For quite some years, there’s been much talk about how gamification, particularly focusing on financial literacy, can provide a significant uplift to the productivity of life insurance agents.
Two of the best-proven examples to date are the financial literacy board games, Praxis and Cyclic, deployed in South-East Asia in recent years. Agents who got prospects to attend in-person board-game events were often able to close sales there and then – reputedly with up to a third of the attending prospects!
While very valuable for those life agents fortunate enough to participate in such events, the logistics of the games meant that it was extremely difficult for them to be played at a sufficient scale to allow more than a small number of agents to benefit.
The solution was always going to be a financial literacy game app – if anyone was going to pull this off. This was never going to be easy. For such a game to work, it would need to handle various stages of a person’s life and the types of events that the person could experience (eg marriage, parenthood, career progression, job loss, accidents, health issues, etc.) It would need to accommodate a wide range of personal financial products and services – a big ask. This is tantamount to the game including an admin system to handle various types of life insurance (including unit-linked), banking products (including mortgages), general insurance, stocks, property investment, and more. And the game would need to realistically handle variations in market prices of stocks, gold, and property, etc; and changes in economic factors such as interest rates and unemployment.
In spite of all these challenges, the team at Cyclic Digital has pulled it off. Their new digital financial literacy game, Cyclic Town, is going live in various 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.
Firstly, there is the competition feature. This allows an agent to set up a competition for his prospects. The agent can choose to get them together and play concurrently on their devices. Or have them play remotely.
Free from the logistical challenges of board games, Cyclic Town can readily be deployed for thousands of agents and hundreds of thousands of prospects – using the competition feature.
But what if an agent is keen to secure business from a high-value prospect? Cyclic Town’s Mentored Gameplay feature is ideal for this. Here, once the prospect takes up an invitation to play the game, the agent, via his PC/tablet, can remotely view the prospect’s game activity, and can converse with the prospect via Cyclic Town’s voice chat feature. This way, the agent can provide guidance and advice during the gameplay. This one-to-one feature is sure to be invaluable in helping to convert the prospect into a client.
Cyclic Digital has advised it’ll be launching Cyclic Town in Vietnamese for the Vietnam market pretty soon. And no doubt agents in various other countries will have it available to use pretty soon.
It is possible that in just a matter of months from now, Cyclic Town will have transformed the way life insurance is sold in many parts of the world.
How does gamification help you to improve your own productivity as one of the top life insurance agents in your neighborhood?