There is just ten days to go until the winners for Insurance Times’s Tech & Innovation Awards 2020 will be revealed at a virtual ceremony on 17 September
Here we feature Avantia’s entry into Technology Innovation of the year
Avantia entered its MarPod tool that fast-tracks business growth
What key achievement did your entry highlight?
‘MarPod’ which is short for Marketing Pod is a tool designed, built, and deployed in-house that connects Avantia’s sophisticated modelling with Google’s machine-learning algorithms.
Its purpose is to accelerate new business growth and increase return of interest (ROI) in paid search marketing, whilst also facilitating in-journey personalisation and targeted promotional offers.
The goal of MarPod is to determine forecast lifetime value based on the customer’s quote information and 660 modelled values for their retention propensity, renewal prices and cost to serve.
This is then used to train machine-learning algorithms on platforms including Google, Bing, Facebook and Instagram, improving targeting and spending.
Can you share data or testimonials to back up your bid to win?
MarPod has allowed Avantia to increase ROI and total forecast lifetime value generated from Google ads. A split test was carried out where the control was optimised based on the previous proxy for value, gross premium, and the test was optimised based on MarPod’s forecast lifetime value.
The test delivered a 40% improvement in ROI whilst maintaining sales volume. In another deployment MarPod was used to customise messaging seen by customers arriving on site from aggregators, increasing their conversion rate by 12%.
What sets your firm apart from the other shortlisted contenders?
Avantia sits in a unique position between an ‘insurtech’ and a full stack insurer.
While we have all the skills, capability, and approach of an insurtech we also have a large customer base which means our innovations have to be about more than PR – they have to work – every day at scale.
And they have to do this while the company simultaneously provides the complete set of functions you would expect of a major insurer.
How will you celebrate if you are the victor?
A virtual drink followed by a massive party when we are back in the office.
Revealed: Technology & Innovation Awards finalists 2020
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Technology & Innovation Awards finalist 2020 Q&A: Avantia tool delivers 40% rate of interest return