Insurance technology provider adds property data to GIS Maps to increase revenue and client satisfaction

Client Need

A large provider of GIS (Geographic Information Systems) services developed a sizable share of business in the insurance industry, where their mapping services were used to identify geographic hazards, such as tornados, earthquakes, and floods. To further their strategy of being a one-stop shop for their clients and adding value to their existing products, they decided to add property-level data to complement their GIS map offerings. The enhanced service would be used by Property & Casualty insurance underwriters to assess the geographic concentration of their risk, quote new insurance policies and assess large books of existing policies in order to adjust premiums to current market replacement costs.

Solution

Transmit property data directly to their Web-based platform via Connect2Data XML, allowing them to seamlessly send the data to their customers via the Internet. With Connect2Data XML, the client is able to make daily on-demand requests for property data including detailed property reports with comprehensive property characteristics and sales information, year built, building square footage, construction type and bedrooms. Data feeds are formatted in three separate layouts so that the client can offer their customers the option of three different report types.

Results

The client was able to generate 1.3% incremental revenue in the first two months for an annualized increase of 1.5%. The increase resulted from higher use from their existing customers. They also reported improvements to customer retention and sales conversions, while narrowing the competitive field.