Coverfox & Lemnisk innovate on quote-level personalization, reduce programmatic acquisition costs by 75%
Coverfox.com is India’s fastest growing online insurance portal where you can compare, buy and manage your insurance policies. Using its proprietary technology and algorithm based platform, users can compare and choose from a range of plans across top insurance companies, understand key features and buy policies instantly and safely. Coverfox currently offers health, car, bike, travel, and home insurance policies. Coverfox is run by Glitterbug Technologies, a tech company which has received Series A & B funding from global funds such as SAIF partners, Accel and Narayan Murthy’s Catamaran Ventures.
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CHALLENGE
Boost online conversions with cross channel engagement and drive down the CPA through focused personalization.
SOLUTION
Lemnisk tags in the Coverfox website captured all the information for each user along with image of automobile, insurer logo and the premium amount. Personalized ads were served for each user based on these parameters across Display and Facebook. Further, Lemnisk used an innovative “text on image” capability on Facebook Newsfeed ads to create better visibility and recall.
RESULT
Over a three month time-frame, Coverfox witnessed a 4X increase in user engagement and digital conversions.
The Metrics
300%
increase in Lemnisk’s contribution to Coverfox website conversions
200%
increase in CTR due to real time personalization of ads
30%
of the total buyers on the Coverfox website were ‘view-through’ conversions
75%
reduction in CPA of programmatic display conversions contributed by Lemnisk
34%
of Lemnisk contributed conversions involved purchases that were made in the same session as clicking the ad
"The partnership with Lemnisk has yielded great results. We have consistently improved both scale and acquisition costs on their platform. Most importantly, we have been able to jointly push the marketing innovation envelope further, a decisive factor for us as we look to disrupt the Indian online insurance space."
Siddesh Kerkar,
Head of Online Marketing
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