The new 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 a number of realistic, gamified scenarios.
Des Bishop, group head of people development at Hiscox, claims the simulation has proved to be a “game-changer” for the company. He stated that the 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 claimed it was one of the project’s “biggest successes” and said underwriters have carried on taking part long after the mandated completion to top the internal score leaderboards.
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.
He said: “Underwriting drives profit, so when it comes to skill sets, 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.
“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.”
Following a survey of people at Hiscox, 85% of participants agreed that the training had helped them understand how to undertake reviews and analysis to identify areas of improvement for account and portfolio analysis.
A further 85% agreed that the training had helped them understand how to apply technical concepts across the underwriting cycle. By the end of 2021, Attensi revealed that more than 90% of junior underwriters within the firm globally will have taken the training.
Huw Newton-Hill, strategy and business development director, Attensi, added that its users need to be able to see themselves facing a “particular challenge” in their day-to-day role.
He said: “For us, it is always important to challenge people so they can build and expand on their technical skills. If the training scenarios were going through the motions, we would have quickly lost engagement.
“So, getting to that level of difficulty resulted in tangible learning, which we observed through how the team engaged with the simulation and the positive feedback we received.”