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Customer Shifts Necessitate Corresponding Business Shifts: Stagnant Data Yields Stagnant Insights

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Customer Shifts Necessitate Corresponding Business Shifts: Stagnant Data Yields Stagnant Insights Evvox
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Consumer behavior has undergone unprecedented changes in the past year, and life insurance has not been immune to these shifts. New entrants aim to seize market share from a life insurance industry that has been slow to adapt, highlighting the urgent need for stronger adaptation now more than ever. 

Moving Beyond the Traditional Approach 

One valuable tool for insurers is customer segmentation, enabling life insurers to comprehend the diverse groupings within their portfolios and subsequently target customers based on their respective groups. Traditional segmentation, however, relies too heavily on demographic and consumer data already available within the portfolio, and the final segmentations are too broad to be effective. 

One way to augment segmentation is to apply AI and ML models for more granular and intricate segments, ones that emanate from relationships in data previously unseen. But there is an overarching problem that applies to both segmentation methods: stale and biased data. By solely using insular portfolio data, no matter the method, your segmentation efforts will most likely double down on themselves, simply reaffirming old beliefs that your portfolio already exhibits. 

The Evvox Advantage  

Moving beyond segmentation efforts with stale data is best achieved by integrating new data into the process—a task easier said than done, until now. 

Evvox was meticulously designed for the life insurance industry, integrating seamlessly with a state-of-the-art data platform and leveraging our Extensibility Engine to seamlessly ingest and map new data into AI/ML models, providing an end-to-end solution from data to insights. 

Expand Your Opportunity Space 

By strategically and seamlessly incorporating external data, your business can explore and analyze numerous previously unseen segments, with advanced computational methods revealing hidden correlations and unlocking real opportunities. 

At Evvox, we believe that effective customer segmentation isn’t just about segmenting your target audience based on their age or some demographic, it’s about categorizing your target audience based on their goals, attitudes, needs and experiences. 

AI/ML backed customer segmentation allows insurers to target audiences by offering more personalized services that are more likely to get your customers the life insurance they need. 

Evvox – Enter the World of Channel Discovery 

Join the revolution with Evvox and become a data driven insurer. The Insurance industry’s future is necessarily geared towards digital enablement, and now is the time to leverage Evvox. Talk to one of our industry experts today! 

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2 min read