Consumer behavior has shifted in the last year at an unprecedented pace. Life insurance was not and has not been immune to these changes. New entrants seek to capture market share left over by a life insurance industry that has not adapted quickly enough. The imperative to adapt stronger now more than ever.
One of the many tools available to insurers is customer segmentation. Segmentation allows life insurers to understand the various groupings within their portfolios and then target customers according to the group they belong to. 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 best way to move past segmentation efforts with stale data is to add new data into the process.Easier said than done? We would agree. Until now.Evvox was built from the ground up with the data, business, and operational models of the life insurance industry in mind. Built on top of a state-of-the-art data platform, we ingest data seamlessly using our Extensibility Engine. This new data is then mapped directly into the AI/ML models used in customer segmentation, providing you with a seamless end to end solution from data to insights.
Current AI/ML is insular & biased. Stagnant data yields stagnant insights.
Bringing in data from the outside world seamlessly through Evvox allows the AI/ML models a more complete view of the world
These advanced insights light the way forward and help you reach new customers and channels in the opportunity space.
With the strategic and seamless addition of external data, your business can experiment and analyze countless segments previously unseen. Advanced computational methods show previously hidden correlations between data, bringing about real opportunity.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.
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!