Sponsored by Applied Systems
This category was open to smart, forward-thinking FCA-regulated brokers and insurers operating in the UK, as well as their technology partners/providers.
Judges looked for evidence of pioneering and compelling technology innovations that won over customers, enhanced internal working practices or improved business performance. They were looking for a specific initiatives/innovations that could demonstrate positive results and improvement over the last 15 months.
All of the finalists are listed below. Use the links to find out more from the entrants who have answered our series of Q&As.
What key achievement did your entry highlight?
MarPod (short for Marketing Pod). A tool designed, built, and deployed in-house that connects Avantia’s sophisticated modelling with Google’s machine-learning algorithms to accelerate new business growth and increase ROI in paid search marketing (the ads at the top in Google), whilst also facilitating in-journey personalisation and targeted promotional offers. The goal of MarPod is to determine forecast lifetime value (FLTV) 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 & 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 FLTV 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 FLTV. 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’re back in the office!