Insurance thrives on human engagement but has been considered boring because of its complexity and work nature. Also, it is very difficult to retain sales agents in a high-churn industry like insurance, and companies find it difficult to encourage their agents to take part in sales training programs. As a result, sales managers are looking for ways to motivate their agents to get more involved in the company by performing tasks and reaching goals.
Are you at the same juncture?
Insurance can be fun
By 2025, 75% of the global workforce will be Millennials. However, only 4% of Millennials are interested in choosing insurance as their career. Usually, people working in the insurance business complain that their daily tasks are mundane, boring, and unrewarding. As a result, agents are unmotivated and disengaged at work. This working experience prevents them from reaching their targets on time. This causes poor performance and, eventually, turnover. The insurance industry experiences a high volume of turnover!
Work should be made fun and interesting to alleviate these problems. Gamification is here to change the game!
Gamified reward system for achieving sales targets on time?
Interactive learning modules with gamified elements?
Sales comparison dashboard to make agents more competitive?
The options are many! But the ultimate goal is to transform the experience. Insurers will be able to transform mundane tasks in a fun way by gamifying the business tasks. It transforms the way your insurance or credit card agents or sales employees interact with the company and customers. It is an effective way to engage the workforce, as it combines their professional needs with game elements.
This overall changes the performance of employees by improving their learning methods and sales strategies, resulting in enhanced productivity and fostering a sense of accomplishment and social recognition. It's a win-win!
Benefits of Gamified Credit Card & Insurance Agent Tasks
Increased Employee Engagement: Transforming the tough and meticulous daily tasks of Credit Card & Insurance Agents into interesting game-like experiences makes the process a bit more enjoyable. This heightened engagement often translates to improved productivity and a more dynamic work environment.
Motivation and Performance Enhancement: Rewards energizes employees motivating them to excel in their tasks. Triggering the release of dopamine, they initially create excitement; however, consistent rewards at the same level can lead to habituation and reduced enthusiasm. The higher the challenges and more the rewards, the greater will be their engagement. It motivates them to strive, naturally elevating their performance levels contributing to the overall productivity.
Skill Development: Gamification, as a dynamic training platform, offers credit card & insurance agents an opportunity for continuous skill development. Interactive modules, courses, and tutorials with game-like elements allow agents to enhance their skills through continuous learning. This ongoing learning process ensures that the agents remain adaptable and well-equipped to navigate the complexities of the insurance industry.
Achieve more sales targets: Gamification in insurance companies can be used to motivate agents or sales teams to achieve their daily/monthly goals and increase sales performance. Sales targets become milestones in the game, giving a sense of achievement upon completion. Real-time performance tracking not only keeps them informed but also instills a sense of accountability that drives them to consistently perform to surpass their targets. This converts the entire sales journey into an engaging game to meet better targets.
Higher Employee Retention: Gamification’s reward system and recognition mechanism play a pivotal role in credit & insurance agents’ retention. Tangible rewards, badges, or acknowledgment for achievements create a positive work environment. This gives a sense of accomplishment, and job satisfaction is crucial for agents to continue their jobs. It reduces turnover rates and enhances the overall morale of the team.
Key Gamification Elements for Credit Card & Insurance Agents
The ideal mix of rewards will be customizable. Because different people get motivated differently. The techniques for encouraging older agents or salespeople will vary from those that entice the millennials or GenZ. Let's look into the key motivating factors.
Points, Badges, and Leaderboards - This aspect increases engagement and creates a competitive spirit among insurance agents or sales members. Create a system where team members can earn points or badges for completing certain tasks or for closing high-value deals to achieve sales milestones. Rewarding the top scorers with exclusive gifts or bonuses will motivate them to perform better consistently. This kind of reward program can be scaled as needed. As the members gather a certain number of points or badges, they can be offered exclusive features or rewards.
Progress Bars - Progress bars can be used to visually show the employees how far they are from reaching their targets or completing a sale. This gives a clear view of where they stand and how long it will take to get it done. This data-driven approach facilitates targeted interventions and tailored training programs to address specific areas of improvement. This makes the process of finalizing or closing a sale more rewarding. Performance graphs can be used to help them gauge their improvement.
Quizzes - Transform sales, training, and product adoption into an interactive and engaging experience by incorporating gamified quizzes. Quizzes related to project knowledge, sales techniques, or industry. Trends encourage continuous learning and help reinforce important information.
Challenges and Competitions - Gamification in insurance companies can tap into the ambitious side of the employees. It doesn’t have to be a single play. Bring in collaboration and teamwork by introducing challenges or competitions. Sometimes it’s not the prize that encourages people to succeed; it’s the competition itself, where they can measure their success against their colleagues. This can make the process of achieving sales targets more fun by infusing healthy competition. This way, the top performers can be publicly rewarded, which will motivate the bottom line to catch up and outperform their peers. It encourages team members to push themselves to achieve more. It also encourages cooperation among team members, which creates a more positive and supportive work environment.
Rewards and Recognition - Gamification lets us celebrate achievements and milestones, which is crucial for job satisfaction. Giving people achievements, awards or other kinds of recognition for their hard work will be a great way to encourage them. Aligning rewards with overall business objectives ensures that the agent's efforts are strategically directed toward organizational success. It could be a badge for the most sales made in a week or rewarding them with exclusive features. This special recognition will motivate them to put in more effort, reinforcing the significance of each role in the larger context of the company’s mission.
Examples of Gamification in the Insurance Industry
Gamification to generate leads:
Tryg, a Danish insurance company, created a quiz about dental health. The test had a few questions about teeth. The motive behind incorporating this quiz element was to generate quality leads for their outbound team and increase awareness of their dental insurance products. This campaign led to them gathering 595 leads and a 29% conversion rate. Also, the participants in the quiz got a chance to win an electric toothbrush! This method of gamification fosters a sense of accomplishment among the users, simultaneously allowing the insurer to promote their brand and educate clients about their products.
Gamification in employee training:
Allstate Insurance Company wanted to teach employees about privacy information and the risk of stolen information. So, it created an online course that involved a superhero and a villain. The course was designed to be entertaining and instructive. About 80% of the company's 70,000 employees participated. The company found that the courses that did not include a gamification element saw less participation than the courses with gamification.
Gamification in product adoption:
Lawley Insurance faced challenges with representatives not utilizing their sales tools, causing disorder in business forecasts. Realizing this issue, it introduced a game application that rewards points for sales-related activities such as prospects, calls, and deal closure. Through a contest, representatives engaged in 196 activities, leading to a remarkable 150% increase in sales close date updates. This strategy successfully improved the software adoption, resulting in a subsequent increase in both sales and overall engagement.
Case study: How FLYY helped MintPro improve their sales team productivity
MintPro is an insurance app designed for individuals who aim to initiate, expand, or manage their insurance business, where they can become trusted insurance advisors to their customers and provide great service.
MintPro faced some critical challenges that hampered its growth and visibility.
Low Content Sharing: MintPro struggled with adequate content sharing across its user base, hindering engagement.
Low Leads Created: It faced a shortage of leads, impacting its ability to attract potential customers.
Low Transaction Volume: It also experienced low transaction volume, hampering business growth.
MintPro wanted an innovative solution and collaborated with Flyy to introduce gamification into their app. Upon analysis, Flyy suggested a strategy that aimed to incentivize users through a three-level game. Participants were supposed to collect eight stickers at each level to earn rewards.
Three-level game: Users progressed through levels by collecting 8 stickers at each level.
To earn stickers: The participants could earn stickers by doing the following activities:
Create a lead.
Share content from the verticals.
Complete MintAcademy courses.
Sell a policy/Mutual Fund.
Campaign Details: The campaign was live from April 20 to May 30, 2021. The main focus verticals of the campaign were motor, health, and mutual funds
Gamification significantly increased user engagement as participants strived to collect stickers, fostering an interactive environment. The campaign's structure incentivized users to create leads, resulting in a subsequent increase in lead generation.
It also led to a substantial 8x increase in MintAcademy course completion per week.
This gamified campaign resulted in a surge in transaction volumes and content shared. It also contributed to a notable increase in policy and mutual fund sales across the motor, health, and mutual fund verticals.
The collaboration between MintPro and Flyy integrating gamification into the app effectively addressed the existing challenges. It highlights the positive impact of adding innovative gaming elements to improve business obstacles.
Let Games be your Game Changers!
Games are fun! Some play it because they find thrill in winning, some for the experience, and some for the ultimate bragging rights. Insurance agents and salespeople are ambitious and competitive by nature, and gamification taps into that perfectly. It ramps up enthusiasm and cuts down the churn rate among insurance agents and sales members. The long-term effects of gamification on business metrics are undeniable. The continuous motivation derived from the game and application strategies improves performance, enhances skill development, and creates a customer-centric focus among employees. With clear goals, real-time feedback, and personalized challenges, sustained engagement leads to increased productivity and positive work culture.
Looking to level up your employees' performance in banking or insurance? Flyy is here to incorporate the transformative power of gamification and drive lasting success.