Case Study: One Answer Insurance

Executive Summary

Since 2000, One Answer Insurance has helped clients meet their insurance requirements by offering competitive products and prices through many of the UK’s leading insurers.

After failing to achieve success via an introducer model, One Answer Insurance appointed Media Maze with the task of transforming their sales acquisition strategy.

As a result, Media Maze has enabled One Answer Insurance to focus on providing high-quality customer experience, whilst delivering targeted enquiries at the preferred cost price.

Challenges

Prior to working with Media Maze, One Answer Insurance was reliant on comparison engines and aggregators such as Money Supermarket and Confused.com to generate enquires.

 After reviewing their setup and acquisition strategy, One Answer Insurance discovered the following problems, which were inhibiting their overall business objectives.

Firstly, the nature of the leads generated meant that there was a high rate of drop-off from initial enquiry to sale. One Answer Insurance learnt that many of the enquiries they were underwriting were on poor quality with a high average claims ratio, which would inevitably lead to long-term problems.

Additionally, One Answer Insurance wanted to move away from an introducer model of acquisition to begin generating business themselves. However, they lacked the required expertise to do so.

Lastly, One Answer Insurance were concerned that focusing on a direct marketing channel would be excessively expensive in such a highly competitive market.

How Media Maze Helped

Media Maze took a 360 approach to the campaign, focusing not only on lead volume and price, but also on the overall value of those enquiries to maximising ROI.

To help manage costs, Media Maze focused on generating leads for areas in which One Answer Insurance was known to be the most competitive in, including Minibus Insurance and Convicted Drivers Insurance. By targeting niche insurance requirements, Media Maze was able to drive enquiries for the client at the best cost price.

Results, ROI and Future Plans

 The partnership with Media Maze has allowed One Answer Insurance to take control of their own sales funnel and generate their leads in-house. Previously, One Answer Insurance was paying approximately £40 per enquiry with each lead being referred on to three to five providers. This lead price has since dropped to an average of £17.46 and is exclusive to One Answer.

Through a combination of A/B Testing and improvements to their sales funnel, One Answer Insurance has been able to increase their on-site conversion rate to 20%.

As a result of the campaign, One Answer Insurance has become less reliant on Introducers and has transferred a higher proportion of their marketing budget to their in-house channels.

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