A short overview of Generali Switzerland
Generali Switzerland insures more than one million customers and offers products for every situation in life. These include property insurance, legal protection insurance, life insurance, and pension solutions. Generali partners with start-ups to develop innovative products. In 2018, the company became the first insurer in Switzerland to launch a digital pillar 3a.
Generali Switzerland is part of the Generali Group, one of the world’s leading insurers, headquartered in Trieste, Italy. Generali has two head offices in Switzerland – one in Adliswil and one in Nyon – and operates a wide network of agencies throughout the country.
Static budget and Data complexity
In 2020 Generali Switzerland introduced an always-on strategy for their digital campaigns. This strategic setup allowed the company to outsmart the competition that was heavily investing in media buying. Consequently, it was clear from the beginning that Generali Switzerland can only compete with pure biddable media, data-driven audiences, and dynamic ads.
However, as it turned out, traditional campaign planning and optimization were not capitalizing on the new setup. The budget was too static, and channel-oriented budget assignment made it impossible to quickly react to market changes.
Maurizio Miggiano, Head of Customer Journey at Generali Switzerland, realized that this lack of flexibility might lead to a loss of potential gain and profit. Therefore, he decided that to remain competitive in the market, Generali Switzerland needed a more innovative approach.
He was eager to find a solution that could provide more dynamic budget allocation and leverage modern artificial intelligence to their favour in order to face these challenges:
1. Static budgets
Because of a fixed channel-oriented budget allocation, the company could not fully use its potential. As is well known, publishers such as Google and Facebook apply dynamic bidding strategies. With the new owned DSP, it was even more crucial to face this problem to adapt quickly to new market situations (audience size, competitors’ share of voice, seasonality, etc.).
2. Data complexity
Having four different data sources with millions of data points made it challenging for Generali Switzerland to analyze each campaign’s efficiency and compare it with each other regularly.
3. Time-consuming campaign optimization
Due to the high complexity of data and lack of data harmonization, manual campaign optimization required a lot of time and was more prone to errors.
4. Decisions based on intuition, not on data
As a result of an inability to conduct thorough data analysis, many decisions regarding budget allocation were made based on assumptions rather than data.
Mattia Lovallo, Digital Strategies & Campaign Management Expert at Generali Switzerland, supported a more innovative approach to solve these issues.
“We were searching for a solution that would allow us to become more dynamic and to continuously adjust to the changes in the publishing market conditions – nexoya was a perfect match!”Mattia Lovallo, Digital Strategies & Campaign Management Expert
Campaign optimization with nexoya: setup and key processes
During a first audit with the team, Nexoya’s algorithm revealed that the company was missing out over 24% of the potential each month. With the solution provided by Nexoya, it was about to change!
Together with Generali Switzerland, nexoya defined the primary and secondary goals of the project and discussed the stages of the attribution funnel. The primary goal was to increase the number of purchases for five different business lines: Mobility, Living, Life, Legal & Commercial using the same budget.
Overall, the optimization process included five steps:
1. Data collection
First of all, after integrating all the channel platforms, nexoya collected all the available historical data from the Always-on campaign. The integration of all the channels allowed a continuous aggregation of data from Instagram, Facebook, Google Search Ads, and DV360.
Secondly, based on the collected data, nexoya provided machine learning-based predictions for each campaign and ad set. Nexoya applied ten different AI models to predict the CPM (cost-per-thousand impressions), CPC (cost-per-click), and CP-conversion (micro conversion and standard conversion) for an upcoming period.
After that, nexoya applied the predicted data to a six-stage attribution funnel, the best budget allocation for the coming period.
4. Budget Allocation
During the “business review meetings,” the proposals were discussed together with Generali Switzerland and the responsible marketing agency. Generali Switzerland decided which of the proposed changes were suitable and these changes were then implemented in the platforms.
Last but not least, after each optimization cycle, nexoya provided validation of the past results by calculating the results for three scenarios:
- The result achieved.
- What would have happened without optimization.
- What would have happened if all proposed changes were implemented.
Astonishing results with campaign optimization: 72.5% more conversions with the same ad budget
As a result, within three months and six optimization rounds, the project team could achieve a cumulative uplift of 72,5% of hard-conversions and 38.44% more premium calculator entries with the same budget by applying AI-driven campaign optimization of nexoya.
Moreover, nexoya enabled full transparency over all the multi-channel always-on campaigns. Thus, the platform allowed all channel owners to see what is happening and predict which campaigns are likely to perform better for an upcoming period.
In general, it was a great experience for both parties. Trustworthy collaboration and fast iterations helped the companies to achieve great results!
“72% more conversions thanks to nexoya’s artificial intelligence in just three months, that’s astonishing!”Mike Fuhrmann, Chief Marketing & Communications Officer at Generali Switzerland
Four key benefits for Generali Switzerland:
1. Dynamic budget allocations
Thanks to an innovative approach – the dynamic and cross-channel reallocation of budgets during an ongoing campaign was possible.
2. Predictive Analytics
Thanks to artificial intelligence, nexoya allowed Generali Switzerland to regularly predict and optimize each campaign and ad set’s performance across four channels: Facebook, Instagram, Google ads, and DV360.
3. Uplift of +72.5% conversions
Achievement of 72.5% more conversions thanks to the continuous application of the nexoya’s recommendations.
4. Full Transparency
Last but not least, nexoya enabled users to get a holistic view across multiple channels.
As a result, after the achieved success, Generali Switzerland is looking forward to optimizing more with nexoya! The company is eager to restart the optimization of Always-on campaigns in 2021.
“This is just the beginning. We are looking forward to our next optimization round with nexoya! Next time we are planning to achieve even more!”Mike Fuhrmann, Chief Marketing & Communications Officer at Generali Switzerland
Founded in 1987
Adliswil and Nyon
Instagram, Facebook, DV 360 (programmatic), Google ads (Display)