Using Behavior-Modification Gamification to Bring Insurers into the Connected World

Insurers are utilizing that same data to leverage gamification, or more specifically, behavior-modification gamification

Using Behavior-Modification Gamification to Bring Insurers

Insurers are utilizing that same data to leverage gamification, or more specifically, behavior-modification gamification
  An emerging shift from underwriting risk to rewarding behavior is currently happening in the insurance industry. In the near future, this shift will accelerate as insurers scramble to find relevance in a world of marginalized risk. The tidal wave of insightful and actionable data is washing away insurers’ profits on what were once seen as substantial liabilities. As risk is becoming less and less of a business, insurers are utilizing that same data to leverage gamification, or more specifically, behavior-modification gamification. Currently, the gamification methods insurers use to engage their customers are more focused on techniques like points, rewards, and prizes. Limiting gamification in this way appeals to extrinsic motivation that only slightly moves the needle when trying to positively impact intrinsic behavior changes. However, with technologies like augmented and virtual reality, the Internet of Things and artificial intelligence; insurers will be pushed towards more of an altruistic entertainment-style business models that turns the customer experience into an intrinsically motivated journey in adopting new supportive behaviors. It is in the Venn Diagram of behavior, risk, gamification and data that insurers will find the sweet spot profit model that will usher in a new era for insurance companies. Author: Paul Wilson Follow: @PaulWilson