Make Sense of the World and Discover New Channels Foundational Views
At Evvox, New Business Analysis serves as a foundational view, forming the bedrock of analytical insights and providing a platform from which to progress towards New Channel Discovery. Foundational views capture key aspects of your portfolio and presents them in a manner that provides key insights within themselves while also isolating clear variables to be built on further.
Time and Geography
New Business Analysis examines both the temporal and geographic aspects of your portfolio, providing a trend-based perspective on new policy signups while segmenting these trends geographically for better management. These two views in tandem allow business users to understand their current portfolio positioning and trends on a deep fundamental level. This, in turn, allows businesses to understand if there are decisions to be made based on this data that can increase conversion rates.
The Evvox Advantage
Within Evvox, the insights of this foundational view are exponentially enhanced, as our Extensibility Engine enables the ingestion of third-party data, further building upon the geographic and temporal variables mentioned earlier. When external data is integrated in a systematic and bounded manner, we can steer away from many generic data points to a specific use case-based focus.
An example of this in action would be if your business is unsure of why new signups from July to August were exceptionally high. While it's exciting to come across an intriguing trend, businesses should strive to understand and capitalize on its replicable elements to broaden their knowledge.
One of the use cases we have built is integrating google trend data explain search queries overtime and by geography. Utilizing this data, we analyzed the sentiment of mortgage insurance alongside life insurance at the state level, revealing a close correlation in four states.
We can now align the four states with the highest new business volumes with those showing the highest Google trend analyses, validating or refuting our hypothesis regarding our portfolio, thereby informing crucial business decisions in the quest for new channels.
The Possibilities are Endless
This is just one use case we've discovered, with Evvox offering additional tools to expand on these findings, which will be detailed in future blog posts. However, the key point of this post is that Evvox enables you to systematically and scientifically experiment with and explore new business ideas. Business expertise can be either supplemented or disproven by key data points, and your business can then make decisions on where to increase conversion rates and how. This is all possible through the power of Evvox. Call us today!