Many business sectors are grappling with growth targets and the need to get the most out of highly skilled employees, and this is especially the case in sectors like financial services, where the knowledge bar is high and the unemployment rate is relatively low.
Executive SummaryImagine participating in a video game where you play the role of an underwriter negotiating with a broker avatar to increase cyber rates on an account that has some profitability problems. It's something that underwriting trainees at Hiscox Group no longer imagine. A gamified training solution is the reality of their learning process. Here, executives of Hiscox and the game solution provider Attensi explain the motivation for their firms' joint development of a 3D Insurance Training Simulator for Underwriters, thought to be the first underwriter simulator ever created.
This was certainly the challenge faced by diversified international insurance provider Hiscox Group as it looked to close knowledge gaps for junior underwriters in its growing workforce of more than 3,000 staff across 14 countries. To free up experienced underwriters for more complex tasks, Hiscox needed to train the junior underwriters on how to apply technical concepts throughout the underwriting cycle. Additionally, the skills needed by underwriters are evolving with the rise of organizations using big data, artificial intelligence and machine learning, and Hiscox needed to prepare and future-proof its underwriters for these next-generation skills.
To solve this challenge, Hiscox partnered with gamified simulation training solutions partner Attensi to create a new kind of highly effective and highly engaging training. Here’s the story of how Hiscox and Attensi leveraged 3D interactive scenarios to create the first-ever “Underwriter Simulator” training program and, in the process, helped rewrite training best practices for an entire industry sector.