Case study
Max Life Insurance records 2x conversions with Multimedia Ads
Max Life logo
Securing the financial future of millions
Delivering differentiating experiences with empathy, transparency, and accountability, Max Life Insurance has been securing millions of lives for over a decade. As one of India's largest non-bank private-sector insurers, the brand is committed to serving social communities through its range of immunization programs and health camps. With 99.35% claims paid a percentage, Max Life Insurance constantly tries to make insurance plans easy, affordable, and suitable for every stage of a customer's life.
Microsoft Advertising enables us to leverage the high-intent aspect of search engine marketing with the high-quality audience of Bing. Multimedia Ads on the search engine results page aided us to own higher real estate on the search engine results page, making our ads more clickable while reinforcing brand presence.
Powering Search with Multimedia Ads
The October, November, and December (OND) quarter of the fiscal year in India sees a 30% downfall in insurance purchases every year.1 Spurred by the drive to keep the momentum going during the non-peak months of the year, Max Life Insurance aimed to upscale the demand for insurance among the high-intent audiences. The idea to drive higher brand visibility and better performance among search audiences helped the brand identify untapped opportunities on the Microsoft Advertising platform.
Example of Multimedia Ads in the SERP
Microsoft Advertising delivered the scalability for Max Life Insurance to reach exclusive, high-interest audiences to generate an increased lead score. However, driving discovery among audiences in a highly crowded insurance market needed a compelling solution to grab audiences' attention at first glance. To amplify brand visibility, Max Life Insurance leveraged Multimedia Ads, designed to combine brand-native assets such as images, headlines, and descriptions powered by machine-learning technology. Adding to the visual elements of the ads, these are prominently placed on the search engine result page (SERP) to aid discovery, which provides exclusivity by displaying only one brand ad per page.
Thriving conversions, lowered costs
As a result of the campaign, the brand could consistently drive 2x conversions even during the non-peak quarter in India. With thoughtfully delivered Multimedia Ads, Max Life Insurance drove these conversions at a massive 20% lowered cost per acquisition. Additionally, with Multimedia Ads, the brand saw a 68% increase in the lead score ratio compared to other ad formats.
As securing lives became more so ever important during the pandemic, choosing the right insurance partner became a pivotal choice. With a whopping 99.35% claims paid percentage, we could narrow down on the exclusive insurance-searching audience on the Microsoft Advertising platform. By adding Multimedia Ads to our ad mix, we saw an incremental rise of about 4% in the overall CTR consistently.
[1] Max Life Insurance internal data.
