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Policybazaar utilizes MoEngage’s advanced segmentation capabilities to double their Annual Premium Equivalent (APE) year-over-year.
Bengaluru, June 18, 2024: Policybazaar, one of the country’s largest online insurance marketplaces, has leveraged MoEngage’s insights-led capabilities to deepen customer understanding, uplift retention rates by 10X, and double their Annual Premium Equivalent (APE) year-over-year.
To cater to audiences with varying needs and wants, Policybazaar needed to deepen its customer understanding. This is where MoEngage stepped in and provided actionable insights based on consumer behavior and attributes.
Based on these insights, Policybazaar segmented customers into cohorts and drove campaigns specific to insurance needs. Through this combination of tailored communication and Push Amplification® Plus technology, Policybazaar ended up clocking over 86% delivery rate, 3.4% clickthrough rate, and 21% conversion rate for these drip campaigns (across more than 30 such journeys), fetching customers across multiple channels.
Initially, Policybazaar relied on Email and SMS to engage and communicate with customers. But realizing that personalized push can improve retention rates by 10X, with actionable CTAs further improving push campaign outcomes by more than 40%, the Policybazaar team has doubled down on stylized push templates, observing upwards of 0.83% clickthrough rates.
Using push as a communication channel, the digital insurance platform has witnessed a doubling in Annual Premium Equivalent (APE) year-over-year, reflecting the premium clocked every time customers renew their policies yearly to maintain coverage.
Regarding the partnership, Yash Reddy, Chief Revenue Officer at MoEngage, mentioned, ‘Financial institutions, banks, and insurance providers must protect their customers’ sensitive data and information (PII). Keeping that in mind, we created a custom solution setup for Policybazaar by securely optimizing email campaign delivery through SMTP without risking the customer’s sensitive information. As the preferred engagement partner of some of the world’s leading financial institutions, we comply with security guidelines and adhere to GDPR, CCPA, STAR LEVEL TWO, NIST RMF, AICPA SOC 2, and CERT. We are the first customer engagement platform to achieve ISO 27001:2022 certification. We look forward to helping Policybazaar provide Indians the opportunity to choose the most suitable policies with ease and comfort.’
Policybazaar has also observed a marked improvement in campaign success metrics, even driving higher ROI from their engagement initiatives, based on suggestions and inputs from MoEngage’s customer success team. For example, Timer Templates (with limited-time offers) clock in high clickthrough conversions, and intent-based flows (to drive leads and bookings across business units) observe high conversions.
‘Using MoEngage, we have improved our campaign performance by analyzing non-PII customer data to understand customer behavior and looking into funnels. The no-code platform has had a huge impact on how we operate. Our team has been quick to adopt the advanced analytics capabilities of MoEngage. With MoEngage’s segmentation and advanced analytics, we have increased booking creation (quarter on quarter) from our existing database with improvement in policy issued (quarter on quarter). At the same time, we have also observed an uplift in our monthly active users across iOS and Android. Apart from advanced segmentation capabilities, we have greatly scaled up our email and SMS channels in the last year. We have observed a 29.28% increment in emails sent, with a 65.96% improvement in opens and an 83.79% uplift in clicks’, said Shubham Choudhary, Associate Vice President and Deputy BU Head, Growth at Policybazaar.
