Spatial Technology

How Spatial Technology Makes Great Customer Experiences Part of Your Insurance Company’s Brand

Insurance is a competitive industry, and when everyone is offering the same services for similar value, there’s only one thing that sets you apart: branding. We’ve talked about how spatial technology helps improve customer experience for insurance companies, but did you know a great customer experience could also be part of how your company brands itself? Branding an insurance company ensures customers know you prioritize their satisfaction, and that’s what makes your company unique from everyone else.

A great customer experience is an incredibly valuable market differentiator. Statistics show that companies known for providing strong customer experiences have more loyal customers, stronger word of mouth referrals, higher profits, and better customer retention than companies scoring lower on overall customer experience.

Leveraging the right technologies to support customers is essential. Spatial technology can play a powerful role in branding an insurance company as a leader in providing great customer experiences.

Branding an Insurance Company Using Spatial Technology

Insurance companies know how important it is to provide great customer experiences, but it turns out most of them aren’t meeting expectations. Insurance-Canada recently published an article based on the J.D. Power 2018 Insurance Digital Experience Study, discussing how insurance companies are falling short on digital customer engagement.

The study found 3 key areas where most insurance companies fail customer expectations. Here they are, with an explanation of how a spatial technology platform can help:

Digital Capabilities:

The study showed that most companies have attractive websites, but are lacking in digital offerings such as processing claims, effective shopping and servicing of policies. Modern consumers expect to do everything online, and potential customers get frustrated by what they perceive as a disjointed experience on most insurance websites.

How a Spatial Technology Platform Helps: A strong spatial technology platform interfaces with your company’s website and customer service software to stream current, updated property information that aligns with digital queries. Data feeds into the rules and parameters set by your company’s underwriters. This allows you to automate the digital shopping process from end-to-end.

Lack of Personalization:

Insurers that tailored insurance offerings to customers’ specific needs scored higher in the study than those who did not. These companies are able to offer precise guidance on insurance plans that will best serve the customer.

How a Spatial Technology Platform Helps: Instant access to spatial data helps personalize the underwriting process and insurance offerings by delivering a complete overview of customer portfolios and property information for properties anywhere in the country. This information presents the big picture analysis of a customer’s property ownership history and current needs, allowing you to effectively review risk and offer the appropriate services to serve them with minimal input from them.

Seamless Digital Experience:

Customers want an insurance website that’s easy to navigate and instantly get the information they need in a clear, understandable format. Customers want providers to offer a range of services that can be completed online.

How a Spatial Technology Platform Helps: Spatial technology platforms feed into your company’s software, allowing you to use spatial data for quick and efficient digital services, but also to provide the information customers are looking for. Additionally, spatial data is continually updated, ensuring that customers are working with only the most current, accurate information.

A strong spatial technology platform has the ability to address all of these common customer grievances, while protecting your company’s rules and workflows. This ensures coverage remains consistent with the risk selection and pricing models developed by your company’s actuarial/risk group.

The Right Spatial Technology Platform Helps Digital Engagement

Leveraging customer experience tactics to brand your company and set it ahead of your competition helps you deliver on modern consumer expectations. Spatial technology allows insurance companies to develop engaging, seamless experiences that support what customers want, need and expect.

DMTI is the gold standard for GIS and location-based data in Canada, offering insurers scalable on-demand tools that support real time workflows. DMTI Spatial’s Location Hub® & UAID® is the only solution of its kind in Canada, and supports you company’s risk assessment process by delivering data visualization tools, and data delivery infrastructure to provide high-precision location accuracy.

Click here to find out how DMTI can help your insurance company become known for providing amazing customer experiences.