MediaAlpha Launches Direct-to-Quote (DTQ) to Improve Online Consumer Experience
April 22, 2015
A report released by SNL Financial (News - Alert) from data compiled in June of 2014 revealed the insurance industry as a whole spent more than $6 billion in advertising in 2013. While TV, radio and print have limited reach as to how consumers interact with the content, online advertising is the perfect medium to further that interaction into potential sales. And with the increased adoption of smart mobile devices, there are more opportunities for advertisers to create engaging ads that deliver tangible results. The new Direct-to-Quote (DTQ) solution from MediaAlpha, was just introduced by the company to benefit customers, advertisers and publishers with a better online consumer experience.
According to the company, DTQ will give advertisers greater return on investment (ROI) by delivering higher conversions without draining the financial or technical resources of insurance companies.
The DTQ solution is implemented through the MediaAlpha Demand Platform by working together with insurance companies so consumers can apply once to get quotes before they buy coverage from the company of their choice.
“With this new technology solution, insurance advertisers can create and implement highly customized bidding strategies by using any combination of relevant targeting parameters, including user data, CRM and first-party data, and third-party prospecting data,” noted Steve Yi, CEO of MediaAlpha. “While available technology has improved, it has not addressed rising costs within a fragmented space until now.”
The three step process of DTQ works as follows:
A customer fills outs full lead information or quote application data on a publisher website. They are then shown an ad from a DTQ-enabled advertiser campaign served by MediaAlpha. Once they view the content, they can be directed to a quote page on an insurance advertiser’s website without having to fill out any additional information.
When the ad is clicked, the customer sees an interstitial page with customized content indicating that the consumer will soon be shown a quote from the insurance advertiser. At the same time, their information is serialized in a format determined by the insurance advertiser and securely posted to the insurance advertiser’s quote engine.
When a quote is generated, the customer is redirected to a page hosted by the insurance carrier with a quote, or quote estimate that is displayed without requiring the consumer to repeat the entry of quote application data.
Having to only fill out an application once will save consumers a lot of time. With MediaAlpha’s Direct-to-Quote (DTQ) technology the consumer continuity experience has improved dramatically, which will eventually lead to higher conversions. What this means for insurance companies is, they will be able to buy performance-based media on a real-time, programmatic basis while leveraging DTQ full conversion benefits through all their marketing channels.
Edited by Dominick Sorrentino