Customer Centricity , Customer Experience , CXO / IT Leadership

Technology's Role in Personalized Customer Engagement

How Policybazaar Uses Data and Insights-Driven Approach in Insurance Industry
Technology's Role in Personalized Customer Engagement
Shubham Choudhary, associate vice president and deputy BU head, growth, Policybazaar, and Yash Reddy, chief revenue officer, MoEngage

The insurance industry is rapidly advancing, employing modern technologies to enhance customer convenience. Today, insurance companies utilize digital channels for tasks such as comparing policies, purchasing insurance, managing renewals, and filing and settling claims. Technology plays a crucial role in delivering policies through communication channels and push notifications, as well as in segmenting customers into cohorts and crafting targeted campaigns tailored to their specific insurance needs.

In an interview with Information Security Media Group, Shubham Choudhary, associate vice president and deputy BU head, growth at Policybazaar, and Yash Reddy, chief revenue officer at MoEngage, discussed how an insights-led approach to engagement drives business growth for the online insurer.

Edited excerpts follow:

What role does an insights-led customer engagement platform play in personalizing experiences for different customer cohorts? What outcomes have you observed?

Choudhary: There's a growing demand for insurance policies through digital channels, and our audience has diverse needs. We needed to better understand preferences, income, age, demographics and other attributes. Using these insights, we offer product suggestions that provide flexibility, affordability or specific coverage, such as motor, health, investment, two-wheeler and more. Personalizing experiences tailored to our customers' needs is crucial, as they have many insurance options. By segmenting customers into cohorts and crafting specific campaigns, we improved our conversion metrics. With a clever mix of personalized communication and Push Amplification Plus technology, we achieved an 86% delivery rate, a 3.4% clickthrough rate and a 21% conversion rate for campaigns. These drip campaigns (across more than 30 journeys) reach customers across multiple channels.

Tell us about channel communications and strategies implemented to drive higher engagement.

Reddy: Policybazaar initially relied on emails and SMS to engage and communicate with customers, but soon realized the value of contextually relevant and personalized push notifications for retention rates, improving them by 10 times. Actionable CTAs further enhanced the outcomes of push campaigns by over 40%. Since then, Policybazaar has used our [MoEngage's] stylized push templates and observed clickthrough rates upward of 0.83%. Using push notifications as a communication channel, Policybazaar has seen a doubling in annual premium equivalent year-over-year, reflecting the premium collected whenever customers renew their policies yearly to maintain coverage.

How does Policybazaar, as an insurance company, ensure personalized customer engagement is achieved without compromising privacy and data protection?

Reddy: Protecting customers' sensitive data and personally identifiable information is crucial for financial institutions, banks and insurance providers. For Policybazaar, we developed a custom solution where MoEngage securely optimizes email campaign delivery through simple mail transfer protocol, or SMTP, without risking customer information. We adhere to compliance frameworks such as GDPR, CCPA, STAR Level 2, NIST RMF, AICPA SOC 2 and CERT. We are the first customer engagement platform to achieve ISO 27001:2022 certification.

How have you improved your campaign performance with data science and analytics?

Choudhary: We have enhanced our campaign performance by analyzing non-personally identifiable customer data to understand behavior and funnels. Our team quickly adopted MoEngage's advanced analytics capabilities. Using their segmentation and analytics, we increased booking creation (quarter on quarter) from our existing database and saw an improvement in policy issuance (quarter on quarter). We also observed an uplift in our monthly active users across iOS and Android. Notable improvements in our campaign success metrics include:

  • Timer templates providing limited time offers to boost clickthrough conversions;
  • Increased leads generated from campaigns;
  • New intent-based flows driving leads and bookings across business units, observing high conversions.

We significantly scaled our email and SMS channels over the last year, seeing a 29.28% increase in emails sent, a 65.96% improvement in opens and an 83.79% uplift in clicks.

About the Author

Sandhya Michu

Sandhya Michu

Senior Assistant Editor - Editorial, ISMG

Michu is an experienced professional with over 10 years of expertise in the ICT industry. She has worked with leading media groups such as Cybermedia, 9.9 media and The Indian Express. Michu's focus areas include enterprise technology and government tech initiatives.

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