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Make ‘Fun’ to sell insurance & reduce cost - “Gamification in Insurance”

Make ‘Fun’ to sell insurance & reduce cost - “Gamification in Insurance”
Murali Dharan Haragopal - Heads The Fs - Insurance Business Solutions Group | March 17, 2016
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Did you know? Games share certain characteristics with insurance, business and our lives! Significant common characteristics include uncertainty, challenge, chance, choices, goal, relevance, reward, rules and terms of agreement.

Today, games are being used to improve non-game business as well. However gamification is definitely not to turn everything into a game, but to identify the areas which could be enhanced through games.

Games can be classified in to 3 types based on its primary objectives: (a) FUN Games (b) KNOWLEDGE Games (c) ACTIVITY / EXERCISE games.

The gaming strategy/ ideas normally focuses on any one (1) Increase brand awareness, (2) Improve business, (3) reduce risk occurrence & (4) improve capital

For example, highest faculty in the insurance with highest combined ratio is from worker’s compensation – Gamification can be implemented to reduce the combined ratio.

 

Also games can be leveraged to improve & retain the business through agents in different scenarios.Agri-insurers in remote places of South America and Africa are already leveraging games to educate their target segment consumers & improving their business growth.

Virtual Agents or Digital Avatars are developed to target digital age segment of consumers imbibing games to sell their Home insurance!. For some of the treatment of chronic diseases like attention deficit disorder, health insurers are tied up with IT companies to provide mobile games to cure and track the performance.Many more interesting and innovative things in gamification can be expected in the near future.However there are a few strict do’s and don’ts for Insurers in designing gaming strategies.


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