Etiqa has been protecting customers in Singapore with a range of insurance solutions since 1961. As the insurance arm of Maybank group, Etiqa is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act.
The dedication of the company to being a digital and innovative insurer has led to the development of new products and services, such as the first online insurance savings plans for customers, and the delivery of a customer-centric experience. Etiqa makes insurance solutions customer-centric by placing people over policies.
Etiqa Insurance wanted to segment their customers more accurately in order to deliver more individualized and relevant onsite experiences on the web and mobile web. The foundation of the insurance industry is trust, and customer experience is a crucial factor in that trust. Delivering hyper-personalized experiences was key to delighting Etiqa’s customers.
To engage the website visitors with the most relevant content and experiences, the team at Insider recommended the use of an onsite experiment feature that would customize the homepage banner with products based on the user’s previous browsing history.
In just a month, Etiqa Insurance observed conversion rates north of 4.74% from Q4 2020 to Q1 2021 against the sitewide average of 2.17%.
Etiqa Insurance observed that a good chunk of their users was dropping off without completing a purchase. They wanted to understand the factors that were contributing to the high drop-off rate and wanted to implement a solution that could gather customer feedback.
The growth consultants at Insider suggested implementing an exit-intent survey overlay. These overlays would display when a user showed signs of leaving the site and contained a few questions to better understand what they were looking for.
From these exit intent surveys, Etiqa insurance gathered the following insights 27% of users wanted to speak with an advisor. 17% of users said that their current policy had expired
Making use of this ongoing data flow, Etiqa was able to personalize the next steps in the customer journey and also send better qualified leads to insurance advisors so they could personalize the experience for customers.
Other feedback provided included cost concerns and specific information customers were looking for such as COVID-19 coverage and policy related information. Etiqa was able to use the data collected to inform their marketing campaigns, ensure different channels of communication are made available and that COVID-19 and policy related information are easily searchable on the website.
Etiqa Insurance had a lot of seasonal offers that they wanted to promote, and they required an onsite solution that could deliver these offers to their visitors. This was necessary to drive engagement and boost revenue.
The team at Insider recommended using side coupons - an onsite overlay that could show promotional content along with a coupon code. Visitors would be targeted with these seasonal promotions on the homepage and when they engaged with the coupons, they would be redirected to the product page.
Etiqa observed high engagement on these coupon overlays and achieved conversion rates in excess of 3% for this campaign.
In the near future Etiqa will look to leverage Insider further for conversion funnel optimization using A/B testing, improving the new customer acquisition by using predictive audiences and driving mobile app usage via app download banners and app pushes. Together with Insider, the insurer aims to work towards their goal of delivering hyper-personalised experiences to their customers across various digital touchpoints.
“Working toward our vision to be the leading digital insurance company in Singapore, our goal was to deliver a hyper-personalised experience to our customers across various digital touchpoints. Beyond enabling us with the right marketing automation tools, Insider was proactive in strategizing and executing campaigns to achieve set KPIs. With Insider, we were able to roll out campaigns at a faster pace, delivering quicker time to value. The excellent service support provided by Insider on top of its powerful platform capabilities is what makes them the perfect partner for any business that seeks to achieve growth with digital excellence. ”
Chief Digital & Transformation Officer