Dynamic re-targeting to drive insurance sales

A health insurance brand was looking at re-engaging potential buyers who had visited its e-commerce website but left without purchasing a policy. The objective was to re-target them with personalized advertising, increasing the probability of re-entering the sales funnel. GenY Medium was engaged to revamp the display marketing campaign.

The strategy also displayed the exact premium quote seen by the user on the display ad, making the experience highly personalized. Clicking the ad resumed the application process from the exact stage where the user had left, significantly improving the buying experience. The display marketing efforts resulted in more than 50,000 users returning to the sales funnel every month. As a result, 20–22% of online sales were directly influenced by the dynamic re-targeting campaign.

• •Dynamic re-targeting setup is complex. CRM systems must continuously communicate with DSPs to generate personalized advertisements.
• •Unlike e-commerce and travel, dynamic re-targeting for financial services had very few successful implementation examples.
• •The implementation required direct collaboration with Google and Facebook specialists to successfully configure the system.

Several A/B tests were conducted to determine the most effective personalization strategy for improving click-through rates. The findings included:

• •Display the insurance plan previously viewed by the user.
• •Display the exact premium amount and coverage selected by the user.
• •Highlight that users could continue their application from where they had left instead of restarting the process.

Multiple creative designs were tested. Eventually, an additional coupon incentive was introduced to further improve engagement.

Unlike traditional remarketing, dynamic remarketing required custom parameters to be passed using industry-specific formats. Since no predefined solution existed for BFSI, a fully customized implementation was developed to uniquely identify users.

Key technical issues resolved during implementation included:

• •Resolved AdWords remarketing tag errors caused by delayed synchronization between custom parameters and the product feed after sufficient audience data accumulated.
• •Converted the CRM feed into the required SYLK file format, enabling successful parameter matching and ad serving.

• •Improved CTR from 0.7% to 1.0% on Google and from 1.0% to 1.5% on Facebook, representing a 40–50% increase in clicks for the same number of impressions.
• •Re-engaged more than 50,000 users every month by bringing them back into the sales funnel.
• •Influenced 20–22% of total online sales every month through dynamic remarketing.