Few things are more important, or less understood, in the InsurTech world than A/B testing. In the past, one marketing campaign went out to all households in a zipcode who had children under age five. It wasn’t very targeted and produced a response rate of only a half to 2%. With A/B testing, you can refine your advertising, better define your target customer and provide them a product they want.
So what is it?
Essentially, you send two different variations of marketing materials or try out two different landing pages or email subject lines, or design flows on randomly selected samples of a given group of individuals. Then you collect the results, whether it’s who clicked through or who opened an email and analyze them to form conclusions about better reaching them. Breathe Life’s platform gives you access to modules that support A/B testing.
Using A/B testing through a platform such as Breathe Life allows you to test different templates and approaches to bringing in leads and converting them. It allows you to track responses — do buyers in their 30’s respond better to Template A or Template B? — to better optimize conversion. A/B testing provides insight into customer behavior so that you can increasingly refine your efforts to reach and convert your target audience.
One of the advantages of using a platform like Breathe Life’s is that you don’t have to spend months making tweaks to your platform and then waiting to learn from them.
« Real-time data and comparisons in their effectiveness along with our ability to pivot quickly will rapidly improve your conversion rates.»
Our API Driven Platform brings together data from all our partners, not just one group of customers. Aggregated and anonymized data, and thus a larger data pool, inform better decision-making. It’s one thing to know that visitors to your website aren’t buying a 30-year term life policy, another to know that the aggregated data from other companies shows that they aren’t having success selling it, either.
Combined with our front-end and back-end decoupled data model and Cloud-based architecture, it’s much easier to integrate and communicate with other platforms. These platforms could include campaign analysis tools used by the marketing department or your underwriter’s software. The API driven platform streamlines customer service workflows in other platforms, saving time and money.
In the data platform, you have a complete view of end-to-end flows.
« It’s like following an applicant through your website while peeking over their shoulders.»
The detailed view of digital habits will show you steps in your application process that could be rewritten or reordered if customers are clicking through to your Q&A page for information, or at what point they abandon incomplete applications.
It’s also a detailed view of their needs. Again, if customers in the age bracket of 30 to 35 are consistently buying one product over another, you know what they’re looking for in a life insurance policy. Data-driven decisions when building new products and changing the user experience maximize your ROI.
In their overview of top InsurTech trends in 2019, KPMG stated that “Insurers that lack data, or the partners and models that generate it, can expect to ﬁnd their business models severely challenged.” While data has always mattered to actuaries and underwriters, now it’s the lifeblood of the entire insurance business. Learn how to make A/B testing work for your company, and you’ll come out on top