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Can Points and Prizes Improve Agency Performance?

David Malloy David Malloy , 4/26/2017
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The gamification movement within the insurance industry is showing to be a powerful way for insurers to get used to a customer-centric business model.

Many people may believe that games have no place in the office, but the gamification of the workplace has some benefits for the insurance industry. Leaderboards, points, and prizes tap into the competitiveness of insurers and drive them to sell. This is a bit of a shock because the insurance industry has traditionally been a conservative field, but, as is true with most things, the introduction of newer, more progressive variables has opened new opportunities for the industry to grow.    

How to Incentivize Employees

Weekly Challenges – Short weekly games keep your employees attentive. Weekly challenges should focus on your core products–which depend on the nature of your business–and can incorporate bonus points for things like trampoline or pet insurance. Additionally, agents can watch videos that help sales and then take a quiz to test their retention and gain points.
Point System – Agents earn points through sales, correct answers, and speed. The game is simple, those with the most points win. Bonus points can be earned for going the extra mile and selling more than was expected/required.
Grand Prize – You can divide the prizes into weekly, monthly, and yearly sets. The yearly prize being the biggest prize (a cash prize, or more vacation days) going to the employee with the most points at the end of the year, followed by monthly and weekly, respectively.

The Basics of Gamification in the Insurance Industry

Keep it simple. If your game has too many rules and layers and hoops, it will reduce the total number of people that participate in the game. People won’t want to make more money if it involves memorizing endless rules for work.
Provide educational entertainment. Agents are willing to participate, so it is important that you provide entertaining, educational content in order to keep their interest in the game throughout the whole year and keep your sales up.

We’re experts on insurance and can help you put the proper policies in place–and if your agency introduces gamification, you could see productivity and sales rise. To learn more about getting competitive coverage for your small business clients, contact us today.