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Is it possible to do keyword insertion in Overture?
Not that I'm aware of. But since they manually review each ad, and you can get the KW added to the destination url as a query string by enabling "Overture Tracking URLs", not much point to it really.
However, you *could* give them a spreadsheet to upload with KWs already inserted into the ads if this is what you require. You'd need to use an excel macro to do the DKI though.