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Using 'Online Variables' to Drive 1:1 Personalisation for Insurance Companies

Posted on November 29, 2016
With: 0 Comments

If you’re trying to maximize the performance of your digital marketing campaigns, capturing data from your website which I call "online variables" goes far beyond the traditional champion/challenger approach of retargeting based on user behaviour on the website. What limits user behaviour on the website is the fact that you can only personalise the user experience at a segment level and not at a 1:1 personalised level. 

ONLINE VARIABLES

For an insurance company, there are very user specific "Online Variables" which can be used for "1:1 Personalization" from the Premium Calculator or Quote pages. 

  • Gender
  • Date of Birth
  • Tobacco – Yes or No
  • Life Cover Amount
  • Payment Term – Regular, Single, Limited Pay
  • Policy Term - Number of Years
  • Payment Frequency – Yearly, Half Yearly or Monthly
  • Premium Amount - Yearly, Half Yearly or Monthly

USE CASES FOR INSURANCE

Here are some of the "Insurance" specific use cases which can be created using the above "Online Variables" when captured from the Premium Calculator or Quote pages on insurance website.

  1. Personalization using Life Cover, Policy Term and Premium Amount 

Use Case – User searches for a premium quote for a Life Cover of Rs. 1 Cr with Policy Term of 30 years. The user sees a premium amount and drops off. 

User Experience – During the Buying Cycle period

User is shown a 1:1 personalized banner with Life Cover of Rs. 1 Cr, Policy Term of 30 years & Annual premium amount on Google, Facebook, Homepage Banner, Site Notification & Browser Push Notification. 

User Experience – Post Buying Cycle period

User is shown a 1:1 personalized banner with Life Cover of Rs. 1 Cr, Policy Term of 30 years & discounted premium amount on Google, Facebook & Browser Push Notification. 

  1. Personalization using Family Protection Cover, Premium Amount & Payment Frequency 

Use Case – User searches for a premium quote for a Life Cover of Rs. 1 Cr with Policy Term of 30 years. The user sees an Annual premium amount and drops off. 

User Experience – During the Buying Cycle period

User is shown a 1:1 personalized banner with Life Cover of Rs. 1 Cr, Policy Term of 30 years & Monthly premium amount on Google, Facebook, Homepage Banner, Site Notification & Browser Push Notification. 

User Experience – Post Buying Cycle period

User is shown a 1:1 personalized banner with Life Cover of Rs. 1 Cr, Policy Term of 30 years & discounted monthly premium amount on Facebook & Browser Push Notification. 

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  1. Personalization showing impact of premium amount before & after birthday 

Use CaseUser whose Birthday is in the next 3 months’ searches for a premium quote for a Life Cover of Rs. 1 Cr with Policy Term of 30 years. The user sees an Annual premium amount and drops off. 

User Experience – During the Buying Cycle period

User is shown a 1:1 personalized banner with DOB, Life Cover of Rs. 1 Cr, Policy Term of 30 years & annual premium amounts before and after his/her birthday on Google, Facebook, Homepage Banner, Site Notification & Browser Push Notification. 

User Experience – Post Buying Cycle period & before the birthday

User is shown a 1:1 personalized banner with Life Cover of Rs. 1 Cr, Policy Term of 30 years & annual premium amounts before and after his/her birthday on Facebook & Browser Push Notification. 

  1. 1:1 Personalization using Multiple Life Cover Options

Use Case – User searches for a premium quote for a Life Cover of Rs. 1 Cr with Policy Term of 30 years. The user sees an Annual premium amount and drops off. 

User Experience – During the Buying Cycle period

User is shown a 1:1 personalized banner with multiple (2) Life Covers of Rs. 50 lakhs each, Policy Term of 20 & 10 years & Lesser Annual premium amount on Google, Facebook, Homepage Banner & Browser Push Notification 

User Experience – Post Buying Cycle period

User is shown a 1:1 personalized banner with Life Cover of Rs. 1 Cr, Policy Term of 30 years & discounted premium amounts on Facebook & Browser Push Notification. 

Using your user specific online data is key to drive new acquisition during this peak season with 1:1 Omni Channel Personalized engagement. If you are unable to capture these insights and data points from your website or if you are not using it to acquire new customers, you might be driving up your CoA by not targeting your audience with relevant 1:1 messaging on your marketing channels. 

Look forward to hearing your view on this. Don’t hesitate to write back to me at prasenjit.dg@vizury.com.

Prasenjit Dutta Gupta

Prasenjit Dutta Gupta

Prasenjit is currently Director of Digital Solutions at Vizury. With over 10 years of experience, his forte is in creating strategic business relationships and innovative solutions to meet any marketing objective. He started off his career as Product Engineer with Apple and has held solutions and client relationship roles at Dell and Yahoo.

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