India - Aegon Life to increase digital conversions
Thursday, 07 04 2019, Category: Insurance and Reinsurance, Country: India
Aegon Life Insurance, a digital insurance company, increased its website conversions with Lemnisk's Customer Data Platform (CDP).
"Lemnisk's AI-powered CDP was chosen by us to increase our digital conversions for our Insurance product segment. Their state-of-the-art algorithm, Ramanujan, was able to identify the preferred marketing channels of customers at an individual user level and deliver unique hyper-personalized content to them on these channels. This increased the click propensity which led to a 19% increase in the overall website conversions," said Mandeep Singh, -VP, Marketing and Digital Experience, Aegon Life Insurance.
Prior to integrating Lemnisk CDP with Aegon Life's existing technology stack, the company's customer data such as transactional data, CRM data, user analytics data, etc. were stored discreetly in different data repositories. This made it difficult to get a complete understanding of the company's customers, which in turn made it hard to develop an efficient targeting model.
"Lemnisk's CDP solution could seamlessly integrate data from different sources and provide a unified customer view for each individual insurance user. Using their advanced AI engine, we were able to orchestrate personalization for thousands of customers," said Daksh Singh, VP, Analytics, Aegon Life Insurance.
"Aegon Life has been one of the earliest companies in India to go digital and have a strong Direct to Consumer focus. Aligned with this strategy, there was also a clear vision right from Day 1 of our engagement that recognized the business impact of unified customer view and hyper-personalization. We are thrilled with the results and excited to go deeper with them in this journey," said Subra Krishnan, CEO, Lemnisk.
Source: Money Control