How Gamification Could Help Insurance Sales

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Are you good at managing your money? You might be an experienced professional in insurance, but are you ready to challenge yourself?

You are now ready to play Bummer! You can try your luck by visiting this website.


P.S. : Pay attention to your insurance choices as you play the game. It can have an impact on the outcome of the Wheel of Bummers as well as your total income. All the best!

The key takeaways from Bummer!

You had to choose from three types of insurance: pet, rental, auto and finally all three combined. Insurance is designed to protect you against potential risks. The Wheel of Bummers is the source of risk in Bummer! It is important to pay the highest premiums, and buy as many ‘Add-Ons’ as possible. This will protect you from many financial risks.

What is the trend?

Gamification is what it’s known for! Gamification is one of the many innovations and changes in the insurance industry. Gamification is a powerful tool for insurers looking to enhance digital experiences and adopt customer-centric business models.

It is now the norm in all industries, including healthcare, nutrition, and insurance.

You want to play another game. You can pretend that you are an adolescent by logging in here to the “Re-Mission” game. HopeLab created this game series to help children understand their bodies and the treatments that can be used to eradicate the virus.


The result?

These games increased treatment adherence and gave patients more confidence in the possibility of beating the disease.

You can see the testimonial from a patient with cancer in the video below. He felt more empowered to fight the deadly disease.

What is gamification?

Gamification refers to the use of game elements and techniques in situations that are not related to gaming. Gamification attracts customers by using point scoring, competition, scorekeeping, etc. Its goal is to influence consumers’ behavior and encourage increased engagement.

Insurance companies need to understand the importance of gamification

Gamification is a powerful tool in insurance.

Engage customers: Gamification is a great way to engage customers. It can make ordinary applications more interesting and enjoyable, which can keep them coming back. Complex insurance policies can be simplified: Customers will have difficulty understanding certain types of policies. These can be easily broken down using games.

Gamification is a better option than traditional methods

Do you prefer to meet with an insurance agent and spend two hours explaining the right insurance policy to you, or would you rather play Bummer to figure it all out? We know the answer!

Gamification has many more benefits than traditional methods in many ways. These are just a few:

Increased communication with insurance firms: Recent EY research shows that 44% of customers have not had any interactions with their insurers in the past 18 months. Gamification can address these issues and allow insurers to engage more with customers. UnitedHealthcare Insurance teamed up with Qualcomm to create the mobile app UnitedHealthcare Motion. This app is designed to improve wellness and link financial incentives to wearable devices. This app aims to encourage daily walking and help participants in UnitedHealthcare plans with high-deductible health plans save money.



Information: Gamification can help consumers have instant access to relevant information. According to an IBM iX survey, 46% blamed confusion over policy details, while 23% blamed the paperwork and hurdles in procuring a policy. American Family Insurance has simplified the process by collaborating with WildTangent Entertainment and Mindshare Entertainment. The iAMFAM game allows users to create avatars, manage their activities and plan their future. This game allows users to decide what insurance they want at any given time. Gamification, a digital product that is simple and appealing, is the best way to attract younger customers.



A quick glance at the stats

Gamification is an already large space. It is valued at $12Billion currently, and expected to grow by 30% each year to reach $31Billion by 2024 (stats courtesy of economictimes.com).



Data source: economictimes.indiatimes.com

The younger generation living in the digital world demands a revolution in insurance. This is what the numbers show.

79% of consumers intend to use digital channels for insurance transactions (though nearly half of all insurers do not have a plan). 66% would share substantial data to provide personalized services to avoid injury or loss.

How gamification stimulates the human brain

Did you know? According to research, video games can boost dopamine levels by as much as 100%. When a player does well in a game, their brain flushes dopamine.


Bunchball’s image shows a table that matches game mechanics (points and levels, challenges, etc.). With human desires for gameplay. Each mechanic triggers a primary human desire, and each affects an ancillary area. The orange dots indicate the primary human desire that a game mechanic fulfills, while the blue dots show the other areas it affects.

This image shows that psychology and human desires play a major role in game design.

Top-rated insurance companies that have achieved great results using gamification

The insurance industry’s most controversial question is “Millennials, what do you need to purchase an insurance policy?”

Top insurance companies are now using gamification to their advantage.

YuLife, an insurance company, noticed that many life insurers disappeared after they sold plans. People were losing sight of the reason they purchased insurance and abandoning their plans. YuLife joined forces with King Digital Entertainment, creators of Candy Crush Saga to make its life-insurance product a game. And just like that, they had created an entire life-insurance metaverse. One in three people who download the app every day is a customer of the company, which has over 400,000. Users also receive around PS10 per month in vouchers.


Aviva has launched the “Aviva Drive” mobile app, which allows you to easily save money on Aviva car coverage. The app records a motorist’s driving style using smartphone technology. This includes their acceleration, brake, and cornering. The app gives the motorist a driving score after 200 miles. This can be used to calculate any Aviva premium discounts the motorist has earned, up to 20%. These discounts can be combined with any Aviva offers that they may be eligible.

You can see the video to learn more.


Try Interactive Video

Interactive videos are another way to keep your customers interested in your products/services.

You can see it in action by clicking on the video.


Watch video here

Interactive video provides personalized content for the customer. The customer can also respond to the video. There are also prescribed ways to enhance the communication between the customer and the company. This content addresses the specific concerns of the customer. This will increase customer interest in the content, and it is more likely that they will respond. Did you know that interactive video has a 10x higher click through rate than YouTube videos? HapYak found that interactive video had a 10x higher click-through rate than YouTube videos based on 13.35 millions of views.

Interactive videos: How they can benefit customers

Customers are able to input data to tailor the information that is displayed or communicated.Layering of content can be designed so the videos shown depending on what options the customer chooses at set points.The customer can be presented with questionnaires in order to achieve a personalised solution at the end of the video.Customers can also submit questions, or leave comments for the customer service agents to respond to.Customers can submit videos in the form of testimonials, adding authenticity to reviews and emphasising the relationship focus of the organisation.

How to design a game

It is crucial to understand how gamification affects behaviour. Gamification must be enjoyable and motivating. This will encourage engagement and fulfillment. Gamified activities typically rely on three components of motivation.

Autonomy: giving users or “players” a sense of being in charge so they stick to their goalsValue: motivating players with an appealing reward that is relevant to the specific individualCompetence: encouraging users to keep playing by allowing them to get better at the game

Two factors are also needed to increase motivation:

Extrinsic motivation is a combination of perks, benefits and discounts. Foursquare is an app that allows people to check in at their location and earn badges such “Mayor” and recognition. The game’s mechanics, which include recognizing achievements and encouraging competition, make it interesting and very popular. Intinsic rewards – The game should include elements of self-development as well as self-interest. We can use the Bummer as an example. It teaches us about the importance of insurance and pushes us to get the policy.

Conclusion

Gamification has proven to deliver tangible results. Businesses can increase engagement on social media and generate more website traffic by incorporating it into their product. Customers will be able to understand why they need the right policies. It can increase brand awareness, loyalty, and ultimately, help customers to buy insurance prospects.

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