OSLO, Norway, Feb. 9, 2023 /PRNewswire/ -- Gamified simulation training provider Attensi has created the world's first 'underwriter simulator' for insurance giant Hiscox to help tackle a skills gap in risk management and insurance.
The custom-built 3D simulation offers a risk-free way of helping underwriters to learn the key demands of the job by challenging them to compete in realistic, gamified scenarios.
Des Bishop, Group Head of People Development at Hiscox, said the simulation has proved to be a game-changer for Hiscox. His team can now train and mentor junior underwriters on best practice, bridge any existing skills gaps, and provide support for complex tasks, such as assessing risk.
Bishop said: "We know younger generations love competition. We also know repetition makes good learning stick, and with the Attensi training, our underwriters can replay as much as they need to achieve their potential and compete with their peers. We see our people playing and repeating the simulation up to 30 times to ensure they get the highest scores.
"Underwriting drives profit, so when it comes to skillsets, our business needs an exceptionally talented team of technical underwriters. This means that when a broker or a customer meets with an underwriter, not only can they talk to them about the product, but they can service that product to that broker or client."
A survey revealed that 85% of participants agreed the training had helped them understand how to undertake reviews and analysis to identify areas of improvement for account and portfolio analysis. While 85% agreed the training had helped them understand how to apply technical concepts across the underwriting cycle.
Bishop added: "Gamified simulations put an individual in very believable situations. Instead of just watching someone complete an analysis of how to deal with a certain situation, our simulation allows our team members to experience the results of their actions in a safe environment. It provides insights, and lessons that face-to-face and e-learning exercises can't match. We can now provide ongoing learning with performance support and feedback as needed."
The simulation was created with input from senior underwriters who discussed their real-world experiences with Attensi and shared what had helped them learn their trade.
Huw Newton-Hill, GM Attensi US & Head of Professional and Financial Services, said: "It's not every day that a senior underwriter gets involved in developing a game or simulation, but to be a success, any simulation training needs to resonate with its audience. In our case, that required diving deep into the key success factors and typical mistakes of a Hiscox underwriter."
Attensi has delivered gamified simulation training in more than 150 countries and more than 50 languages. Our customers include Circle K, Bosch Siemens Home Appliances, Accenture, Hiscox, Equiniti and many more.
Contact: Anthony Wong