SCHEDULING
ON TIME / DEADLINES
Reliance General Insurance
BACKGROUND
BACKGROUND
Established in 2000, Reliance General Insurance is one of India’s leading private general insurance companies with over 94 customized insurance products catering to corporate, SME, and individual customers. Reliance General Insurance is part of Reliance Capital, a diversified financial services holding company that services 129 branches with more than 52,595 intermediaries.
THE CHALLENGE
Reliance General Insurance’s website lets customers get quotations on insurance plans, manage their policies, and update their information. While many customers were getting their policies offline, the company wanted to move more of its customers online due to lower costs.
The digital team at Reliance focused on driving more visitors to the site using a mix of organic traffic and paid advertising. A detailed channel analysis of the different campaigns revealed that these channels offered low cost, yet they suffered from low conversion rates, causing an increase in customer acquisition cost.
Improving the conversion rate for the different channels of the various insurance products was essential to sustain the online presence. In addition, visitors to the site were getting frustrated with several usability issues, causing them to abandon the checkout process and opt to call in to get final pricing on their policies.
While the digital marketing team at Reliance had the skillset to optimize for organic traffic and paid channels, their attempts to improve the funnel conversion rates were unsuccessful.
The site complexity and the never-ending list of priorities for the technical team meant little time to focus on implementing AB experiments.
The optimization project was complex because different insurance groups at Reliance had varying requirements. Getting multiple groups to work together on a common goal using a standard process is difficult when dealing with enterprise companies. Prioritizing the different conversion plans and working closely with the technical team was essential to the project’s success.
THE SOLUTION
Reliance hired Invesp to help optimize the purchase funnel for the different insurance products.
The Invesp team for the project included a strategic lead, a senior CRO specialist, a senior UX designer, and a frontend developer. In addition, a project manager oversaw the project and received support from a quality control engineer.
Invesp followed its SHIP process to identify an extensive list of conversion opportunities on the Reliance site and marketing campaigns.
Using a combination of expert reviews, data research, and customer feedback provided a targeted approach to improving conversion rates.
The Invesp team launched the first AB experiment on the site by the 3rd week of the project. By the second month, the team had a target of launching 3-4 experiments per month.
THE RESULTS
Reliance had a stretch goal of improving the different funnel conversion rates by 25%. The Invesp team improved the overall conversion rates by 42% within eight months.
Can you share any measurable outcomes of the project or general feedback about the deliverables?
6 months into our engagement – we execeeded our targets by 22%
Describe their project management style, including communication tools and timeliness.
Trello, Figma, Slack, Google Docs. Very organized, weekly written email updates and bi-weekly zoom updates. One of the most agencies we ever worked with.
What did you find most impressive or unique about this company?
Two things: First, I love their process and how methodical they are about finding conversion opportunities. Second, they are very organized from top to bottom, great communication, easy to work with – and producing results.
Are there any areas for improvement or something they could have done differently?
Nothing that I can think of.