Why Gamification in Insurance

Updated: Nov 21, 2019

Gamification is all the buzz these days, what it really means is the use of game techniques and elements to influence the behaviors of users, empowering them to understand and choose. The use cases are many and diverse, such as prizes, points and score keeping to motivate people to meet specific goals.

Insurers are already developing games around safe driving, certain property coverage forms, and sensible investing. It is all about transforming ordinary tasks into interesting and fun experiences that keep users coming back. This in turn will help strengthen brand awareness, affinity and penetration. Data obtained via gamification is also a new potential source of insight around buying behaviors and customer risk profiles.

Insurance agents’ first experiences with gamification could well be from insurer “agent engagement” initiatives that offer competition and rewards for selling new products. Incentives for completing product education cycles, issuing policies faster, updating customer data more frequently, providing more information for reports or for complying with new policies may also factor into gamified experiences for agents.

On the other spectrum, insurance agents should also recognize how gamification may help them engage with their own customers. Gamification is the art and science of making hard stuff fun. The process can and should provide cross-selling and up-selling opportunities to insurance agents. Applications, policy renewal forms and information updates are all areas where gamification can help agents to provide a better experience for their customers. By designing the right gamified incentives, insurers and insurance agents can save time and effort so they can focus on improving efficiencies and raising returns.

Millennials account for over 90m people globally. We know millennials are early adopters of technology but they also represent 21% of consumer discretionary spend and more than $1 trillion in direct purchasing power. More frequent interactions and richer experiences are especially important to millennials, who have shown little interest in life insurance and has higher expectations for digital channels. Through gamification, insurers and insurance agents can demonstrate their understanding of millennials’ needs and preferences. In addition, millenials also influence older buyers. So investing to engage millenials with gamification carries both direct and indirect returns.

The Bottom Line: Insurers & Insurance Agents need to get in the Game

Given that early adopters have fully integrated gamification into their operations, it is clear that gamification is here to stay for the insurance industry as clear and tangible benefits in terms of customer engagement and bottom-line impact have been shown. With Insuree, insurance agents can tap on a gamified system to improve their sales process and efficiency while providing a better customer experience.

#insurancegamification #insuranceformillennials

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