Revitalizing Legacy: A Century-Old Insurer's Digital Leap for Youth Engagement
A North American insurance company recognized the declining effectiveness of traditional channels and the growing benefits of newer platforms in attracting younger business.
To sustain growth as the client base matures, it's essential to attract younger customers. But how do you make it compelling enough for them to be interested?
A prominent North American insurance company, with a rich history spanning over a century, recognized the need to attract a younger demographic. Traditionally anchored in direct mail campaigns, the company realized that a younger demographic engaged with more contemporary channels and broadened its marketing mix to include television, social media, search engines, and digital video platforms. This marked a significant cultural shift within the organization and marked the start of its digital transformation journey.
To navigate this transition effectively, the company leveraged AIOS to gain a deeper understanding of how various channels could work together to drive new quote requests and member sign-ups. AIOS enabled the company to:
1. Analyze conversion attribution across different media channels.
2. Identify high-ROI channels and opportunities for reallocating marketing spend.
3. Create investment plans with and without restrictions to direct future marketing spending.
The data-driven approach revealed that traditional direct mail, while still the largest contributor of conversion, was no longer cost-effective compared to newer media channels: television and digital video offered more favorable returns on incremental investments.
Even as the largest contributing channel, the waning effectiveness of traditional media and the rising advantages of new platforms highlighted the importance of data-driven decision-making for growth, challenging the adherence to the status quo:
+7%
growth in new memberships
+24%
increase in quote requests
Armed with these insights, the company secured a budget to increase its television advertising by 68% and expanded its digital video investment by 7x. The impact of these strategic adjustments was clear after just one quarter, and by the year’s end, the company witnessed a 7% growth in new memberships and a 24% increase in quote requests.
Moving forward, AIOS will continue to play a pivotal role in refining the company's marketing strategies, optimizing their $55M budget, and maximizing overall marketing effectiveness.
