AI-run customer data platform boosts Aegon Life’s web conversions

Photo by John Schnobrich

Aegon Life Insurance, pioneer of digital insurance in India, said it has increased its website conversions thanks to Lemnisk’s Customer Data Platform (CDP).

“We chose Lemnisk’s AI-powered CDP to increase our digital conversions for our insurance product segment,” said Mandeep Singh, VP of marketing and digital experience at Aegon Life.

Mandeep said Lemnisk’s algorithm, Ramanujan, was able to identify the preferred marketing channels of customers at an individual user level and deliver unique hyper-personalised content to them on these channels.

“This increased the click propensity which led to a 19% increase in the overall website conversions,” he said.

Before integrating Lemnisk CDP with Aegon Life’s existing technology stack, the latter’s customer data such as transactional data, CRM data and user analytics data were stored discreetly in different data repositories.

This made it difficult to get a complete understanding of the company’s customers, which in turn made it hard to develop an efficient targeting model.

“Lemnisk’s CDP solution could seamlessly integrate data from different sources and provide a unified customer view for each individual insurance user,” said Daksh Singh, VP for analytics at Aegon Life. “Using their advanced AI engine, we were able to orchestrate personalisation for thousands of customers.”

Subra Krishnan, CEO of Lemnisk, said Aegon Life has been one of the earliest companies in India to go digital and have a strong Direct to Consumer focus.

“Aligned with this strategy, there was also a clear vision right from Day 1 of our engagement that recognised the business impact of unified customer view and hyper-personalisation. We are thrilled with the results and  excited to go deeper with them in this journey,” he said.