For several years, there has been much talk about how gamification, particularly focusing on financial literacy, can provide a significant productivity boost for life insurance agents.
Two of the best proven examples to date are the financial literacy board games, Praxis and Cyclic, that have been popularized in Southeast Asia in recent years. Agents who got prospects to attend personal board game events were often able to close sales there and then – reportedly with up to a third of the prospects attending!
While those lucky customers are fortunate enough to participate in such great value events, the logistics of the games meant that it was extremely difficult to play them on a sufficient scale to allow more than a few agents to benefit.
The solution has always been to implement a game of financial literacy – if anyone is going to make it work. This will never be easy. For a game like this to succeed, you will need to deal with different stages of a person’s life and the types of events a person can go through (such as marriage, parenthood, career advancement, job loss, accidents, health issues, etc.). Need to accommodate a wide range of personal financial products and services – a huge demand. This equals the game including an administrative system to handle various types of life insurance (including unit-linked insurance), banking products (including mortgages), general insurance, stocks, real estate investment, and more. And the game will need to realistically deal with changes in market prices of stocks, gold, property, etc.; and changes in economic factors such as interest rates and unemployment.
Despite all these challenges, the team at digital league He pulled it off. New digital financial literacy game, Patrol cityIt will be published in different countries around the world in July 2023.
But how will life insurance agents be able to use this? Well, Cyclic Town includes various features for this very purpose.
First, there is the competitive advantage. This allows the agent to set up competition for their prospects. The agent can choose to bring them together and play synchronously on their devices. Or have them play remotely.
Free from the logistical challenges of board games, Cyclic Town can be easily deployed to thousands of agents and hundreds of thousands of potential customers – with the advantage of competition.
But what if the agent is keen on securing business with a high-value perspective? Cyclic Town’s Mentored Gameplay feature is perfect for this. Here, once the lead takes an invitation to play the game, the agent can, via PC/Tablet, view the lead’s game activity remotely, and can talk to the lead via Cyclic Town’s voice chat feature. In this way, the agent can provide guidance and advice while playing. This single feature is certainly invaluable in helping convert a lead into a customer.
Cyclic Digital has advised that it will launch Cyclic Town in Vietnamese for the Vietnam market soon. No doubt, agents in various other countries will be available for use soon.
It is possible that in a few months from now Cyclic Town will have changed the way life insurance is sold in many parts of the world.
How does gamification help you improve your productivity as one of the best life insurance agents in your area?
