The blog discusses the way the insurance sector can rely on gamification to enhance loyalty, sales performance, and customer engagement. Gamification can help customers in buying the correct products via data visualization, help customer acquisition via mini-games and interactive contests. They can also decrease claims by promoting habits via loyalty programs with point-based rewards, and make customers aware of the difficult product in a fun and simplified manner. By getting into the psychological motivators like accomplishment and competition, gamification can convert difficult insurance procedures into engaging experiences. This ultimately develops a strategic business value for insurers.
Introduction
Gamification is not just a buzzword. In fact, it is one of the most powerful digital levers to impact customer behavior. It can convert a difficult task into a fun process with its engaging design elements. The insurance sector can yoke gamification to increase customer loyalty, sales performance, and customer engagement.
Here are some ways how.
Helping Customers Buy the Suitable Product
Previously, customers used to determine the suitable product considering the risk level. Nevertheless, the complexity lies in the customer’s inaccessibility to past data for similar customers for the same product. Gamification serves as a big game-changer in this situation. It can illustrate and collate customer information in a game format, which customers can rapidly access to reach their ultimate buying decision.
The risk associated with over- and underinsurance is a common problem customers encounter while making an insurance purchase. In such situations, Gamification can assist the customers by laying out the current information and data for similar purchases. In this way, customers attain the suitable product at the lowest price available.
Customer Acquisition
Insurers can connect gamification to attract new customers innovatively and engagingly. For example, insurers can utilize gamification to offer customers data regarding different insurance plans. Health insurers can use health awareness quizzes to make customers aware of their best plans that are available. Similarly, interactive contests should be used to attain contact data of the participants. After this, data can be utilized to target possible leads. Insurers can also take advantage of mini-games to reward users for engaging with their brand. Moreover, users can unlock special offers on different insurance products once they finish the game.
The gamification technique taps into psychological rules around gratification and motivation, which insurers can make use of to educate customers regarding their services and products.
Decreasing Claims
The majority of the top insurers are relying on gamification to create awareness regarding healthy habits and living. They are developing programs incorporating apps to assist companies in enhancing their employees’ well-being and health. For example, an activity tracker to record the daily activity of employees. As a result, they can meet routine walking objectives and earn out-of-pocket medical expenditures up to some level. It sparks accomplishment and competition among users who meet their objectives and permits users to attain progress over the passage of time. In the long term, it indirectly assists insurance companies in decreasing the claim amount.
Fostering Brand Loyalty
Gamification is an excellent tool for organizations to engage their customers and build brand loyalty among them. Interactive experiences can be provided to current customers via mobile apps. Loyalty programs with point-based rewards can be familiarized to benefit customers for task accomplishment. This includes filling out a health questionnaire and finishing a thousand steps daily. At this stage, mobile app testing is very important. Therefore, hiring the best app testing company plays an imperative role.
Creating Awareness Among Staff and Customers
Insurers can utilize gamification to educate customers regarding their suitable products. Moreover, it can also make their agents and staff aware of their present products. Generally, a few products are so difficult that the customer fights to comprehend their benefits. Insurers can utilize gamification to educate their customers regarding difficult products in a simplified and funny manner. In this situation, gamification helps insurance agents with difficult products in a simplified and funny manner.
AI – Powered Products. Measurable Impact.
Conclusion
Gamification has huge potential to develop long-lasting business value in the insurance department. Nevertheless, it can be attained just when it draws enough from insurance carriers globally.
Frequently Asked Questions (FAQs)
What is gamification in insurance?
Gamification is the term for the addition of game-like features to non-game products or services, for example, rewards, challenges, badges, and the tracking of the user’s progress. In the case of insurance, the application of gamification is linked to the encouragement of customers to form better health habits, to participate in digital platforms, or to become more knowledgeable about their policies.
Why should insurers consider gamification?
Gamification serves as a tool for the insurance industry to enhance customer engagement, loyalty, and retention rates. The transitions from “transactions” to “enjoyable interactions” would enable insurers to stimulate customers’ active involvement in wellness programs, risk prevention, and app usage, which would consequently create better risk profiles and claim reductions over time.
How does gamification improve customer engagement?
The human being is such a kind person who responds positively to incentives and achievements. In that case, when insurers reward customers with points, badges, or other progress indicators for their daily wellness, safe driving, or financial quizzes, customers would feel like they were being invited to the party and would want to stay there. This engagement over time is what builds loyalty among customers.
How can you empower insurance products via gamification? Contact Diginatives to learn in detail.
