Kotak Mahindra Life Insurance (Kotak Life) announced that it has adopted a new approach for its digital campaigns that leverages new tools and features on Google Search.
This was done in partnership with Kotak Life’s digital media agency iProspect, and was adopted to improve the scale of customer lead generation.
Given the faster uptake in digital sales of life insurance products driven by a change in customer behaviour, low data charges, higher mobile phone penetration, and physical restrictions imposed in a post-pandemic India, Kotak Life’s new approach has driven a 128% jump in digital search conversions and clocked a reduction of 16% in cost per conversion in the first month of the new campaign set-up.
This has helped the company achieve a 4% increase in the conversion rates – from posting a query to buying a policy.
Prasad Pimple, EVP-Digital Business Unit, Kotak Life, said, “For implementing a digital business model, it is important to identify a wide and relevant in-market audience online. This requirement led us to experiment with a new approach for our Google Search campaigns which helped increase scale and valid leads contribution, while reducing cost per lead. We are looking forward to expanding this to more product categories in the coming months.”
The approach, ‘NEEV’, helped structure and consolidate 60 plus ad groups to an optimized number for Google Smart Bidding.