A domestic life insurance company wanted to change its sales strategy from offering a single product to the masses to customising these through micro-marketing, identifying key target customers and generating interest in them.
The company chose to deploy SatMarketing, a geo-coding tool that helped the insurance firm reach out to its target customers.
SatMarketing, a product developed by Hyderabad-based navigation and global positioning system technologies provider, SatNav Technologies, has the ability to geo-code addresses, identify target customers and analyse existing ones.
Earlier a part of Satyam Computer Services Limited, SatNav was spun off into an independent entity in 2004.
Geo-coding is the process of converting street addresses, or locations like postal codes, city, district and state codes, ones with definite latitudes and longitudes, which can be entered into a GPS device or a geographical software.
SatMarketing, developed on the PHP and Java platforms and copyrighted six months ago, takes customer information like address from an insurance company, compares it with map data, and ensures the particular location is in the point of interest with SatNav.
The tool geo-positions a customer's data into digital data. An insurance company can also add other customer demographic information available with them like per-capita income and lifestyle.
It can also create an affinity group (high-premium generating individuals) for better premium packages.
The insurance company can also geo-code an agent into the process. The tool puts customer data on the map. It can then bisect it, overlay it with the demographic information, and then package the information at grid-levels, agent-levels and region-levels.
"No organisation can afford to stay complacent by offering a similar product to all sections of society, without considering the identify of their key target customers.
"The need of the hour is to embrace this change and ride on it, rather than fighting back with outdated tools. The key is customisation, that is, micro-marketing," says S Selvamuthiah, co-founder and senior vice-president,