Retail Deployment Model

Abstract

A method of determining and optimizing the location of a new insurance agency is disclosed to increase market penetration of underrepresented markets. The method comprises the use of a scoring algorithm to rank various geographic regions or related zip codes. The scoring algorithm may be implemented by a location modeling system based on variables selected by a user.

Description

BRIEF DESCRIPTION OF THE DRAWINGS

The present invention may take physical form in certain parts and steps, embodiments of which will be described in detail in the following description and illustrated in the accompanying drawings that form a part hereof, wherein:

FIG. 1 shows a diagram of a computer system that may be used to implement aspects of the invention.

FIG. 2 illustrates a method of application of the insurance agency location modeling system, in accordance with an embodiment of the invention.

FIG. 3 illustrates an exemplary user interface screen for a section of the agency deployment modeling system, in accordance with an aspect of the invention.

FIG. 4 illustrates an exemplary user interface screen enabling a user to select various geographic regions, in accordance with an aspect of the invention.

FIG. 5 illustrates the selection of a predefined template, in accordance with an aspect of the invention.

FIGS. 6 a, 6b, and 7 illustrate the calculation of a final score for selected zip codes, in accordance with an aspect of the invention.

FIG. 8 illustrates the display of the final score along with additional profile information associated with the particular zip code, in accordance with an aspect of the invention.

FIG. 9 illustrates a map in which a particular zip code may be viewed by a user, in accordance with an aspect of the invention

Claims

1. A method of determining an insurance agency location, the method comprising: (a) receiving at least two zip codes to be evaluated for placement of the insurance agency location;(b) receiving at least one modeling factor to be utilized in the determination of the insurance agency location;(c) calculating a final score for each of the at least two zip codes; and(d) comparing the final scores for each of the at least two zip codes.

2. The method of claim 1, further including: (e) displaying the final scores for each of the at least two zip codes on a map.

3. The method of claim 2, wherein the map includes street level information.

4. The method of claim 1, wherein step (c) further comprises the steps of: (i) calculating a composite score for each of the at least two zip codes; and(ii) calculating the final score for each of the at least two zip codes based on the equation

5. The method of claim 4, wherein the composite score comprises a weighted composite score.

6. The method of claim 1, wherein the at least one modeling factor includes total and net change in households in current year and last five years.

7. The method of claim 1, wherein the at least one modeling factor includes number of new homeowners and new movers.

8. The method of claim 1, wherein the at least one modeling factor includes percentage of population age at least twenty-five years and having some college education.

9. The method of claim 1, wherein the at least one modeling factor includes percentage of households with length of residency of less than one year.

10. The method of claim 1, wherein the at least one modeling factor includes total number of agency customer households.

11. The method of claim 1, wherein the at least one modeling factor includes total number of new businesses.

12. The method of claim 1, wherein the at least one modeling factor includes agency customer household life time value.

13. The method of claim 1, wherein the at least one modeling factor includes households with two or more vehicles.

14. The method of claim 1, wherein the at least one modeling factor includes owner occupied dwelling.

15. The method of claim 1, wherein the at least one modeling factor comprises average household income and average household net worth.

16. A method of determining an insurance agency location, the method comprising: (a) receiving from a user at least one geographic region to be evaluated for placement of the insurance agency location;(b) based on the received at least one geographic region received in step (a), determining related zip codes to be evaluated;(c) receiving from the user modeling factors to be utilized in the determination of the insurance agency location;(d) calculating at a processor a final score for each of the zip codes determined in step (b); and(e) comparing the final scores for each of the zip codes to determine the zip code with the highest final score.

17. The method of claim 16, further including: (f) displaying the final scores for each of the zip codes on a map.

18. A method of determining an insurance agency location, the method comprising: (a) receiving a geographical region to be evaluated for placement of the insurance agency location;(b) determining zip codes associated with the received geographical region;(c) gathering data associated with the determined zip codes;(d) selecting a template having various modeling factors to be utilized in the determination of the insurance agency location;(e) calculating a final score for each of the zip codes determined in step (b); and(f) comparing the final scores for each of the zip codes.

19. The method of claim 18, wherein step (e) further comprises the steps of: (i) calculating a variable score;(ii) calculating a composite score; and(ii) calculating the final score for each zip code based on the equation

20. The method of claim 19, wherein the composite score comprises a weighted composite score.

21. The method of claim 18, wherein the modeling factors comprise net change in number and percentage of households in the next five years, percentage of population over twenty-five years of age with some college education, percentage of households with length of residency less than one year, total company insurance customer households, and average insurance customer household life time value.

22. The method of claim 18, wherein the modeling factors comprise new movers, new homeowners, percentage households with length of residency less than one year or recent change in number of households, and new businesses.

23. The method of claim 18, further including displaying the calculated final scores on a display.

24. The method of claim 23, wherein the display also includes additional modeling factors, profile information, existing agency locations, and competitor locations.

25. The method of claim 23, wherein the display also includes a map having aerial imagery.

26. The method of claim 25, wherein the map is thematic map.

27. The method of claim 23, wherein the display includes the use of 3D cartography.