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Insurance Sector Betting Big on GIS -Location Element is Critical

In recent times, drastic changes can be seen in the Insurance Industries. It seems that these changes are reflecting several kinds of underlying developments. The dissemination of financial information and financial services can be broadened and accelerated through the significant advancements in communication and information technology and by this way the complexity has been also increased. It seems that the competition among the different domestic and foreign Insurance Institutions has been increased. It can be stated that the Insurance Organizations are adopting better operational strategies as well as upgrading different skills due to regulations. Due to all these factors, challenges to Insurance sectors are increasing.

Today, the Insurance Companies should have to be market responsive as well as market driven. Data management is one of the key aspects on which the success of these institutions majorly depends. Customer relation management is also another important factor in this regard. Insurance Companies manage a lot of information about the customers, customer profiles and so on. Insurance Companies can gain an enormous advantage by adding a component called “Location” to their database. Insurance Companies can be well benefited through long-range planning mixed with geographic modeling.

With the aim of achieving different business objectives of the Insurance Companies, GIS plays an important role in many important areas of Insurance Companies. The objectives are to expand the Customer base, to improve in Quality of the Services, to increase Customer Satisfaction, to maintain consistency in business growth, and to increase profitability. GIS helps to provide support in strategic planning and decision-making in different functional Areas of the Insurance Companies.

Marketing is a customer-orientated operation, which is essential for the business success of any Insurance Company in today’s highly competitive Business environment. For a better understanding of the markets and the potential customers, the marketing departments of the Insurance Companies may use GIS- based Marketing analysis. It can be stated that the marketing depends on the demand as well on supply. Demand and supply can easily point to a geographical location. With the help of a GIS, these factors may be easily analyzed. Today it seems that geo-demographic research is very important to marketing. To target the specified customers, all kinds of market segmentation techniques are important.

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