Turning undecided buyers into satisfied customers is a challenge all businesses face, insurance included. The fact is: This group represents an unprecedented opportunity for revenue growth. For most, they’re an untapped resource.
So, how do you engage with fence-sitters? More importantly, how do you entice them to take the next step?
For one, it requires an in-depth understanding of the pain points that prevent a deal from happening. Second, it’s about relieving these pain points by providing potential buyers with an optimized experience. One that encourages higher conversion rates through your sales funnel.
Sounds easy enough, right?
Well, turns out it is, because that’s exactly what Kanetix did. And the solution comes from the unlikeliest of candidates—artificial intelligence.
Kanetix: Integrating AI to increase sales
Kanetix helps Canadians find the best deals on insurance through a comparison site that instantly evaluates rates from over 50 providers across the country.
As a category leader, they’re constantly looking for new ways to improve business outcomes, which is why they were eager to see the impact AI could have on their bottom line.
The Integrate team was quick to identify a pain point in their sales funnel. A large group of potential customers were requesting an online quote but weren’t taking the next step and connecting with an insurance agent. They were going dark. The challenge was trying to find a way to motivate the fence-sitters in this group to convert, since they represented the biggest revenue opportunity.
Developing the model
First, Integrate compiled over four years of historical data to develop a model that could predict the likelihood of a visitor who received a quote calling the company and purchasing insurance. By establishing how likely they were to purchase, the team could encourage certain visitors to take the next step through an incentives program.
Defining the target
Kanetix began by offering a gift-card incentive to all prospects who called, regardless of whether they ended up purchasing insurance. Over time, they identified the best prospects to target and which incentives to use. In doing this, they re-engaged with undecided buyers and enticed them to take the next step, realizing opportunities that weren’t available to them before.
Incentives pack a big punch when they’re delivered to the right person at the right time. And the numbers prove it.
Only five months after deploying Integrate’s model, Kanetix experienced a 23 percent increase in sales in the test group of undecided buyers and an ROI of 2.3x.
But this is just the tip of the iceberg. Kanetix’ solution is constantly being optimized to reflect new data and experimentation results. In other words, it’s constantly working to find optimal ways of engaging with undecided buyers. That’s the beauty of machine learning.
If you’re interested in learning more about our work with Kanetix, check out our case study for more information.