Will the metaverse revolutionize the insurance industry?

Faced with the many commercial prospects offered by the metaverse, its popularity among companies is growing. Here’s how the insurance industry can take advantage of this environment.

of metaverse it is still little known and its uses seem mostly dedicated to the gaming world. Despite the skepticism of some, many sectors have begun to position themselves and invest in this technology. Retail, for example, offers a comprehensive customer experience by allowing consumers to discover products, and finance has begun to develop NFT dedicated. In France, well-known brands have positioned themselves there: Renault has created the first automotive metaverse, while Cross Roads conducted job interviews there. Versity, the first metaverse dedicated to real estate, was also born. Gartner predicts that by 2026, 30% of companies there will be services and products tailored to the metaverse. Furthermore, a Bloomberg report indicates that by 2024, the metaverse market it will be 800 billion dollars.

But what might be the connection between the metaverse and insurance? The pandemic has dramatically accelerated the digital transition, and the insurance industry is no exception. The days when customers preferred to meet advisors in person at a branch seem to be over. Today, we are all used to exchanging information digitally at the banking level, so why not apply this to the insurance industry? Here’s a look at what business can look like for companies in the Metaverse and how it can help improve efficiency and customer satisfaction.

Why should insurers turn to the metaverse?

To support their digital transition, insurance companies are already relying on solutions that allow them to quickly and accurately assess property damage without being physically present, such as visual intelligence. Interactions between insurance companies and their customers are thus accelerated thanks to the automation of claims processing and analysis. However, human intervention remains important when requested by the customer and in cases where it is necessary.

Through exchanges in a convenient virtual space, the metaverse would allow managers and experts to reconcile the effectiveness of remote damage assessment with the human interaction needs of their clients. This would help insurers maintain trust and satisfaction levels in a competitive industry where the lengthy process and difficulty of obtaining a policy has caused some consumers to develop a negative perception. Consumers can even use their digital assets to purchase insurance policies. Furthermore, this represents a saving of time and resources for both the insurer and the insured.

Contrary to popular belief, neither AI nor the metaverse will replace the work of an insurance or insurance agent. Rather, these technologies can be used to train employees from anywhere and help them do their jobs more efficiently. augmented reality and virtual reality may have experience in learning how to value a vehicle or property. These technologies allow them to practice capturing the right images or videos and comparing them to existing ones, while reducing error rates and helping insurers understand the true impact of risk and damage assessment in a controlled environment.

How can insurers prepare for the metaverse?

In the face of any new technology, it’s understandable to be initially on the defensive or consider it a passing trend. However, just as AI has already entered almost every aspect of the insurance industry and is now commonplace there, chances are the metaverse will be next. Among other things, AI-powered solutions can accurately assess claims in real time and process claims in minutes instead of days. It is now necessary to develop a sufficiently detailed understanding of this technology to determine how best to combine it with the metaverse.

For this, companies can conduct experimental trials in the form of small training sessions to conduct tests beta and understand whether augmented reality and virtual reality technologies can help improve processes or not. Another way to gauge their usefulness is to hold a few meetings in the metaverse. This will help stakeholders understand the basics of these technologies and come up with ideas that can be used to improve the customer experience. It can also be useful to follow the evolution of metaverse-based technologies by taking inspiration from use cases in sectors such as finance or retail. This can help organizations understand how to apply these tools to internal and external processes and stay ahead of the competition.

Companies considering adopting the metaverse should ask not “if” but rather “when.” They must mobilize to understand the basics of the metaverse now, as well as its potential use cases in the insurance industry. It is also important to note that data must be managed carefully when moving through virtual spaces due to increased security risks. Businesses will need internal teams that truly understand the implications of technologies such as computer vision, machine learning,artificial intelligence (AI) and big data, and how they can all coexist in the metaverse. Those who will invest the time and effort will definitely be one step ahead of the rest.

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