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INTRODUCING GENZ INSURERS
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INDUSTRY PERFORMANCE
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THE GAMIFICATION INDUSTRY WAS VALUED AT $11.94 BILLION IN 2021:
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Increasing from $9.1 billion in 2020 and a 143% increase from 2016.
Driven by the increasing adoption of gamification in e-learning, gamification-based corporate training, and increasing implementation of customer-centric business models.
The increasing use of mobile phones has greatly increased the possibilities for gamification.
About 70% of the world’s largest 2,000 companies uses gamification in some way.
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The corporate sector is the largest user for game-based learning solutions.
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THE FUTURE OF GAMIFICATION
The gamification industry has lucrative opportunities as it is expected to continue to grow.
The global gamification market is forecasted to grow by
$19.69 Billion
increasing at an CAGR of almost
27%
during the forecast period of 2021-2025.
Western Europe is the region with the highest forecasted growth rate for game-based learning (2019-2024).
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BENEFITS OF GAMIFICATION
BRAND AWARENESS
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Immersion-related gamification features can improve brand engagement as users may be more willing to explore brand communities
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BRAND ENGAGEMENT
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Immersion, achievement and social interaction gamification features can improve brand engagement
CONVERSION
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WEBSITE VISITS
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Customer acquisition can be significantly increased
Companies that use gamification can see up to 7x higher conversion rate
Gamification can lead to increased website visits by as much as 108.5%
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GAMIFICATION SUCESSESS
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Kahoot thrived during the pandemic, posting a 137% revenue growth in 2021 Q4. Kahoot has amassed 6 billion players since launch, and over 1 million paid subscriptions in 2021.
KAHOOT
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Mixes games, simulations, and short videos from India's greatest teachers who graphically and contextually teach abstract math concepts.Byju's employs gamification by allowing students to participate in games, earn rewards, and compete against one another in various quizzes and tournaments.The app has 100 million users and 6.5million subscriptions.
BYJU
Utilises gamification in teaching languages to users for free. Duolingo has 10.1 million active users per day. It also posted a $250.772 million revenue in 2021
Duolingo
Starbucks saw a $2.65 billion gain in revenue after launching the Starbucks Rewards app, and its membership program attracted 25% more loyal customers (Gamify, 2021)
STARBUCKS
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GAMIFICATION
FOR
EDUCATION
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GAME-BASED LEARNING IS ON THE RISE AND IS FORECASTED TO EARN OVER $24M BY 2024
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GAME BASED EDUCATION BY MARKET SEGMENT
GAME BASED EDUCATION BY TYPE OF GAMES
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Serious games are growing at a robust forecasted 15.4% in higher education and tertiary education
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Business simulation games with role-playing are being increasingly used in sales, finance, business, and marketing courses at universities across the world
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Virtual reality-based learning games will increase at the fastest pace of all educational game categories (51.9%) through 2024, followed by evaluation and assessment games (46.2%) and language learning games (41.8%)
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MOBILE GAMIFICATION TRENDS
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1. DEMAND FOR AAA MOBILE GAMING EXPERIENCE IS INCREASING
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There is a pressure for game developers to release games that can provide a mobile gaming experience similar to consoles and PCs. Users now want mobile games that are graphically impressive and come with multiplayer functions and a competitive mode. Frequent transparent content updates are also expected.
3. THE TOP CHARTS ARE STILL DOMINATED BY HYPER CASUAL GAMES
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According to SensorTower’s Industry Trends report, hyper-casual titles have dominated the 2020 top charts. Due to the pandemic, hyper-casual games has exceeded 10 billion installations in 2020. The trend is likely to be sustained as demand for such games remain strong.
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5. PLAY 2 EARN IS GROWING
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Using blockchain technology, P2E games let players earn real money held in a crypto wallet. Although it is in its early stages, there are significant investments into blockchain gaming companies and the space will grow and evolve significantly in 2022.
2. DEMAND FOR MORE CONNECTIVITY
Over half of frequent gamers spend an average of 7 hours per week online. The emergence of 5G promises to deliver the same immersive and competitive multiplayer gaming experiences to mobile gaming that customers expect from consoles and PCs. Since a 5G network enables more CPU-intensive processing in the cloud rather than on devices, even lower-end units will be able to join in.
4. TARGET ADVERTISING IS GETTING HARDER
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Apple’s change in the use of IDFA will have a significant impact on mobile game advertising. This may have a detrimental impact on user acquisition and monetization. Mobile game developers need to adapt to the new changes and expand their user acquisition strategies.
6. BRAND BUILDING IS ESSENTIAL
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The privacy changes have presented new obstacles for mobile user acquisition. Building a brand and community around your game is more crucial than ever for scaling installs and boosting retention. It’s likely developers will look to spending more time and resources to building online communities, whether by working with influencers or live streaming on platforms like YouTube or Twitch.
HOW DOES THIS APPLY TO INSURANCE ?
INFORMATION
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With gamification, consumers can access new information instantly. It also helps insurers to build a more accurate consumer and user profile.
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BUILDING AND ENGAGEMENT
Insurers can transform tedious and boring tasks such as policy renewal, claims into interactive transactions that customers actively utilize.
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INTERACTION
Gamification enables insures to have more successful interactions with consumers and educate prospects about relevant products.
INCREASE SELF-SERVICE USAGE
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Gamification can encourage users to use available self-service options. This can reduce operational costs, improve the customer experience and drive ongoing engagement through incentives and rewards.
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