Founded in 2016, Ethos has been on a mission to make life insurance easily accessible to everyone by providing a faster and easier way to buy life insurance online. How do they do it? By automating the underwriting process to identify the right products for users in real time. This means less time spent going back and forth with different agents and carriers to find the products that will work best for them.
However, despite their success, Ethos knew that with an improved understanding of their customers, they could do even better. We met with the data science team at Ethos to learn more about their marketing strategy, data challenges, and how the team is using Faraday to address them.
By tapping into Faraday's built-in consumer data and machine learning engine, Ethos identified four distinct personas in their customer base and assigned them to customers in their database. After analyzing different metrics like conversion and churn rates across these core segments, Ethos identified two promising groups which helped inform important adjustments to the company’s marketing and product strategies.
With recent changes to Facebook’s advertising functionality, Ethos needed to find a way to navigate around a crowded platform while trying to optimize their return on ad spend (ROAS). So the team experimented with an innovative targeting strategy: using customer predictions from Faraday to seed a new Facebook Lookalike Audience.
The persona-seeded audience resulted in significant ROAS improvements—50% higher than equivalent campaigns that used broad targeting strategies—so they took it a step further by adopting these audiences across the board.
Ethos is now conducting more qualitative research around the core customer segments they identified with their Faraday personas, which they’ll use to further personalize experiences for their customers. Additionally, they’re planning to use customer predictions from Faraday to optimize their targeting strategies across other marketing channels.
We love working with Ethos–they’re on a mission to make life insurance accessible for all, and with Faraday, they’re finding innovative new ways to accomplish that mission.