Max Life

Knowing that Max has a very strong product propositions, we also wanted to go after the comparers.

The Challenge

Max Life Insurance Company Limited is a leading insurance company in India. According to a study done by Maxlife (called the IPQ), only 21% of life insurance holders have term insurance. Using this understanding of the consumer, we worked with the brand and Google, on a strategy to convert this audience segment who is aware about “insurance” as a product but are probably fence sitters when it comes to buying “term insurance” as a product.

Knowing that Max has a very strong product propositions, we also wanted to go after the comparers.

 

The Results

  • 46%

    The visits to lead percentage went up by 46%

  • 1/50th

    Cost of acquisition

  • 98%

    Growth in sales

Strategy

To acquire these fence sitters, we were using machine learning algorithms to collect leads, through Smart Display. As a product, it works on various signals, but mostly it has a strong engine to identify consumers who have experienced the brand or are aware about the category. Earlier, the strategy was to then let the lead nurturing mechanism convert these leads into sales.

But in Q1 2019 we took a bet to further test the prowess of machine learning and its optimisation capability. We thought of an idea to reduce the dependence on the lead nurturing mechanism and changed the goal from lead acquisition to sale conversion.


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