Insurance Company Anticipates Doubling of Website Conversion Rates with Advanced Behavioral Analytics

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Overview

Orix is a global financial services company headquartered in Japan with operations in lending, investment, life insurance, banking, asset management, automobile, real estate and energy related businesses. Orix Life Insurance Company, a wholly owned subsidiary of Orix, offers term life and medical insurance products. The organization invested in marketing and promotions to grow revenue and improve market share, resulting in increased traffic to their website.

Although there was growth in website traffic, Orix saw an opportunity to significantly improve the conversion rate from prospect to customer and, by extension, increase revenue and reduce customer acquisition costs. With access to multiple sources and types of data, Orix was challenged to leverage the data to better understand customer needs and improve conversion rates. Orix turned to Antuit’s team of marketing analytics experts to transform the data into meaningful insights that improve overall marketing efficiency.

Orix expects the conversion rate from website visitor to customer to double, evidence that their new data-driven marketing initiatives are connecting with the right people.

Solution

The Antuit team helped Orix develop detailed digital profiles of its target customers and identify those with the highest propensity to convert, as well as the most effective channels to reach them. These insights allowed Orix to target the right prospects at the right time with product messages and offers that resonate.

Using AuriQ Essentia, a proprietary data lake solution, the team aggregated data related to demographics, online and offline behavior, response to past advertisements, and activity from Orix website visits to create models of clustered and segmented customer targets. Once these critical customer profiles were created, Antuit used decision tree modeling to determine product applicability and created propensity-to-convert models.

Results

Through the sophistication of the model and the comprehensive nature of the data collected, Orix gained valuable insights about the unique buying behaviors of their target customers, such as the type of media they consume, the time of day they are most likely to conduct research and comparison shop and the length of time within which they typically make a buying decision. By analyzing the data of those customers that had already converted, Antuit grouped prospects into distinct segments based on web behavior, product preference and demographic profile.

Armed with these critical insights, Antuit presented Orix with specific action plans to optimize the conversion rates of each segment, helping Orix understand who to target and how to do so in a highly personalized and customized way. Orix now knows when to serve a banner ad or make the phone call that can potentially convert a prospect into customer.

Based upon the initial metrics, Orix expects the conversion rate from website visitor to customer to double, evidence that their new data-driven marketing initiatives are connecting with the right people. The company continues to work with Antuit to expand its use of data analytics to better measure the effectiveness of campaigns, identify new marketing channels and optimize the distribution of marketing spend across the company.

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