Infobip > Case Studies > Boosting Conversion Rates with Conversational Marketing: A Case Study on Covéa Group's Life Insurance Department

Boosting Conversion Rates with Conversational Marketing: A Case Study on Covéa Group's Life Insurance Department

Technology Category

Networks & Connectivity - 5G
Platform as a Service (PaaS) - Application Development Platforms

Applicable Industries

Finance & Insurance
Telecommunications

Applicable Functions

Sales & Marketing

Use Cases

Chatbots
Usage-Based Insurance

About The Customer

The customer in this case study is the Life Insurance Department at Covéa Group. Covéa Group is one of Europe’s largest insurance providers, specializing in motor, home, health and protection, savings and pensions, reinsurance, and life insurance. The company is committed to providing the best possible customer experience across channels and platforms as part of its digital transformation strategy. The Life Insurance Department, for the brand MMA CAP, was looking to improve its marketing campaigns by adopting a more conversational approach and enhancing the customer experience.

The Challenge

The Life Insurance Department at Covéa Group, one of Europe’s largest insurance providers, was facing a challenge with low conversion rates and a need for an end-to-end conversational customer experience. The company was keen on enhancing their existing SMS and Email marketing campaigns to stand out in the marketplace. They aimed to transition from transactional and product-based communications to a more advanced conversational approach to engage with customers. The department had previously run a campaign over SMS and Email for their life insurance products in 2020, but the results were not satisfactory. The campaign involved customers receiving an email or SMS with a link to the landing page, where they could interact with a chatbot. However, the need to switch between different channels led to low conversion rates. The department wanted to enhance this conversational experience by delivering it over a single channel.

The Solution

To address the challenge, the Life Insurance Department at Covéa Group partnered with Infobip to create an end-to-end conversational marketing campaign with omnichannel capabilities. Infobip’s omnichannel cloud communication platform was leveraged to create personalized campaigns, integrate a lead generation chatbot, and automate messaging flows. The department used Infobip's platform to feed segmented customer data into the system and create automated flows that delivered personalized messages. Infobip also helped the department implement RCS Business Messaging, providing a channel with the same conversational interface of chat apps. This allowed the target audience to engage with the message via an interactive quiz to educate them on the product, assess their needs, and enable them to show interest and get contacted by an agent – all within the same channel. For customers who could not receive RCS messages or opted out, a seamless switch over to SMS was triggered along with an email notification.

Operational Impact

The implementation of the conversational marketing campaign brought about significant operational results for the Life Insurance Department at Covéa Group. The rich media capabilities of RCS allowed for the insertion of the brand logo, which provided reassurance, trust, and increased brand awareness among customers. The end-to-end campaign on a single channel enhanced the conversational experiences and reduced the chances of losing a customer midway through their journey. The Infobip platform also empowered the department's team to implement RCS with maximum agility, and the intuitive interface made it easy for them to make real-time adjustments during the campaign. The local team at Infobip provided consultancy and implementation services, understanding the department's business and customer needs to deliver a personalized and cost-effective solution.

Quantitative Benefit

The campaign targeted 15,000 customers, of which 20% were reached via RCS.
The omnichannel setup ensured high deliverability of messages.
A similar campaign in 2020 over Email resulted in a 44.74% open rate and a conversion rate of only 0.05%.