LivWell Leverages Advanced Segmentation to Drive Higher Conversion and Product Adoption
LivWell Asia, a blockchain-based gamified Insurtech & health engagement application, provides low-cost bite-size Health and Term Insurance in Vietnam and India aimed towards Gen-Z. LivWell envisions reimagining health, wellness, and insurance through partnerships with California Fitness and Yoga Center (CFYC, Vietnam), Samsung, Decathlon, Garnier, among others. Members can take up a variety of fitness challenges at partner outlets (CFYC) to earn rewards which can then be redeemed for exclusive orders on partner outlets. In order to build a healthy ecosystem, the brand is offering bite-size LivWell care insurance with Personal Accident Insurance starting at VND 40,000/month and Hospital Cash starting at VND 17,166/month. The brand also plans to introduce Bike Insurance, Term Insurance, and Cancer Care soon with the objective of using your health to pay for bite-size insurance products.
In order to build an effective wellness ecosystem and fitness rewards platform, it was imperative for LivWell to understand the customers, their likes and dislikes, preferences, and affinities, in order to engage them better. There was a need to add more layers of scientific analysis behind the campaigns run by the LivWell team. This is when LivWell decided to onboard an insights-led customer engagement platform in the form of MoEngage. Post MoEngage integration, the team at LivWell aided by support from Springwood (with expertise in building campaigns, journeys, and winback flows using marketing automation tools) was able to make better data-driven decisions, segment customers into actionable cohorts, and drive effective engagement across the customer lifecycle prompting them to explore other offerings like insurance based on their engagement levels. Effectively engaging customers across the different partner (like California Fitness and Yoga Center) campaigns and insurance upsells were two of the key use cases that LivWell was trying to resolve through MoEngage.
The challenge was to figure out ways to better engage our customers. With MoEngage, we’re able to create seamless triggered flows across the customer journey, from onboarding to retention, and segment our customers better to run effective in-app campaigns, yielding great conversion ratios.
The team was able to set up various Flows and craft cross-channel journeys for onboarding, engagement, and retention across the customer lifecycle stages. LivWell was not only able to personalize the communication at every touchpoint and tailor it based on customers' actions, likes, preferences, location, and other attributes, but also create multiple cross-channel flows for each stage and string them together for a fully automated engagement workflow across the entire lifecycle. The team was also able to analyze the conversion rates for different flows and different screens within their app. In terms of segmentation, Springwood has helped LivWell create customer cohorts based on recency and frequency of usage with a focus on potential loyalists, loyal customers, hibernating, promising, needs attention, about to sleep, can’t lose, and recent users. The challenges, campaign strategies, and performance measurement all depend on the behavioral attributes and actions taken inside the app.
If the campaign is around insurance upsells, then the segment they actively reach out to would be limited to the potential loyalists and loyal customers, folks who are far more engaged as compared to other segments. Whereas brand-related campaigns are driven towards the general population without focusing on a key segment. This is how LivWell has been able to carve out different messaging for different product lines that they have on their platform. The campaigns with partner tie-ins like California Fitness and Yoga Center (CFYC) have led to increased conversion rates of above 35% with Click-through rates between 2-3%
Using MoEngage, LivWell was able to keep the customer at the center of all decision-making and run campaigns accordingly. They also set up various Flows and crafted cross-channel journeys for onboarding, engagement, and retention across the lifecycle stages.
• Flow-enabled win-back campaigns saw a conversion rate of 10.68%
• Event-triggered onboarding Flows saw a conversion rate of 53.27%
• Partner-led in-app communications achieved a CTR of 29.11%
Most of the high-level goals measured by the LivWell team post MoEngage integration were mostly engagement-related. And with MoEngage’s insights-led omnichannel engagement approach, effective customer engagement and retention were made a lot simpler for the brand, allowing them to innovate faster.
The team no longer had to rely on multiple tools for their analytics and engagement capabilities with MoEngage bringing native and ingested data into the platform to create a unified customer profile. MoEngage’s AI engine Sherpa analyzed real-time data and fuelled predictive customer segmentation.
