These traits are probably the best possible value proposition when targeting a millennial. Furthermore, gamification eliminates human intervention and nullifies any possible false positives. The very nature of gamification is to indulge the user into a rich and immersive experience which enables instant engagement. A race is on to tap the “millennials savings” and we are of the opinion that gamification will find traction among millennials. Insurtech start-ups even the incumbents are now focusing significantly on the millennials segment. Let me tell you why gamification of insurance has the potential to be more relevant than ever before. Generation X users (ages 36 to 45) comprised a third of the game’s participants. Post-launch, the app registered the highest ‘take-up from Generation Y’ wherein over a third of players were 21 to 35 years old. The app features options to enrol in plans or increase their contribution levels. The app provides educational content on the financial dynamics of savings plans, access to videos, interactive flash-based experiences, financial calculators, a retirement planner, and other online learning devices. Sun Life Financial of Canada uses its ‘Money UP’ online gamification platform to raise awareness on retirement and investment planning mostly among its young customers. Carol Rogalski, WildTangent spokeswoman claims that the game successfully drove consumers to ask for quotes. Post-deployment the game yielded a “click-thru” rate of 5.5% to 15%. The game then helps users decide which insurance to purchase at what point in time. It has been a great marketing tool to provide customers with all the necessary information without any human intervention or boring bot-based interaction.Īmerican Family Insurance collaborated with WildTangent and Mindshare Entertainment to develop its ‘iAMFAM’ game which allows users to create avatars and manage activities such as buying a house and planning a career. Few prominent insurers such as American Family Insurance, AXA, Allianz and Lawley Insurance had adopted gamification in as early as the year 2012.
Gamification of insurance has been in the market for quite some time now and has been deployed mainly for creating awareness, promoting compliance, and simplifying complex processes.
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