Max Life Insurance used Amazon Ads to drive quality leads
Leading life insurance company Max Life Insurance believes in securing the future of their customers. The brand believes their insurance solutions are most suitable for, family-oriented, digital payment-savvy, salaried audiences who are over 25 years old. They were working to identify relevant digital channels to reach such audiences.
In Q2 2021, Max Life and iProspect worked with Amazon Ads to conduct a survey (sample size: 1,320) to better understand Amazon audiences. They found that 44% of respondents were willing to buy term insurance online, and 34% of respondents were willing to buy term insurance in the next 3 months.
Reaching the right audiences
The Amazon Ads team recommended customized segments, including: 1) fitness enthusiasts, 2) parents/new parents, 3) tech enthusiasts, 4) health products and medicine shoppers, 5) security camera purchasers, 6) laptop purchasers, and 7) mid- to high-end smartphone purchasers. They also used the following signals to reach relevant audiences: age range of 25-44 years, credit card/debit card/Unified Payment Interface (UPI)/mobile banking users, and purchase propensity in the top 30-50th percentile.
Amazon DSP was leveraged to reach these audiences through display ads on Amazon.in. Ad clicks took the audiences to the Max Life website, where they could learn more about the insurance products, and interested consumers could also share their contact details with the brand. Remarketing was executed to nudge engaged audiences. To expand audience reach, new audience segments were identified at a monthly frequency through in-house audience overlap reports.
Driving quality leads
In Q2 2021, about 23% of the term insurance leads generated from display advertising for Max Life were generated by Amazon (compared to 2% in Q2 2020). 66% of the generated leads were found to be relevant.
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