Geolocation

What is Geolocation?

Geolocation is a process of knowing the geographical location of a person based on the digital information given by their internet-connected device. You can use various technologies to identify a person’s geolocation and the most useful way is to use their IP address. These details can be gathered after knowing one’s IP address:

• Country
• Latitude and longitude
• Region state or territory
• City
• Time zone
• Postal code
• Issuing authority which may differ from the location of the IP

Geolocation in Financial Services

Financial Advisors

It helps in identifying target areas based on demographic data. The agent can plan in-person to visit the clients or prospects with optimized routes. Geolocation also helps in building lists based on geography for communication and events.

Insurance Claims Processing

An insurance claim adjusting app can use the geolocation technology to provide policyholder location, which minimizes the number of fraudulent or exaggerated claims the insurer receives. A visual claim platform enables the policyholder to work with their insurance agents using real-time communication to evaluate the extent of loss and figure out the best amount of claim.

The technology aids the customer to claim the insurance easily and get the screenshot of the paid amount. It helps both Insurance companies and their customers.