Accelerating medical Gap Cover Sales through Starter Offer
After launching the Easy Gap white label site with two medical gap cover products, there was low traffic and conversion to policies. The initial thought was that customers purchased gap cover with their brokers when they renewed their annual medical cover. Market research revealed that people were searching for gap cover, but low-cost products, which were unavailable from any insurer. We worked with the client to create a starter medical gap insurance product costing just R100pm and targeted Google PPC ads to attract customers to this value offering. The cheaper product is financially feasible because the distribution costs are much lower than those of traditional, manual broker channels.
As expected, the cheaper product acted as a hook to entice people to the site. Only one in three customers buy the cheaper product; the majority buy the other, more comprehensive, higher premium products once they are on the site. Despite slow initial sales, the first two products were the right products. They were simply missing the right hook to entice customers to the site. See www.easygap.co.za for more details.
