All technologies that humanize engagement between man and machine will have a significant role to play in the insurance industry.
Thus, the concept of gamification has a key role in the insurance industry that demands emotional connect with stakeholders even in this era of digitization.
Vaibhav Bhargava, Product Head – Privilege Banking, Branch Sales Strategy & Transformation, L&D at ICICI Bank, spoke to us about how gamification can be leveraged in the BFSI sector especially to build customer connect and enhance HR processes.
Bhargava explained, “Gamification essentially provides an emotional connection for the end-user, who can visualize the future for self by running simulations on a gamification module. BFSI firms can use it for various scenarios where a customer or an employee is the end-user”.
He continued, “For the customer, there can be built-in modules across financial planning domains such as wealth creation, investments, short-term goal planning, etc”.
Speaking about how gamification can enhance HR processes, he said, “Similarly, for a sales employee, the modules can be around training, sales goal achievement, incentives, etc”.
“The critical point is connecting the Gamification in the context of the end-user, where it has to be personalized basis the journey of the user. Else, if the user does not find the scenario relevant, it will limit the usage”.
“For example, a new sales employee would prefer to use a training module than an incentive earning module. An early earner would like a module assisting her for small savings than wealth creation. Once built and deployed successfully, Gamification can save colossal staffing costs as a wide range of users can access it simultaneously. Hence, it reduces the need for a large workforce for managing customer queries”.
Commenting on how Gamification can be leveraged in a post-pandemic world, Bhargava said, “Post- pandemic due to social distancing norms, Gamification has provided automated user engagement opportunities in a virtual environment. The demand has increased multi-folds, and we might witness more players coming in and taking advantage of the opportunity”.