Reliance General Insurance
Reliance had a stretch goal of improving the different funnel conversion rates by 25%.
Background
About Reliance General Insurance
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
What Reliance General Insurance needed to solve
Reliance General Insurance's website lets customers get quotations on insurance plans, manage their policies, and update their information. While many customers were buying offline, the company wanted to move more of them online to lower costs.
The digital team drove visitors with a mix of organic traffic and paid advertising. A detailed channel analysis revealed that, while these channels were low cost, they suffered from low conversion rates, increasing customer acquisition cost. Visitors were also frustrated by usability issues, abandoning checkout and calling in for final pricing.
While the digital marketing team could optimize organic and paid channels, their attempts to improve funnel conversion rates had been unsuccessful. The site's complexity and the technical team's never-ending priority list left little time to implement A/B experiments.
The project was complex because different insurance groups at Reliance had varying requirements. Getting multiple enterprise groups to work toward a common goal using a standard process is difficult — prioritizing the conversion plans and working closely with the technical team was essential to success.
The solution
How Invesp approached it
Reliance hired Invesp to optimize the purchase funnel for its different insurance products. The team included a strategic lead, a senior CRO specialist, a senior UX designer, and a frontend developer, with a project manager overseeing the work and support from a quality-control engineer.
Invesp followed its SHIP process to identify an extensive list of conversion opportunities across the Reliance site and marketing campaigns, using a combination of expert reviews, data research, and customer feedback for a targeted approach.
The team launched the first A/B experiment by the third week of the project, and by the second month was targeting three to four experiments per month.
The results
The impact
Reliance had a stretch goal of improving the different funnel conversion rates by 25%. The Invesp team improved overall conversion rates by 42% within eight months — and had already exceeded the targets by 22% just six months into the engagement.
I love their process and how methodical they are about finding conversion opportunities. They are very organized from top to bottom — great communication, easy to work with, and producing results. They were one of the most organized agencies we've ever worked with: weekly written email updates and bi-weekly Zoom updates.
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