Operating a digital lead generation model for the insurance industry has always been a challenge. The customer journey jumps from online to offline and the buying cycle takes several weeks to complete, making it difficult to optimize the entire strategy from start to finish. In addition, the costs per lead are very high due to the saturation of the online insurance sector that exists in Spain.
The Spanish insurer Verti, which is exclusively digital, saw this challenge as an opportunity to innovate to improve the acquisition of qualified clients. Get inspired by this profitability-based success strategy that allowed Verti to differentiate itself from its competitors and increase its sales.
Innovative approach to connect own data with the offline world
A large part of the sales of an insurer like Verti starts online but ends offline, mainly through a call center, aggregators or commercial agents. For this reason, it is key to know the complete journey that customers take through an optimized omnichannel measurement .
Working together with Google and their technology partner Making Science, they developed a model to activate data throughout the entire customer acquisition cycle, integrating Google Cloud and Ads Data Hub .
With the ability of Cloud's BigQuery data warehouse to connect the user's online interactions with their offline behavior, they achieved accurate measurement that gave them 100% visibility into their customers' buying journey. Combining that proprietary data with Ads Data Hub attribution models, they were able to predict how the interactions and impacts users have on digital influence their subsequent behavior with offline channels.
Combining proprietary data with Ads Data Hub attribution models, Verti was able to predict how users' interactions and impacts on digital influence their subsequent behavior with offline channels.
This 360º customer journey integration enabled them to truly track omnichannel sales. In this way, they detected 30% more online sales that until now they had not been able to attribute with conventional offline conversion tracking. Not only did this help Verti better measure the financial return on its marketing efforts, but this valuable information became the basis for advanced high-value customer acquisition strategies.
As Alejandro Domínguez, Marketing Director at Verti, explains, “by incorporating this information from our business into the acquisition strategy, we managed to improve both sales and acquisition costs. The next step is to incorporate more variables and more combinations of them, which will allow us to make leaps like the one we have achieved in this first phase of developing this model.”
Alejandro Domínguez explains in this video how the process was until reaching this innovative approach:
Prediction of user value thanks to machine learning
Knowing if a customer who is interacting with your brand online will end up making a purchase or not, provides differential value when it comes to optimizing campaigns. Aware of this Verti decided to go further.
Applying machine learning to the data obtained from that omnichannel measurement, he developed a user value prediction model . This model allowed them to know the probabilities of a customer's purchase based on their online behavior.
Optimization and machine learning helped Verti achieve 20% more sales for 15% less costs
When a user requests an insurance quote online, a final sale prediction model is launched in real time that uses variables such as what information is or is not included when filling out the request.
Through machine learning, each potential customer receives a rating, which Search Ads 360 's Smart Bidding algorithms then use to optimize campaigns toward capturing high-value customers. Optimization and machine learning helped Verti achieve 20% more sales for 15% less costs.
What marketers can learn from Verti
Having a connected ecosystem through Google Cloud allowed Verti to study how its different online channels impact offline sales and profitability. Thus, they were able to focus their efforts on those that generated the greatest return.
Here are some valuable lessons for any marketer looking for innovative solutions to adapt to the new digital reality:
- Bet on innovation and technology to find a way to differentiate yourself.
- Look for alliances and rely on technology partners that help you design a successful strategy.
- Use of own data and automation to create a connected ecosystem that gives you visibility over your strategy and improve its optimization.
Operating a digital lead generation model for the insurance industry has always been a challenge. The customer journey jumps from online to offline and the buying cycle takes several weeks to complete, making it difficult to optimize the entire strategy from start to finish. In addition, the costs per lead are very high due to the saturation of the online insurance sector that exists in Spain.
The Spanish insurer Verti, which is exclusively digital, saw this challenge as an opportunity to innovate to improve the acquisition of qualified clients. Get inspired by this profitability-based success strategy that allowed Verti to differentiate itself from its competitors and increase its sales.
Innovative approach to connect own data with the offline world
A large part of the sales of an insurer like Verti starts online but ends offline, mainly through a call center, aggregators or commercial agents. For this reason, it is key to know the complete journey that customers take through an optimized omnichannel measurement .
Working together with Google and their technology partner Making Science, they developed a model to activate data throughout the entire customer acquisition cycle, integrating Google Cloud and Ads Data Hub .
With the ability of Cloud's BigQuery data warehouse to connect the user's online interactions with their offline behavior, they achieved accurate measurement that gave them 100% visibility into their customers' buying journey. Combining that proprietary data with Ads Data Hub attribution models, they were able to predict how the interactions and impacts users have on digital influence their subsequent behavior with offline channels.
Combining proprietary data with Ads Data Hub attribution models, Verti was able to predict how users' interactions and impacts on digital influence their subsequent behavior with offline channels.
This 360º customer journey integration enabled them to truly track omnichannel sales. In this way, they detected 30% more online sales that until now they had not been able to attribute with conventional offline conversion tracking. Not only did this help Verti better measure the financial return on its marketing efforts, but this valuable information became the basis for advanced high-value customer acquisition strategies.
As Alejandro Domínguez, Marketing Director at Verti, explains, “by incorporating this information from our business into the acquisition strategy, we managed to improve both sales and acquisition costs. The next step is to incorporate more variables and more combinations of them, which will allow us to make leaps like the one we have achieved in this first phase of developing this model.”
Alejandro Domínguez explains in this video how the process was until reaching this innovative approach:
Prediction of user value thanks to machine learning
Knowing if a customer who is interacting with your brand online will end up making a purchase or not, provides differential value when it comes to optimizing campaigns. Aware of this Verti decided to go further.
Applying machine learning to the data obtained from that omnichannel measurement, he developed a user value prediction model . This model allowed them to know the probabilities of a customer's purchase based on their online behavior.
Optimization and machine learning helped Verti achieve 20% more sales for 15% less costs
When a user requests an insurance quote online, a final sale prediction model is launched in real time that uses variables such as what information is or is not included when filling out the request.
Through machine learning, each potential customer receives a rating, which Search Ads 360 's Smart Bidding algorithms then use to optimize campaigns toward capturing high-value customers. Optimization and machine learning helped Verti achieve 20% more sales for 15% less costs.
What marketers can learn from Verti
Having a connected ecosystem through Google Cloud allowed Verti to study how its different online channels impact offline sales and profitability. Thus, they were able to focus their efforts on those that generated the greatest return.
Here are some valuable lessons for any marketer looking for innovative solutions to adapt to the new digital reality:
- Bet on innovation and technology to find a way to differentiate yourself.
- Look for alliances and rely on technology partners that help you design a successful strategy.
- Use of own data and automation to create a connected ecosystem that gives you visibility over your strategy and improve its optimization.