15 minutes with Ian Lundahl, research manager, insurance, retirement and asset management for Corporate Insight.
INN: What technology trends have you noticed for educating advisors and consumers?
IML: Insurers are dealing with much-more-informed advisors, prospects and customers, so there’s a real need for them to deliver accurate and digestible financial education that targets all of those groups.
Video games and interactive quizzes are reaching a much broader consumer base, and gamification is trending in the banking industry, especially abroad.
BBVA Spain released a game app on Facebook that combined financial education with giveaways, and within two months the bank drew more than 37,000 new users.
In the United States, insurers are releasing games focusing on life insurance education, most notably AXA Equitable’s “Pass It On!” A player travels cross country facing financial choices, managing expenses and making decisions about life insurance.
In Allstate’s “Life’s Unpredictable” game, users dodge obstacles and collect tokens to use at a virtual Allstate office. And Northwestern Mutual’s “9-Hole Challenge” quiz uses a golf theme to quiz participants on insurance and retirement concepts.
Gamification is a trend worth watching in financial services; it speaks to brand recognition and marketing.