Decoding Insurance Sales with Gamification - Xoxoday Compass

Decoding Insurance Sales with Gamification

Insurance, as an industry, has always thrived on human engagement but has been considered unglamorous and uninteresting for far too long and gamification is the key. Here’s how gamification can help insurance companies engage with a scattered, disengaged workforce.

With a large workforce spread across geographies, aligning them to a single most important goal is almost impossible. One of the greatest complaints from agents in the insurance business is that daily tasks can be repetitive, boring, and unrewarding in nature. With this being the nature of the job, more and more agents fail to hit their yearly targets because they are uninspired to do more.

Gamification is the key. Gamification involves modifying game inspired elements to business tasks, which result in creating a game like environment for the participants. Companies leverage gamification both internally and externally to give them the desired business results while ensuring high engagement.

Compass is a #1 gamification software used by hundreds of people first companies. Today, more than 25% Indian insurance companies use Compass to automate commission calculations and payouts to minimize delays.

Compass is for everyone in the Insurance industry

Compass is built for everyone in insurance and can be easily tailored to fit needs of your scale. Drive optimum operational efficiency across products, channels, processes and teams.

Compass is known to improve productivity of sales teams across channels by 30% and reduce data processing efforts by 100% within a quarter.

Empower your branch managers

Your branch managers spend almost 90% of their time on navigating through the chaos and supervising mundane tasks that their subordinates are in charge of owing to lack of real time data visibility and little time planning strategic measures to optimize branch performance which is their prime focal point.

Free up the time they spend on procuring and administering data manually and empower them to focus on branch performance.

We had a Fireside Q&A session with 118 Branch and Regional Managers across 14 different insurance companies and here's everything that we got from this invaluable conversation.

Publish sales programs in under 10 minutes

Game template in Compass lets you publish sales programs under 10 mins with zero cost of developing creatives, processing efforts or nudging to do better. Say bye bye to daily MIS reports sent on emails and WhatsApp that drive no traction let alone performance.

Check out interesting game templates on Compass here.

Should you build or buy an incentive gamification platform based on the cost-benefit analysis?

Answer the ultimate build v/s buy for your incentive gamification platform based on cost benefit analysis. Find your cheatsheet to determine the best choice here.

100% adoption support with Compass

Compass has compiled a repository of collaterals for pre launch, launch and post launch up to 365 days for complete adoption support for all users including team leaders and admin users. Check out our 365 days plan of engagement from implementation to success

Save on incentive budgets with one-click payments

Companies spend thousands of dollars every quarter on brand vouchers for rewarding their employees. The cost of procuring these vouchers is extremely high without the assurance of it

reaching the right person. Brand vouchers are also very stiff. These reasons often make them meaningless which is why only a small percentage of employees redeem these.

With one-click payments, Compass allows users to choose from 20,000+ digital gift cards, prepaid cards, experiences, and wallets across 80+ countries and helps companies save at least 6% with on redemption model.

Read our extensive blog explaining the math behind the savings

Boost CRM adoption with Gamification

CRMs are powerful tools for developing effective customer relationships. But it takes a significant amount of effort in making your sales team use the CRM. CRM gamification is the key. Here's how gamification can make CRMs more powerful and interesting.

Gamification is proven to generate ROIs from tail-end performers

Managing poor sales performance takes effort. Dealing with low performers from revenuegenerating units is far more crucial and companies have started resorting to gamification. This is essentially the process of using game based elements such as live scores, instant rewards, real time leaderboards, milestones and targets, to actively engage with their work and accelerate their own performance.

Compass is #1 Gamification software to accelerate sales, by turning your sales programs into games with your own rules, challenges, and incentives. These programs help you improve the performance of tail-end performers with gamification.

Here’s a quick guide on how to motivate low performing employees in the sales team.

Compass is upgrading with new AI enabled features

a) 2 new game templates release every quarter b) AI based smart nudges for sales managers based on behaviours c) AI based business simulation on budgeting, business outcomes and ideal program structures d) Auto surveys on likeability of the sales programs launched e) Auto income planning with sales producers with 3 AI based predictive journey

https://www.getcompass.ai/blogs/decoding insurance sales with gamification

f) AI-based support to sales producers based on launched program-designs

g) Monthly smart report for Team leads, Branch Managers and Program Admins

Deployment made easy with integrations

Compass offers robust deployment methods that ensure seamless implementation. The most recommended way is to enable Compass App with SSO integration. Check out our integration guide here.

Compass focuses on the underlying fact: the insurance industry is about re engaging with the agents for enhanced accountability and performance, so they stop thinking like agents, and start behaving like employees. And this can be achieved by using levers that they crave for meaningful and timely rewards, lucrative commission plans and instant payments.

If you are looking to motivate your sales team by recognizing their value and making them feel valued, reach out to us in response to this email and we will be happy to take you through Compass in action.

Xoxoday is a fintech SaaS company with products for every dimension of business growth. Xoxoday suite of three SaaS products, Plum, Empuls, and Compass allow businesses to digitize rewards, engagement, and incentives for various personas and use cases across all industries.

Xoxoday is trusted by 5000+ businesses across more than 10 countries and supports 50,000+ daily transactions.

Our Products

Xoxoday Plum

All in one digital rewards & incentives platform that scales with your business.

Xoxoday Compass

Compass is a holistic sales incentive management software that reduces incentives compensation hassles through gamification and automation.

Xoxoday Empuls

The all in one employee engagement platform to connect, listen to, appreciate, reward, and celebrate your people.

Youforia

Youforia is a destination for gift cards with 500+ brands available. Our curated catalog lets you save on every purchase & also helps you send digital gift vouchers to your friends & family.