In India, shopping for insurance is a little like booking air travel. While you could go directly to a travel agent or an airline website, you’re far more likely to visit an online travel agent. There you can compare prices and choose just the right variables for your needs—nonstop or layover, bags free or à la carte, or an early or late departure time.
Indian consumers often do the same for insurance, thanks to insurance web aggregators who compile and provide information about insurance policies of various carriers online.
These providers are now regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which is good for consumers who want both confidence and convenience.
It’s also good for the insurance carriers themselves. In fact, most carriers are eager to work with aggregators, knowing the regulated portals must be neutral in their product recommendations and that they provide virtually limitless reach.
The challenge for the aggregators in this environment is differentiation—how to set your portal apart, generate new leads and sales, and make the online experience better for your consumers than the next guy.
Coverfox has found the right formula for success – setting itself apart by offering simplicity and value.
This insurance portal has built its reputation as a simple, affordable and reliable insurance online marketplace for motorbike, car, health, travel and term life insurance. Coverfox is the site where consumers can get information, find the perfect policy, and even make claims using easy and intuitive tools.
Based in Maharashtra, Coverfox currently partners with about 25 insurers and gives consumers more than 100 products to choose from. With comprehensive customer support and claims services, Coverfox customers can manage the entire insurance lifecycle without engaging directly with the insurance company—something many consumers find enormously appealing.
The challenge for Coverfox is in getting out its message of simplicity, objectivity, and convenience at scale and at the right cost. They are known for their humorous TV ads, but to sustain their rapid growth and generate leads at scale, they must also leverage digital channels.
In 2016, the company was selling between 8,000 to 10,000 policies a month, with about 20% in sales month-over-month.To support that growth and sustain a steady pipeline of leads, Coverfox had been working with numerous paid channels and a well-known content discovery platform.
They found that these providers couldn’t keep up with their growing needs. They weren’t providing cost-effective reach, and they couldn’t offer the audience and publisher data required to optimize campaigns for maximum ROI.
Most importantly for content marketing, they weren’t able to identify which content was getting the job done for Coverfox. What content did consumers find useful? Which items and messages brought the best leads in the door? What publishers were providing the most bang for the buck?
Feeling constrained by these gaps, Coverfox began working with Taboola for content discovery, and the tide changed almost immediately.
The Coverfox website is a rich resource for insurance information—from industry news to tips on keeping your home safe or your motorbike running well. Using Taboola’s discovery platform, Coverfox was able to analyze which of its content was most effective at reaching a broad audience with a positive ROI.
Coverfox saw a decrease in Cost Per Lead (CPL) of 33% almost immediately upon launching its Taboola campaign. Just as impressive, their lead to sale ratio was close to what they had been seeing from paid search—a clear signal that Taboola ads were bringing in high-quality, high-intent leads, and that was just the beginning.
The ability to serve ads to the most relevant and interested audiences in the right context is a huge advantage of the Taboola platform because it means consumers who click are consumers who care—and thus convert.
“Taboola excels in meeting our ROI goals—cost per lead and cost per acquisition,” says Jaimit Doshi, CMO at Coverfox.
The Coverfox team continued to work with its Taboola Account Manager and content experts to further hone the ideal audience mix and reduce costs. By implementing data-driven creative tweaks and by following the expert recommendations of its Taboola account manager, Coverfox was able to ultimately reduce cost-per-lead by a stunning 63%.
Thanks to the impressive results it has seen so far, Coverfox intends to expand its relationship with Taboola to keep its name out in front of insurance consumers and maintain its status as a customer-friendly, easy-to-use resource for any insurance need.
For Coverfox, Taboola is proving to be a powerful and very cost-effective resource for content marketing, new customer acquisition, and new ideas.
Taboola is the world’s leading content discovery platform, serving 360B recommendations to over 1B unique visitors each month on the web’s most innovative publisher sites. To find out how we can support your video marketing strategy, contact us or start your campaign now.