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All you need to know about gamification for insurance companies

Updated on September 1, 2022
All you need to know about gamification for insurance companies - Smartico

If you haven’t heard of gamification, then it’s time you did. Gamification is the use of game elements in non-gaming contexts to encourage engagement with a brand or product. It can be used to make mundane activities more fun, increase loyalty and even drive revenue. In this article, we’ll explore why insurance companies should consider using gamification as part of their marketing strategy.

Understanding gamification?

The first thing to know about gamification is that it’s not a game. Gamification is more than just designing a game, or making a game. It’s about applying specific elements of game design to non-gaming contexts like your insurance product, for example.

The second thing you need to know is that gamification isn’t as new as some people might think. The idea of bringing gaming principles into non-gaming situations has been around since at least the 1960s.

Benefits of Gamification for Insurance Companies

As you can imagine, insurance companies are interested in gamification because it is a powerful tool that can help them achieve the following objectives:

 

  • Increase customer engagement. This is perhaps one of the most important reasons why insurance companies are interested in applying gamification to their business. By making an insurance policy more engaging and fun for customers, an organization can increase its customer base and retain existing customers.

 

  • Increase customer loyalty and satisfaction. A well-designed gamified process will also make it easier for clients to do business with you as they won’t have any trouble completing your application or paying premiums on time due to a lack of motivation or interest from their side.

 

  • Decrease churn rate (customer turnover). When you offer a smooth user experience, users are unlikely to switch insurers even if there’s another brand that offers cheaper rates than yours does because both parties don’t have anything against each other; rather, they just want what works best without having any unnecessary hassles involved into their dealings with each other

Challenges of gamification for insurance companies

While the benefits of gamification are obvious, it might not be a fit for every insurance company. You need to make sure that your employees enjoy the gamified system and that they see its benefits before implementing it. If you’re considering gamification for your company, here are some challenges to consider:

  • Gamification is not a silver bullet. It’s not going to solve all problems in your business or improve every aspect of operations; however, if implemented correctly and with care, it can help increase engagement and productivity among employees while reducing costs associated with training new hires or retaining current talent all while improving customer satisfaction.

 

  • Gamification isn’t an overnight transformation. Implementing a game-based system requires careful planning because game mechanics take time for people to learn and master (or even understand). Even if you have an existing team that naturally gravitates towards competitive games, there will likely be some resistance from other employees who aren’t as comfortable with playing games at work yet still want their jobs done well enough so that they don’t get fired when their performance reviews come around again next year.

Building Game Mechanics That Work in Insurance

You might be wondering what a game mechanic is, and how you can use it in insurance. It’s pretty simple: “game mechanics are the elements that make up a video game or board game. They’re also known as “mechanics” or “game rules,” and they define how players interact with their environment and each other.

More specifically, these are the tools that shape your user’s experience in a way that’s fun and engaging and what makes an app or game addictive! Some examples include rewards systems like points or badges; levels of progression; leaderboards; quests; high scores; social competition/competition between users; missions/missions/goals set by system administrators

There are many ways to get started with incorporating game mechanics into your business strategy but before we dive into tactics like points, badges, leaderboards, etc let’s look at some common pitfalls so you don’t waste time building something useless.

How to turn insurance into a game?

Understanding your users by understanding their motivations is one of the key goals of gamification. If you know what motivates them and what they want from the product, it will be easier for you to create an engaging product that people will use and enjoy using!

Gamification can also help improve employee engagement. Employees who are motivated by collecting badges or levels tend to work harder than their unmotivated colleagues, which leads to better results at work.

How do integrate gamification for insurance companies?

The first step is to create a game-based user experience. This involves thinking about how you can take the user through your product or service in a fun, engaging way. You can do this by incorporating elements of games, such as levels and points.

The second step is to create an environment where people feel like they are playing a game while they’re using your product or service. You can do this by creating rules that are easy to understand and follow, but also challenging enough that people will want to keep playing.

Finally, insurance companies need to get feedback from their customers about how well gamification is working for them so that they know whether or not any adjustments need to be made for it to continue being effective over time (or if there needs to be more work done).

Gamification is a powerful tool for insurance companies to engage their customers. It can help them increase retention rates, make their products more relevant to consumers and generate revenue from new sources. It’s not easy though there are plenty of challenges along the way, including creating engaging experiences that don’t feel too much like work or seem out of place in an insurance setting. But as long as you keep these tips in mind when designing your game mechanics, there’s no reason why it shouldn’t be successful!

Why choose Smartico to gamify your insurance company?

 

Smartico.ai is gamification, loyalty, and marketing platform that enables companies to boost customer engagement, increase revenue and improve processes.

They will be able to gamify your insurance company to make it more profitable!

 

Request your demo now:


https://smartico.ai/request-a-demo/

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