CaridaPowering Carida to surpass its AEP goals.
Carida Insurance helps seniors find the right Medicare coverage, blending data science, engineering, and licensed agents across top carriers. For AEP, they set out to consolidate a sprawl of vendors, keep agents on the phone, and retain more policyholders.
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.
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
How PX helped Carida win AEP
PX became Carida's end-to-end customer acquisition platform. Three changes made the difference:
One centralized platform for customer acquisition
We became the holistic tech platform for Carida to handle their end-to-end customer acquisition. They leveraged PX's lead sources 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. 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
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
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.
The result
Carida surpassed its AEP goals. Agents stayed busy, CPA held under target, and a retention pilot recovered customers who were about to leave.
Reach your next consumers at scale,
and retain them.
PX gives you access to more lead sources to reach consumers, real-time matching to an available agent on every call, and retention signals that flag policyholders before they leave.
Book a demo