New Delhi: HDFC Life, one of India’s leading life insurers, has announced a tie-up with Google to restructure HDFC Life’s campaigns thereby making them run better with automation. HDFC Life said that this effort has worked well and generated positive results.
As an insurer, HDFC Life has been at the forefront of technology, to better serve its customers. HDFC Life collaborates with innovative technology companies as well as start-ups to drive business results. This collaboration with Google is in line with the same philosophy.
HDFC Life has a strong digital presence and platforms that offer customers a seamless buying experience, both in direct as well as assisted online purchase journeys. HDFC Life runs multiple campaigns, which are complex and cost intensive, across platforms to reach potential target audience on various devices.
Through this collaboration, HDFC Life, along with its agency partner, iProspect, has been able to leverage machine learning built into Google Ads to target potential customers with relevant ads through fewer Search Marketing campaigns and targeting groups (i.e. ad groups).
Machine learning based automation in Google Ads has enabled HDFC Life to significantly reduce multiple manually optimized targeting groups to fewer groups, leading to improved performance. This approach has delivered a substantial increment of 84% in leads and a 50% increase in lead quality, while simultaneously reducing cost by 46%.
Speaking about the collaboration, Vishal Subharwal, EVP e-commerce and Digital Marketing, HDFC Life, said, “Technology is the way ahead for life insurance. We have a very clear focus when it comes to reaching out to consumers. We have always believed that our investments in technology will yield results. Keeping this in mind, we have collaborated with industry leaders who have enabled us to achieve our goals. This joint engagement with Google and iProspect has yielded superior results in terms of increase in ROI and decrease the lead costs. This is in line with our continuous endeavour to enhance our reach and offer financial security to more individuals.”
Speaking about the effort, Vikas Agnihotri, Country Director, Google India, said “With the evolution of technology, brands today are able to optimise their campaigns and get better results and higher return on investments through machine learning. Working closely with HDFC Life Insurance and their agency, our teams were able to simplify the Search Marketing campaigns using automation. Thanks to automation the volume of target groups (i.e. ad groups) reduced by 500X and the teams are now focusing their time on creative experimentation and building further on this success”.