Marketing strategy is being responsive to the digital changes presented in creative and science-based ways. Digital Insurance brought us this interesting information in their article, “Predictive analytics powering insurance comparison marketing.”
A small group of insurance carriers have turned showing their competitors’ ads on their own websites. Why, you ask? Due to advances in data science, these carriers are able to use predictive analytics to determine how likely each site visitor is to purchase a policy from them. By analyzing their historical conversion data and identifying the specific attributes of consumers who are most likely to bind, carriers can build a model to predict future behavior.
By using their predictive models, they can estimate the likelihood that each shopper will buy a policy with an element of confidence. This way, they can choose which consumers to show ads to and which ones to only show a quote.
It is the digital version of location, location, location.
Melody K. Smith
Sponsored by Access Innovations, the world leader in taxonomies, metadata, and semantic enrichment to make your content findable.