Aditya Birla Health Insurance streamlines customer acquisition

Background

Aditya Birla Capital Limited (ABCL) started with a vision of being the financial services provider for consumers at every stage of their life cycle—be it buying their dream home, investing in mutual funds, or planning their children's education. Since its inception in 2007, ABCL has successfully established itself as one of the largest financial services providers in India, on the virtue of the simplicity, convenience, and trust it offers its consumers. Aditya Birla Health Insurance Co. Limited (ABHICL), a subsidiary of Aditya Birla Capital Ltd, commenced its operations in October 2016 and is engaged in the business of health insurance. Their current product portfolio consists of unique offerings including chronic care and incentivized wellness.

Given the surging medical costs, coupled with rising lifestyle diseases, health insurance is indispensable in the challenging times we live in. With its plethora of comprehensive offerings, Aditya Birla Health Insurance aims to provide quality healthcare to every Indian. With this mission in hand, the brand has protected over 10 million lives and settled claims worth over INR 197,000 across more than 2300 cities in India.

Driving greater insurance adoption at lower cost-per-acquisition (CPA) is a key focus for Aditya Birla Health Insurance. Microsoft Advertising enabled the brand to tap into high-intent audiences and leverage its strong network presence for driving customer acquisition at competitive costs.

Navigating business challenges with Microsoft Advertising

While the pandemic caused a surge in insurance adoption, the industry suffers from a lack of customer education and awareness. It’s been a struggle for insurance providers to drive consideration among consumers, often resulting in poor quality leads and high customer acquisition costs from marketing initiatives. Given the challenge and to maximize ROI, Aditya Birla Health Insurance needed a strong end-to-end strategy and implementation of all the products and solutions in the Microsoft Advertising suite.

The brand collaborated with InMobi, the Microsoft Advertising partner in India, to leverage Microsoft search ads as one of the major customer acquisition channels, targeting high-intent audiences with precise and relevant messaging. This not only helped Aditya Birla Health Insurance garner top leads for their winning policy plans but also created an impact on the bottom line with a significantly low CPA.

Targeting high-intent audiences with Multimedia Ads

One of the key challenges the insurance provider had to overcome was a high acquisition cost, along with a lack of quality leads. Both these concerns were tackled head-on through a unique strategy and a complete overhaul of the account structure by InMobi’s account management team. The brand leveraged Multimedia Ads campaigns, which are visually rich ads on the search engine results page (SERP), focusing on the core product offerings, and using exact keywords and automated bid strategies to cater to specific user intent. Dedicated campaigns were created with targeted messaging, which helped the brand build a strong presence across syndicate networks and remarketing audiences. Consistent optimization such as search term addition and negation, regular website exclusion, and leveraging advanced features such as automated bid strategies helped in further improving the campaign’s performance.

Driving transformational results

With the help of Microsoft search advertising, the brand was able to drive significant impact and achieve great results. The overall campaign efforts led to a remarkable decrease in CPA by 71% in January 2022 as compared to November 2021. The impact was seen across the funnel as the lead volume shot up by 40%, and final sales increased by 175% in January 2022, as compared to November 2021.