Page 20 - Insurance Times June 2024

Gamifying Insurance:

A New Era of

Engagement and

Risk Management

Rohit Boda
Group Managing Director
J. B. Boda Group

The staid image of the insurance industry is getting a makeover. Gamification, the application of
game mechanics like points, rewards, and competitions, is revolutionizing customer engagement
and risk management. This innovative approach not only makes insurance more accessible and
fun, but also fosters behaviours that benefit both policyholders and insurers.

T he staid image of the insurance industry is getting Encouraging safer choices, reducing

a makeover. Gamification, the application of game
claims
mechanics like points, rewards, and competitions,
Gamification goes beyond engagement - it's a powerful tool
is revolutionizing customer engagement and risk
for risk management. By incentivizing safer behaviours
management. This innovative approach not only makes in-
through game-like rewards, insurers can reduce the num-
surance more accessible and fun, but also fosters behaviours
ber of claims.
that benefit both policyholders and insurers.
Think telematics-based car insurance policies that monitor driv-
Transforming how we interact with In- ing habits in real-time. Imagine earning points for maintaining
surance speed limits, avoiding hard braking, and minimizing nighttime
driving. These points translate to real-world benefits like dis-
One of the biggest impacts of gamification is on customer counts on premiums or other rewards. This not only incentivizes
engagement. Traditionally, insurance products and pro- safer driving but also helps insurers gather valuable data to
cesses have been viewed as complex and cumbersome. By assess risk and tailor their offerings more effectively.
integrating gamification, insurers can simplify these pro-
cesses, making them more user-friendly and appealing. Financial literacy made fun (and reward-
ing!)
Imagine mobile apps that reward you for keeping your in-
Financial literacy is another area where gamification is
formation updated, attending financial literacy webinars, or
making a splash. Understanding insurance products and the
participating in wellness programs. These tasks become like
importance of adequate coverage can be daunting. But by
levels in a game, where you earn points and badges for your
gamifying educational content, insurers can make learning
achievements. The immediate feedback and sense of accom-
more engaging and less intimidating.
plishment can significantly increase customer interaction
and satisfaction. Interactive quizzes and challenges that educate users about
The Insurance Times June 2024 19