Unlocking the power of telematics for incremental revenue growth
As the insurance monetization landscape continues to evolve, fintech publishers face a critical challenge: how to future-proof their revenue streams while offering innovative, high-value experiences to their users.
To address this challenge, Zendrive offers the Insurance Qualification Lens (IQL), a groundbreaking solution that leverages telematics data to reward safe drivers and enhance the insurance shopping experience by providing the opportunity to unlock personalized discounts up to 40%. This article explores how IQL can complement fintech publisher monetization strategies, driving incremental revenue growth and enhancing user engagement.
IQL: An incremental approach
IQL serves as a unique delivery mechanism for offers, including affiliate and agency solutions. Publishers can embed their existing solutions into the IQL experience, leveraging the interactive test drive to drive higher engagement with legacy offer types. This approach capitalizes on the immersive nature of the test drive experience, increasing user interaction and conversion rates.
For publishers without existing affiliate solutions, IQL can power affiliate offers and driver rewards in addition to telematics, creating a comprehensive insurance shopping and rewards platform.
For publishers without existing affiliate solutions, IQL can power affiliate offers and driver rewards in addition to telematics, creating a comprehensive insurance shopping and rewards platform. This platform caters to a broad audience at various points in their shopping lifecycle, enhancing the overall user experience and increasing revenue potential for publishers.
That's particularly significant, as while one-third of the country is actively shopping for insurance at any given time (30% of consumers shopping annually), a considerable market segment remains unexplored.
Studies indicate that around 15-20% of consumers prioritize the overall shopping journey over price when making buying choices, highlighting a sizable demographic that conventional methods often overlook.
Studies indicate that around 15-20% of consumers prioritize the overall shopping journey over price when making buying choices, highlighting a sizable demographic that conventional methods often overlook – individuals who aren't actively browsing for insurance but can be swayed by exceptional experiences.
IQL caters to this audience, creating an always on insurance monetization feature that is not tied to infrequent shopping moments and can provide countercyclical revenue.
Similar to a credit score, a driver score can be a highly engaging asset that can be used to market other products within the app. Whether powered by the IQL offer ecosystem or managed directly by the publisher, the driver score provides a valuable metric that can drive user engagement and retention.
IQL’s flexibility
IQL is a highly flexible solution that can provide an end-to-end insurance ecosystem inclusive of deeply discounted telematics offers and general affiliate listings. Alternatively, it can ride along an existing insurance monetization solution that publishers already have in place by augmenting it with an endemic driving experience. This enhances the delivery of offers to keep users engaged and in a shopping mindset.
Engaging test drive experience
IQL provides users with an interactive test drive experience, creating a seamless integration within publisher apps. This experience serves as a powerful engagement tool, driving user retention and loyalty. IQL is the only solution on the market that enables auto insurance marketing within a driving context.
Personalized discounts
Users who opt-in to the test drive experience can receive up to 40% in personalized discounts from leading auto insurers. These discounts are based on real-time telematics data, providing a level of personalization and exclusivity that is unmatched in the market.
Incremental audience
IQL targets a different audience segment than traditional comparison shoppers. By engaging users who are not actively shopping for insurance, it creates incremental value in the shopping funnel, increasing overall monetization yield and revenue. The solution also enhances the insurance shopping experience by offering an objective assessment of a user's driving behavior.
IQL allows consumers to explore the market and estimate their potential discounts without needing to request individual quotes from insurers or participate in multiple test drive experiences across various insurer apps.
IQL allows consumers to explore the market and estimate their potential discounts without needing to request individual quotes from insurers or participate in multiple test drive experiences across various insurer apps. It provides a passive and anonymous way for consumers to learn about their eligibility for significant telematics-based discounts.
Symbiotic integration
IQL can seamlessly integrate with existing affiliate and agency solutions, enhancing the overall insurance shopping experience for users. This symbiotic integration allows publishers to maximize revenue potential and offer a comprehensive suite of insurance monetization solutions.
Effortless integration
With Zendrive's UI kit and backend webhooks, publishers can effortlessly embed IQL into their CRM. These webhooks can trigger driving-based engagements to enrich user experiences, allowing publishers to track driving behaviors and maintain engaging interactions effortlessly. Plus, publishers can seamlessly integrate driving data into their existing engagement platforms, including Clevertap, Iterable, and Customer.io, and messaging campaigns.
Longer LTV
By enrolling users in a telematics program, publishers can establish a lasting relationship with users, positioning themselves as the tool to help users save money on car insurance now and in the future.
The 30-day test drives not only educate users on their driver score but also provide an opportunity to engage with users post-test drive, presenting them with more agency, affiliate, and telematics offers in the future.
The 30-day test drives not only educate users on their driver score but also provide an opportunity to engage with users post-test drive, presenting them with more agency, affiliate, and telematics offers in the future.
Addressing publisher objections
Publishers may have questions and objections regarding the integration and positioning of IQL. Here are some key points to address:
Positioning the IQL insertion point
The test drive experience should be positioned as a complement to existing insurance shopping solutions, creating incremental value and engagement throughout the user lifecycle.
Prioritizing IQL
IQL targets an entirely different audience segment than traditional affiliate and agency solutions. Its engaging experience and personalized discounts make it a valuable addition to any publisher's monetization strategy.
Data privacy
IQL doesn’t collect Personally Identifiable Information (PII), ensuring user privacy while still enabling comprehensive driver safety and risk analyses. It also requires users to opt-in for test-drive experiences, aligning with various legal frameworks and fostering a transparent data value exchange. Finally, its use of edge computing keeps algorithms and AI models running locally on smartphones, reducing reliance on constant network connectivity.
These practices not only safeguard user data but also contribute to the success of the program, benefiting insurers, app publishers, and drivers alike.
Value proposition vs. alternative solutions
IQL offers personalized insurance savings based on deterministic driving factors, creating a more sustainable future for insurance monetization. Its integration with existing solutions enhances the overall user experience and increases revenue potential.
Ease of integration
IQL has been designed with ease of integration in mind. Publishers are able to complete an integration from design to production within two to four weeks.
Tech compatibility
IQL’s APIs and webhooks can be easily integrated into leading CRMs, making it easier for publishers to keep users engaged based on their performance and activity.
Moving forward with IQL
IQL represents a paradigm shift in insurance monetization for fintech publishers. By leveraging telematics data to reward safe drivers and enhance the insurance shopping experience, IQL offers a unique and compelling value proposition. Its seamless integration with existing affiliate and agency solutions makes it a valuable addition to any publisher's monetization strategy.
Moreover, IQL's incremental approach serves as a catalyst for revenue growth, offering a comprehensive insurance shopping and rewards platform that caters to a broad audience at various points in their shopping lifecycle. This countercyclical revenue feature, along with the integration of the driver score as a valuable engagement metric, further underscores IQL's potential to drive user engagement, retention, and long-term profitability for fintech publishers.
To learn more about IQL, click here or contact us directly below.
