Spatial Technology

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

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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.

Location Data and the Telecom Industry

Top 5 ways the Telecom sector is leveraging Location Data

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Read to know why 70% of telecom companies are convinced that accurate location data is critical to their success

A telecom business has to face a range of burning questions on a regular basis: Where are my customers? Where is my crew needed the most? Where do I need to expand capacity? Where is my network lacking quality? Each of these questions has a foundation in spatial information.

For an industry as competitive as telecommunications, understanding relationships, trends, and patterns in a quick and efficient way is imperative to keep up with the evolving market dynamics. Location data helps telecom operators to visualize the myriad layers of data in a manner which is easy to understand and interpret. But even more importantly, it helps unlock pertinent insights previously not available to the business. So, it’s not surprising that the 2018 Location Intelligence Market Study by Dresner Advisory Services pegs location data as a key success factor for 70% of telecom companies.

Let’s discuss some of the most profitable ways in which the telecom sector is leveraging location data…

1.  Market Segmentation

Location data is the underpinning of all market segmentation activities like identifying high-revenue areas, segregating customers on the basis of their demography and buying behaviour, ascertaining where new building projects are coming up, or even undertaking a competitor analysis. Prudent telecom operators are using location data to boost their intelligence with customer profiling and determine the potential of the market correctly. This further allows them to determine where new capital investment needs to be allocated and where marketing budgets should be channeled for maximum impact.

2.  Network Analysis

Using accurate location data gives operators and crew instant access to customer details, enabling them to map signal quality information with their user base and identify where the signal strength is good or poor. Being able to visualize assets geographically also allows for better monitoring of the network and expedition of maintenance and repairs. And when it comes to making inroads into an already competitive market, precise location data helps telecom companies to identify new market opportunities in the proximity of their assets and expand network capacity in a cost-effective manner. Which brings us to the next point in our list…

3.  Capacity Planning

To plan and manage their capacity judiciously, telecom companies not only need to be able to map their current user base properly, they should be able to locate the pockets of future growth meticulously. Using location data, companies can zero in on new prospects by leveraging insights into current profitable customers to look for similar prospects. Here, the intelligence derived through market segmentation activities also comes into play. Location data analytics provide a solid decision-support ground for capital investments.

4.  Serviceability

The importance of providing a definitive and timely service cost assessment for new customers is not lost on progressive telco businesses. Accurate address information gives the sales team the confidence to upsell products without worrying about the availability of those services. When it comes to analyzing and tracking the serviceability for commercial accounts, telcos can easily map location information against serviceability and make sure a new customer opportunity does not turn into a bad customer service problem. Businesses can even plan to increase serviceability based on the competitive insights derived from authentic location data.

5. Customer Service

Effective customer relationship management gives a much-needed competitive edge to telecom companies. Having a unique address identifier  for each customer can eliminate communication errors and boost the speed and quality of customer handling. By resolving user queries and complaints in a timely manner, operators can improve the relationship between the company and the customer, thereby reducing the chance of a customer jumping to another provider (churning). They can also make significant cost savings by reducing the need for return visits by the field crew.

In a nutshell, location data is a strategic planning tool the telecommunications industry can use to enhance its capabilities, reduce errors, and carry out processes more accurately. Forward-thinking telcos are already using location data to improve market penetration and enhance their network design and coverage. To know more about how your telecom business can leverage location data for better operational efficiency and customer satisfaction, contact us.

Additional Reading:

A telecom operator’s guide to selecting a 5G cell site with Location Intelligence

 

Using data to find your ideal customer

How well do you really know your customers?

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“They don’t know that we know that they know we know!” – Phoebe Buffay

What do you know? About your customers that is.

Most likely you have assumptions and these assumptions are often backed by data. Perhaps a survey that was conducted a few years ago, or through your experience with your clients first hand. Regardless of how you have acquired this intel, what you think you know about your customers is what should drive your business. But does it?

Effective Market Analysis to Target Your Ideal Customer

Who is your ideal customer? Your absolutely worst customer? Who would you be lucky to nab this quarter? Who could be your Lighthouse Customer?

These questions swim around every Marketer’s, Sale’s and Product Manager’s brain when building new marketing campaigns or planning new sales initiatives. The reality is, we think we have a good idea but may not have enough data to back it up.

Try googling “Ideal Customer”. A lot of businesses think they know the secret formula, but it should be you who determines who is ideal for your business.

Ask yourself these questions:

  • Who do I want to be partnered with?
  • Will I take any customer? Or do I want to portray a branded image?
  • Do I want to grow my business from the outside-in?
  • Does my database contain updated and accurate information about my customers?

Once you have begun to identify who your target customer should be, let the data tell you otherwise. From our experience at DMTI Spatial™ the data often surprises our clients. Most are unaware their database contains inaccurate and outdated data. Often times CRM’s are not kept up to date when employee attrition or customer churn takes place. Your data is what drives your business, not the other way around.

Using the Right Technology for Customer Insights

Need help cleaning this mess up? Start with the basics. Cleanse your address database. Then, ensure your customer records are up to date. Are you customers current? If not, when did they leave?

Once you’ve done this, enrich the data with as much information as possible. What campaigns went out to these customers? When did we reach out to them last? Start with the basics and build a rich repository of data.

Your data is what makes your business unique. Leverage and exploit this well of information to determine who your actual ideal customer is.

Need help? That is where Location Hub® Analytics comes in.

To learn more about how location analytics can help your business, shoot us an email or give us a call at 1.877.477.3684 .