Creating exceptional customer experience is becoming a top priority for many insurance providers as an essential way of differentiating themselves in a fiercely competitive marketplace. If you and your competitor offer similar pricing, but your competitor provides a better customer experience, who do you think will land the customer?
Location data offers actionable information that insurance providers can use to deliver high quality customer experiences at every touch point. Interested in using data to outpace your competition by offering stronger customer experiences? Check out these 5 hidden data points:
1) Accurate Postal Codes
You want to ensure you’re offering the most accurate quotes possible when customers come to you seeking coverage. If you’re assessing risk based on postal codes, you aren’t working off of the most accurate location information, and this will be reflected in your pricing. Flooding and earthquakes, for example, don’t stop at the postal code boundary. It is more accurate to assess properties based on latitude, longitude, and elevation to truly understand risk.
Using a location intelligence platform like DMTI’s Location Hub, insurers can better identify and rate risks for properties of interest. Actionable information ensures underwriters make data-backed decisions based on the specific locations being reviewed. You get real-time, high precision geocoding delivered with trusted industry standards, and customers get pricing they can trust.
2) True Risk Concentration
You cannot gain a true understanding of a property’s overall risk probability if you examine risks in silos. Location intelligence offers the ability to review total concentration of risk, such as flood, fire, and other natural hazards, and assess likelihood of any of these occurring, as well as how close the property is to emergency services.
Here’s how this improves your customer’s experience. Aside from providing customers with fair, accurate pricing, you also have a comprehensive understanding of their exact insurance needs, including needs they may not realize they have. For example, a customer coming to you for property insurance may not realize they also require coverage for wildfire or flooding. Using location intelligence, you’ve got the data to show customers what they need, making them feel confident in your services and completely protected by the coverage you offer.
3) Reduce Processing
Time Average processing time for quotes and claims is an essential data point every insurance provider must be aware of. Most people are accustomed to immediate gratification, and staying competitive in the insurance industry requires providers to deliver information quickly.
Leveraging the right digital tools is the key to tracking and reducing processing time. Location intelligence easily feeds into platforms that automate the underwriting and claims process according to your company’s rules and guidelines.
4) Customer Information
Location Intelligence platforms enable customer data to be seamlessly integrated, allowing you to autofill information and limit the number of manual inputs required when generating quotes. Automation of personal information reduces costs for you, while providing customers with a better digital experience. Location intelligence also allows you to review customer claims patterns for real time data-based decision making throughout the underwriting process.
5) Complete Customer Portfolios
Instant access to customers’ portfolios provides an overview of data revealing areas where your insurance company could offer additional services. For example, if you’re using a location intelligence platform, you’ll be able to see all properties owned by a customer that may be covered by other insurance providers. With complete property information paired with hazard data, you’ll also be able to see if your customer has adequate coverage to fully protect their assets. This data allows you to provide a great experience for customers because you enter conversations prepared with complete information and options to provide better rates and coverage than your competition.
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