Coverfox drives down Cost of Acquisition by 75% with user level quote based personalization
March 1, 2017
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Coverfox is India's fastest growing online insurance portal where users can compare, buy and manage insurance policies. With an intuitive and transparent platform where can users can easily compare quotes from serveral insurance providers and purchase policies, Coverfox is giving traditional insurance agents a run for their money.
The internet has transformed the way in which people access information and buy products and services. The Banking and Insurance industry in India has seen a significant impact of this digital revolution. Coverfox was founded on the premise of making comparison of quotes and buying insurance policies a convenient, transparent and seamless process for consumers.
Auto insurance quotes are unique to each user depending on the model of car/bike, usage, etc. And hence marketing to these users has to be a 1:1 personalized experience. Coverfox's strategic objectives were to,
boost online conversions with cross channel engagement, and
drive down cost per acquisition through focused personalization
They turned to Vizury to execute this digital strategy.
With Engage Finance, the growth marketing platform for the insurance vertical, Vizury implemented 'user level quote feed' to personalize messaging to each of Coverfox's website users on Display and Facebook.
Here is a screenshot of a display ad banner personalized with premium amount, car model and image:
Engage personalized the digital journey of users who dropped off - starting from the quotes page through the proposal page and payment page of the Coverfox website. Personalized ads were served on a 1:1 basis to users on Display and Facebook.
In a period of 6 months, the cost of acquisition of a Vizury contributed conversion was brought down by 75% through focused user level personalization. User engagement (CTR) doubled too in this period.
Engage Finance is custom built for the BFSI vertical with these unique capabilities:
An atomic technology stack that tightly integrates user data and multiple marketing channels
Machine learning capabilities that power individual user level predictions and 1:1 messaging
Deep expertise in the Insurance and Banking verticals that reflect in unique vertical specific features