Gamification in Insuarnce to drive Profitable Business Growth

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Applicability of gamification in insurance industry is growing by the day. Insurers are leveraging various aspects of gamification to not only enhance customer engagement but also to improve employee productivity and drive motivation. It is being used as a strategic tool by most of the insurance line of business (LOBs). The presentation and associated white paper talk in detail about the gamification use cases applicable across the insurance sector, do’s and don’ts and ways to build an effective go-to-market strategy to deliver gamification in insurance industry.

For more information on HCL’s Insurance Services offerings, http://www.hcltech.com/financial-services/insurance-services

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Gamification in Insuarnce to drive Profitable Business Growth

  1. 1. Gamification in Insurance How Insurers can leverage gamification to drive a profitable business growth Copyright © 2014 HCL Technologies Limited | www.hcltech.com
  2. 2. W’s of Gamification in Insurance Industry What is Gamification? Application of typical elements of game playing (e.g. point scoring, competition with others, rules of play) in non-game context to encourage engagement with a product or service, propagate knowledge and solve business problems Whom to target? Consumers • ~57% of the uninsured world population is in age group 18 – 44 • ~61% of this age group plays games & ~65% uses their handheld to play the games • So it becomes an obvious choice to target consumers for gamification between the ages of 18 to 45 years Insurer’s Employees and Agents • Target includes not only the consumers but also insurer’s employees/ agents to improve productivity and drive motivation What to target? The gaming strategy/ideas should be focused around • Increasing brand awareness • Improving business • Reduce risk occurrence • Improving capital Next slide : Let us go through some significant insurance lines of businesses (LOB) individually and find out where we can apply gamification 2 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
  3. 3. Gamification has applicability across all Insurance LOBs Workers Compensation Insurance • Reduction of Combined Ratio by preventing risk of accident occurrence using gamification • Improving sale of Group Business (Workers’ compensation) through gamification Agriculture Insurance • Gamification in agriculture insurance can include educating farmers to tap uninsured markets Home Insurance • Simulation of homes can be a very interesting option for insurers and game developers Health Insurance • Collaborating with technology partners to get user information and provide rewards or premium discounts for regular players playing gesture enabled games Travel Insurance • Travel insurers mostly have the travel itinerary of a traveler; a knowledge game application could be made handy for the traveler to play a game that gives essential information on the destination Life & Annuities, Wealth Insurance • Financial planner simulation is the obvious gamification choice for life & annuity, wealth insurers 3 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
  4. 4. In this White paper you will find.. Games have been a way of our life since thousands of centuries and have been growing alongside human civilization. This white paper deep dives into a few areas where games can play an important role in an insurance carrier’s profitable business growth . Extensive use cases on gamification in various LOBs • Workers Compensation Insurance • Agriculture Insurance • Home Insurance • Health Insurance • Travel Insurance • Life & Annuities, Wealth Insurance Go-to-market strategy to deliver gamification in insurance • How to operationalize gamification targeting consumers? • How to deliver gamification to the market? Do’s and Don’ts CLICK TO DOWNLOAD WHITE PAPER 4 Copyright © 2014 HCL Technologies Limited | www.hcltech.com

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