New Business Analysis is one of the foundational views Evvox provides out of the box. At Evvox, a foundational view is part of the bedrock of analytical insights and is as a platform to build up to 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.
New Business Analysis focuses on both time and geographic elements of your portfolio. The time variable allows for a trend-based view of new policy signups, and the geographic variable segments these trends down to a manageable level. 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.
Within Evvox this foundational view’s insights are increased exponentially. Through our Extensibility Engine, we can ingest 3rd party data according to building on the geographic and time variables discussed 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. A welcome mystery, but if there are elements of this trend that can be replicated and expanded on the business should try their best to understand them.One of the use cases we have built is integrating google trend data explain search queries overtime and by geography. We used this data to analyze mortgage insurance sentiment with life insurance sentiment on a state level, and what we found was that they are closely correlated in four states.Now we can match the four highest states in terms of new business with the four highest states in terms of google trend analyses, confirming or denying our hypothesis relative to our portfolio. Which can then be used to make key business decisions on the search for new channels.
This is one use case we have found, and Evvox has more tools to build on these findings further, which will be written about in future blog posts. But what we want to stress in this post is that Evvox allows you to seamlessly experiment and probe new business ideas in a structured and scientific way. 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!