While the insurance industry is on the rise, there are still opportunities for insurance providers to capitalize on insights discovered with location intelligence tools. Using business location intelligence to expand their customer reach, expedite claims, reduce risk, and even detect fraud, insurers can continually assess a multitude of risks.
An insurance company that operates in Guilford County, North Carolina, wants to launch an advertising campaign to increase sales of home insurance policies. Their campaign targets audiences whose homes are at risk of flooding, and they need to precisely target an audience which would be interested in flood insurance.
To deal with this challenge, it is crucial to understand what zones are at risk of flooding, and overlay that onto existing infrastructure. The first step, then, is to display zones on the map according to flood insurance classifications. Using widgets, we can filter zones where flood insurance is mandatory*. These are zones A and AE. Next, we display a building layer that can be further filtered depending on whether or not the properties are insured. A numeric widget then displays the total number of buildings that need to be insured, along with an approximated USD cost for annual coverage.
With the information obtained, the insurance company can very accurately determine where their target audience lives, in order to launch their advertising campaign. In addition, they can better understand their potential ROI by comparing spend on advertising with the potential revenue gain for annual flood insurance coverage.
Insurance companies, consulting agencies
Key Technical Features
- Advanced Data Processing
- Categorical Filtering
- 3D Visualization
- Big Data
*There is a 26% chance of a home flooding over the life of a 30-year mortgage in a 100-year floodplain