How Life Insurers Can Promote Successful Gamification Strategies
How Life Insurers Can Promote Successful Gamification Strategies
How Life Insurers Can Promote Successful Gamification Strategies
By Josh Hart
November 18, 2020
Summary
Simply put, gamification is the application of gaming principles in other walks of life.
Fogg's model dictates that behavioral change is the product of three factors: people must be prompted to do something; their motivation must be high; and their ability to complete the task must be straightforward, requiring minimal effort.
When people see tangible rewards for behavioral change - that's gamification in action, and it can help them make fundamental changes to their lifestyle.
Life insurance fits into the category of products or experiences which people tend to consider boring.
Deloitte research suggests that 31% of life insurance policyholders let their policies lapse, a finding that lays bare how many insurers are failing to engage customers on an ongoing basis.
Gamification is doubly impactful when combined with a clear goal and when people notice a tangible difference every time they 'level up'.
At present, people aren't motivated to acquire life policies because the benefits of doing so seem remote and intangible - meaning that the positive behavioral change depicted in Fogg's model is out of bounds.
If gamified life insurance products could offer benefits for developing healthy habits, then life insurance could lead to lasting change, while also becoming much more engaging and more attractive to consumers.
Life insurers cannot and should not be an alternative to Candy Crush or World of Warcraft.
Gamification can help insurers put people first, overcoming some of the most damaging stigmas surrounding the insurance industry.
Reference
Hart, J. (2020, November 18). How Life Insurers Can Promote Successful Gamification Strategies. Retrieved November 19, 2020, from https://www.thinkadvisor.com/2020/11/18/how-life-insurers-can-promote-successful-gamification-strategies/