Carida Insurance Surpasses AEP Goals with PX: A Comprehensive Growth Partnership Case Study

How PX Powered Carida Insurance to
Surpass AEP Goals as a Strategic Growth Partner

AEP at a glance

7500 +

Calls Purchased

44 Publishers

Connected through our marketplace

1100 + Policies

CPA < $300

94% Rate

Agent Occupancy

About Carida

Carida Insurance is at the forefront of transforming the insurance finding process through a unique blend of data science, engineering, design, and deep industry knowledge. Carida simplifies the process of finding the right Medicare coverage by employing a tailored approach. Their team of licensed agents works with top-tier carriers such as Humana, Cigna, Anthem Blue Cross, and Aetna to offer personalized Medicare Supplement, Medicare Advantage, and Prescription Drug Plans.

The North Star metric they follow is to uncover every opportunity to maximize seniors’ insurance benefits and save them money through a process that is both transparent and focused on their individual needs.

The Challenge:

Carida’s operations were bogged down by the inefficiencies of dealing with numerous vendors and platforms, which diluted the focus on campaign performance and hindered agent productivity. The critical goals were clear yet challenging:

Eliminate the drain on time and resources from managing disparate partnerships.
Guarantee that agents were always busy on the phone, minimizing idle times.
Enhance policyholder retention and loyalty.
Ensure a steady stream of high-intent, compliant prospects to fuel the sales pipeline.

The Goal For AEP:

Minimal agent idle times (agents always need to be on the phone)
Maintaining an overall cost efficiency of ~$300 on campaigns
Testing a Retention Campaign to identify policyholders at risk of switching and retain them

The Result

94% Agent Occupancy Rate

CPA < $300

11% of policyholders were identified as in-market consumers; 50-60% retained through targeted efforts.

$352k budget saved on not paying for prospects they spoke to earlier (~8000 prospects)

The Solution

One Platform for all customer acquisition needs (Streamlining sourcing and management of prospects)

We became the holistic tech platform for Carida to handle their end-to-end customer acquisition. They leveraged the PX open marketplace to connect with vendors and access an incremental supply of prospects while also running their earlier direct vendor relationships on the PX private marketplace, essentially centralizing all customer acquisition activities. Having PX as the in-between took away a lot of administrative responsibility for individual invoicing, and performance analysis of each of their partners individually. We became an extension of Carida’s team, where we took over the responsibility of some roles, so they could focus on tasks that would add more value to their business.

PX also provided a single reporting interface where they can look at all their partners’ performance (direct as well as additional partners) in one consolidated view to pivot easily and make the right informed decisions.

Agent Availability API
(Eliminating campaign inefficiencies at the agent level)

This lightweight API integration ensured prospects are only transferred to a call center when agents are available to take the call. This real-time matching minimized dropped calls and ensured consumers are not waiting on the other side for a long time thus improving the consumer experience.

Carida also wants to use PX’s dynamic bidding model to bid differently based on agent availability on their campaigns. So, if agents have been waiting 1 to 2 minutes- they increase the bid by 5%, if waiting for 2 to 3 minutes- increase the bid by 15 percent until that time is again back to zero agents waiting. This turned out to be a game changer for dropped calls.

Retention Solution (Staying on top of policyholders who are about to switch and get in touch with them)

Carida piloted a Retention Campaign through PX, where they essentially loaded a part of their book of business into the PX platform, to identify existing policyholders who are actively looking to switch plans. PX implements this by matching their book of business with the 10M+ prospects who are shopping across the entire PX marketplace. If there is a match, Carida would place a bid for that shopper and route these deflectors to their retention team. In these conversations with the at-risk customer, the company provided retention-oriented customer care to keep them in the same plan or switch them to a plan more suitable.

“In a landscape of evolving challenges and opportunities, our partnership with PX has not only streamlined our operational complexities but transformed them into our competitive advantage. By embracing innovation and strategic collaboration, we’ve not only met our AEP goals but set new benchmarks for excellence in customer acquisition and retention. This journey underscores our commitment to leveraging technology for better efficiency, enhanced agent productivity, and ultimately, delivering unparalleled value to our customers.”

– Michael B. Paich
Vice President, Digital Marketing and Lead Generation, Carida Insurance