers are, and how to take advantage of geographical data to expand their business. The accumulation of data can also be useful in other ways. It can help businesses geo-target sales, better manage supply chains, and provide organizations with new opportunities.

Location also benefits insurance companies in other ways. Geographical data can help these businesses more effectively advertise their services, analyze potential risks, and target their customers. In the P&C sector, location data is commonly used during the underwriting and pricing process. There are many types of location data that can be used with our map software and mapping API tools, such as crime risk data, foreclosure alerts, fire risk data, behavioral data, catastrophe risk data, and property data.

With the use of GIS mapping technology, you can utilize your location data in a way that helps grow your company and improve your decision-making. Using online mapping software, insurance businesses are able to identify the following information about their market:

  • Location of your most profitable customers
  • Best locations for expanding your business
  • Demographic and geographic markets that offer the highest number of potential new customers
  • Data that can help you determine if your current network of insurance companies is achieving maximum performance.

Insurance Mapping – Better Understand Your Customers’ Needs

Like most businesses, those involved in the insurance industry must establish a customer-centric strategy that puts customer needs above all else. However, not all businesses fully understand everything they need to know about their customer base. This is where market customer segmentation analysis can come in handy. With this analysis tool, marketers can easily separate customers into multiple subgroups that are based on similar characteristics or behaviors. Once divided into subgroups, insurance companies become better equipped to provide unique and effective sales offers.

A market customer segmentation analysis an excellent way for businesses in the insurance agency to get to know their customers better. Customers can be segmented based on a variety of factors. Some most common types of customer segmentation include: geographic, demographic, psychographic, behavioral, and customer journey segmentation. After creating these segments, businesses will have the data they need to build the right products, set the proper distribution and match sales motions with each customer.

Business mapping technology is an effective way for businesses to achieve better market customer segmentation analysis by providing these companies with a unique view of their customers. Online business mapping offers a variety of tools to make the process easier. For example, you can filter customers by location, drive time or even their credit history. Data collected through market customer segmentation analysis can also be used to strengthen customer relationships and discover new opportunities.

Enhance Business Intelligence Through an Intelligent Site Analysis

two insurance brokers looking at a detailed report from insurance industry mapping solutionsAnother major advantage of using business mapping technology is its ability to help your company visually enhance your business intelligence. This can be achieved by weighing both the pros and cons of various locations for your insurance businesses and branches. Online mapping technology offers a variety of innovative tools to help streamline this process, such as database management, location and query tools. Using these tools and other mapping features, businesses can easily pinpoint the location of their facilities, competitors and customers.

Along with useful tools that businesses can use to enhance their business intelligence, companies in the insurance agency can take advantage of the demographic characteristics of their customer areas of interest. In addition, Census data is available which can help businesses better identify who their underserved sections are so that they can begin addressing these issues. Businesses can also choose to conduct an intelligent analysis on their competitors which can help these businesses gain an edge.

Why Insurance Mapping Software Is Important

You may find that many business owners and managers do not regularly interact with their clients on a daily basis. This primarily because clients tend to choose an insurance policy that fits their needs and then maintain the policy for an extended period of time. There is often little interaction needed between customers and insurance professionals. However, this can make it difficult for insurance companies to get to really know their target audience.

As your customers are critical to the success of your business, it is important to focus on getting to know them better. Insurance mapping software is a highly effective way for businesses in the insurance industry to put customer information and sales data in a highly visible perspective. While business mapping software is not designed to be a complete replacement for traditional marketing tools, it can be an excellent addition to your current marketing plan.

There are many reasons why business owners choose to implement online mapping software into their marketing. First, this technology allows businesses to gain a closer look at their sales territories. While you may have an in-depth understanding of how your company operates, do you really understand your unique marketing and sales territories? In addition, you will want to determine if you are properly and efficiently allocating the available assets throughout these territories. Business mapping software allows companies to significantly enhance the planning of their sales territory activities which can help boost your overall productivity.

The Usefulness of Business Mapping in an Online World

Today, many customers are choosing to purchase insurance online. While this can be a convenient way to find a policy, this method does not provide the same level of face-to-face interaction that many individuals still prefer. With business mapping software, you can better pinpoint the precise locations where face-to-face interactions for insurance services are still in high demand. When this data is visualized on a map, it makes it easy to see what areas are overserved, which are underserved, and where opportunities exist for your growing insurance company.

a model car on top of legal documents representing auto insuranceBusiness mapping technology can also be useful on the road. If you have a sales team that visits clients on a regular basis, you will want to keep track of where your agents are and how long it takes them to travel to their target destinations. Insurance mapping software makes it possible to generate optimized multi-stop routes that your agents can follow to save time and money. Using this data and business mapping technology, sales agents become better equipped to see customers in less time, which also minimizes travel and fuel expenses. All it takes is a few clicks of the mouse to add or delete stops. In addition, interactive web maps can easily be shared among colleagues.

Business mapping software not only tells businesses the best places to sell policies to customers but also the worst places. It is important to know what locations are not suitable for insurance sales. With mapping technology, it has now become easier to pinpoint potentially risky areas where the number of claims filed by policyholders is unusually high. There are multiple tools that can be useful for finding areas to avoid, such as color-coded heat maps, as well as radius maps. When businesses take the time to fully assess their risk exposure before attempting to do business in a certain area, they can avoid wasted time and money.

Invest in Online Business Mapping Solutions

Business mapping software is a type of web-based product that can be used by businesses in nearly all industries. The technology has been found highly useful in organizing and analyzing data in a geographic way. Using this mapping software is also easy. Just import an Excel spreadsheet containing your business data to the software and you can instantly visualize various business resources, prospects, customers and more against an accurate map of the world.

Online mapping technology offers several key solutions for businesses in the insurance industry. Business map visualizations can help businesses make informed decisions by creating a visualization of critical business data. Sales territory mapping can also be used to create and manage sales territories. These sales territories can be created from scratch or by spreadsheets and are often based on states, counties or zip codes. Business mapping software is also an excellent alternative to Microsoft MapPoint and is also more affordable.

Want to learn more about online mapping software for the insurance industry and how it can benefit your business? Contact Geographic Enterprises or speak to a sales agent today to get started. 

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Geographic Enterprises Online Sales Mapping
Geographic Enterprises Online Sales Mapping