In conjunction with Kotak Life’s digital media agency, I Prospect, Kotak Mahindra Life Insurance Co. Ltd (Kotak Life) today announced that it has implemented a new approach for its digital campaigns that use new tools and capabilities on Google Search to boost the scale of client lead generation.
Kotak Life’s new approach has driven a 128 percent increase in digital search conversions and a 16 percent reduction in cost per conversion in just the first month of the new campaign set-up, thanks to a shift in customer behavior, low data charges, higher mobile phone penetration, and physical restrictions imposed in a post-pandemic India.
This has resulted in a 4 percent boost in conversion rates – from submitting a query to purchasing insurance.
“It is crucial to find a vast and relevant in-market audience online for establishing a Digital Business model,” stated Prasad Pimple, EVP-Digital Business Unit, Kotak Mahindra Life Insurance Co. Ltd. This requirement prompted us to try a new technique for our Google Search advertising, which increased scale and contributed valid leads while lowering the cost per lead. In the next months, we hope to expand this to include more product categories.”
Kotak Life has a strong digital presence, with platforms that provide clients with a seamless online and offline purchase experience. The ‘NEEV’ technique helped structure and simplify more than 60 ad groups into a manageable quantity for Google Smart Bidding.
The new structure had an immediate impact after it was put up. The campaign is continually being tweaked and continues to have a positive influence on the company’s ROI.
Life insurance is usually purchased with the intent of saving tax and helping families tide over any unpredictable occurrence of death. But what happens in case of a serious illness or disability.
The incomplete by going beyond the conventional coverage and providing added benefits that cover disabilities and critical illness.
It should be noted that at the beginning of FY 2019-20, Kotak Life decided to set in motion a comprehensive re-engineering of its online business with a back-end digital workflow and a customer relationship management (CRM) process.
It also catalyzed its movement in marketing automation with an aim to improve its market penetration amongst the target audiences, amid other projects. Kotak Life also rolled out a marketing campaign.