Simulator Gamifies Underwriter Training
Simulator Gamifies Underwriter Training
Simulator Gamifies Underwriter Training
December 1,2021
By Huw Newton-Hill
Summary
Given that underwriting decisions involve huge cost implications, training on the job is not a viable option; these professionals must gain their experience somehow in a safe training environment, where mistakes don't have real-world financial consequences.
These combined pressures have put the lens on workforce training as a way to quickly onboard and close knowledge gaps for highly skilled employees, while keeping them engaged and invested in the job to minimize turnover.
Hiscox set some specific educational goals that were ambitious enough to require a new approach to training that went beyond traditional online or classroom models.
With these requirements in mind, Hiscox and Attensi set about crafting a bespoke training solution that could fit the bill.
Attensi and Hiscox collaborated on a 3D insurance training simulator for underwriters that teaches key skills by challenging users to compete in a series of realistic and gamified scenarios via an app.
The results speak for themselves: Hiscox is on track to have more than 90% of the junior underwriters in the program fully trained by the end of the year, and some 85% of the participants say the training has helped them understand their jobs better by practicing in a virtual "Safe" environment before working with real financial data, colleagues and customers.
It took aggressive growth targets and the challenge of training a unique demographic of junior underwriters as forcing functions to break new ground in workforce training for the insurance industry.
Reference
Newton-Hill, H. (2021, December 01). Simulator gamifies underwriter training. Retrieved September 29, 2022, from https://www.insurancethoughtleadership.com/underwriting/simulator-gamifies-underwriter-training