MediaAlpha, a leader in performance-based digital advertising technology, just announced its launch of “Direct-to-Quote” (DTQ), a new technology the company believes will benefit consumers, advertisers, and publishers.
“Direct-to-Quote provides a better online consumer experience that yields higher conversions and greater advertising ROI without a commensurate increase in cost or an unnecessary drain on an insurance company’s technical resources,” according to MediaAlpha.
MediaAlpha will implement DTQ via its MediaAlpha Demand Platform. The technology allows consumers to provide their insurance application information once to get quotes before they apply and buy.
“Direct-to-Quote improves the continuity of the consumer experience by leveraging quote application data from a consumer and pushing the consumer farther into the carrier quote application funnel,” say company execs.
According to MediaAlpha, auto industry advertisers are realizing benefits including improved bind efficiency (by as much as 32 percent; real-time, dynamic media buying optimization that leads to higher overall media efficiency; and increased value from existing advertising inventory channels (including from sources outside the MediaAlpha Exchange).
“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.”
Current clients are singing the praises of DTQ.
“Since becoming AOR for one of the largest auto insurers in the country, we have found ourselves in an increasingly competitive and ROI challenged marketplace for auto insurance shoppers,” said Eric Seidelman, Senior Manager for Performance Digital at Universal McCann. “With the recent completion of our Direct-to-Quote integration with MediaAlpha, we have seen considerable lift in conversion at all stages of the funnel and similar improvement in efficiency across our KPI’s. This impact has had a demonstrable effect on our ability to reach and convert the in-market audience so critical to our direct response plan.”