Case Study · Insurance Brokerage · Google Ads

Four years, one account, a cost-per-conversion that kept falling.

A Lower Mainland insurance brokerage, May 2022–May 2026. Client withheld by NDA — every number below is pulled straight from the live Google Ads account.

$3.11M
Ad spend stewarded
64,500
Qualified phone calls
17,200
Quote forms captured
$8.96
Lifetime cost / conversion
TL;DR
Brief
A Lower Mainland insurance brokerage with strong walk-in business and almost no digital pipeline. Goal: predictable inbound from Google Ads, without lighting up the budget on broad-match clicks. The answer was patience plus aggressive intent shaping.
The Situation · May 2022

A respected brokerage with almost no digital pipeline.

The client had been in business for over twenty years. Strong referral base, two locations, a small but loyal walk-in flow. They were not in trouble — they were in stasis. Every year looked like the one before.

Their previous Google Ads account had been managed by a generalist agency on a percent-of-spend model. Broad-match keywords, near-zero negative-keyword work, no conversion tracking beyond “click on phone number”. The account ran $2,400/month for eighteen months and produced maybe forty bound policies. The math wasn't close to working.

What we inherited at kickoff:

The state of the account

One campaign. Three ad groups. 247 broad-match keywords, half of which were irrelevant (“insurance jobs vancouver”, “icbc claim form”, “life insurance for dogs”). No negative keyword list. No conversion tracking inside Google Ads itself — just a phone number swap that fed everything into one bucket. Quality Score average: 3.4 / 10.

The owner's diagnosis was correct: “We're paying for a lot of clicks that aren't even our customers.”

We're paying for a lot of clicks that aren't even our customers.

The first month was almost entirely demolition. We turned off every broad-match keyword, replaced them with phrase and exact match variants, built a 600-word negative-keyword list from search-term reports, and rebuilt conversion tracking from scratch — calls, forms, and call-duration thresholds (a 12-second call is rarely an opportunity).

Then we waited. Soft-launched the new build with a capped daily budget at 60% of the old spend. The first thirty days were quiet on purpose. We were learning what the account actually looked like when the broad-match noise was gone.

Angarum Media griffin — Google Ads performance for an insurance brokerage
The work · Google Ads, four years
The Timeline · Four Years, Five Phases

Phase by phase, what the year looked like.

The account didn't do anything dramatic in any single quarter. It just got slightly sharper every ninety days, for sixteen quarters straight.

Year 1 · 2022–2023
The Cleanup Year
Demolition + rebuild. Negative-keyword list grows from 0 to 4,200 terms. Quality Score average climbs from 3.4 to 6.8. Cost per conversion at end of year 1: $14.20. Annual spend: $612K. Conversions: 8,400.
Year 2 · 2023–2024
The Compounding Year
Search-term mining becomes routine. First A/B tests on ad copy ship. New campaigns split out by line of business (home, auto, commercial, life). End of year 2: cost per conversion $10.40. Annual spend: $780K. Conversions: 14,800.
Year 3 · 2024–2025
The Performance Max Year
Tested Performance Max for home + auto. Audience signals fed in from the now-large customer-list audience. Performance Max underperformed for commercial; we shut it off and kept Search. End of year 3: $7.30 CPC, $890K spend, 21,400 conversions.
Year 4 · 2025–2026
The Brand-Pull Year
Branded-keyword volume tripled year-over-year — people searching the brokerage name directly because they'd heard about it. Branded campaigns ship at $0.84 CPC. End of year 4: cost per conversion $5.20. Annual spend: $828K. Conversions: 37,100 — the year where the account looked like luck.
Lifetime · May 2022 — May 2026
The Aggregate
$3.11M stewarded. 81,700 total conversions. $8.96 lifetime average cost-per-conversion. Year-four CPC is roughly 37% of year-one. The account never went viral. It just got patient.
Begin Your Royal Road

Build something made to endure.

The first charters were carved in clay to outlast the hands that shaped them. We build brands and demand systems on the same principle — clear, considered, and made to last.

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The Results · Lifetime

The aggregate at four years.

64,500
Phone calls
4-year lifetime
17,200
Quote forms
4-year lifetime
$8.96
Lifetime CPC
Average across 4 yr
$3.11M
Ad spend stewarded
May 2022 — May 2026
Cost per conversion, year over year
$16 $12 $8 $4 $14.20 $10.40 $7.30 $5.20 YEAR 1 YEAR 2 YEAR 3 YEAR 4

Pulled from Google Ads cost-per-conversion column · lifetime account view

Begin a conversation

Tell us your category and what a good year looks like.

We'll come back inside one business day with whether the approach above applies to your account, and what to expect quarter by quarter.

The Playbook

What we'd do again, in any account.

Three moves that aren't glamorous and aren't in most agency decks. They built this account.

01

Negative-keyword discipline as a daily habit

Every Friday, the team pulls the search-term report and adds three to twelve new negative keywords. Four years of Fridays. The list grew from 0 to 4,200 negatives — roughly 14% of the lifetime cost-per-click savings trace to that one exercise. The work is boring. The savings compound.

02

Brand defense before brand attack

Branded campaigns went live in month two, not month twelve. The brokerage's name was being bid on by competitors and an aggregator; the cheapest insurance you can buy is your own branded clicks at $0.80, before someone else pays $4.50 to send the searcher to a comparison site.

03

Cost-per-conversion as the only North Star

No vanity metrics — no impressions, click-through-rate, or ad position. The owner sees one number: cost per conversion, week over week, on one dashboard. The simpler the dashboard, the less an agency can hide. If it rises two weeks running, we explain why before being asked.

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About this case study

Plain answers. Pulled from the account.

How do insurance agents generate leads?
The most reliable channel is Google Ads on high-intent search terms — people actively looking for a quote — backed by conversion tracking and disciplined negative keywords. This brokerage generated 64,500 qualified calls and 17,200 quote forms over four years at an $8.96 lifetime cost-per-conversion.
How much do insurance leads cost?
Bought insurance leads often run $15 to $50 or more each and are resold to competitors. Generating your own through Google Ads is usually cheaper and exclusive — this brokerage's lifetime cost-per-conversion was $8.96, and under $7 by year three as the account compounded.
Does Google Ads work for insurance brokers?
Yes, when it is built on intent and managed tightly. Broad-match insurance keywords burn budget; phrase and exact targeting with disciplined negative keywords wins. This account stewarded $3.11M over four years and drove cost-per-conversion from $14.20 in year one to $5.20 in year four.
How long does it take for insurance Google Ads to work?
Expect a noisy first one to three months while tracking and negative keywords mature, then steady improvement. This account ran at $14 to $22 per conversion in the first six months and fell below $7 by year three — the gains come from compounding, not quick wins.
Can you replicate these results for my business?
We can't guarantee identical numbers — every category, brand and market is different. What is repeatable is the approach: documented strategy, weekly negative-keyword work, honest cost-per-conversion reporting, and zero markup on ad spend. The numbers come from running that for years, not weeks. Read the Google Ads practice or begin a conversation.