Immersed in The Future of Insurance

Metaverse has taken centerstage in many enterprise spend conversations. Although the current global economic downturn may see limited investments or pull few brands out of metaverse, the immersive technologies continue to mature. As technology evolves, the market predictions will materialize (USD 993 Bn by 2030) with more brands and customers foraying into metaverse.

56% of consumers, surveyed by Capgemini, expect their banks and insurers on the metaverse. Being part of a heavily regulated industry, only few insurers have experimented with immersive use cases, however a winning business model is yet to emerge.

Employee-focused

Some insurers have explored employee-focused use cases such as immersive agency onboarding, and training. As industrial metaverse technology matures, employee focused use cases would cover commercial risk simulations and claims surveyance through digital twins and IOT integrations.

Customer-focused

Some insurers (e.g., Allianz) have explored immersive depiction of perils to raise customer awareness, while others (e.g., Tokio Marine) have set up virtual shops for customer servicing. As insurance becomes embedded in allied industry metaverses, the ecosystem play will witness immersive insurance selling and servicing, investment management, retirements administration and value-added services like wellness, attorney services.

Branding-focused

Web3 community engagement and product placement on a virtual land have been the focus of some insurers (AXADia being the latest to take the Sandbox community through AXA’s history and awarded with AXA Shield NFT). These marketing initiatives would further evolve into intelligent community engagement providing periodic benefits to customers.

Insuring the metaverse and NFT worlds

With the increase in digital assets valuations, we would see traditional insurers taking the plunge alongside their DeFi counterparts in insuring these assets. Find out more in our expert perspectives on Riding the NFT wave – a guide for insurers.

Metaverses today still reside in silos with limited interoperability, system integration, and transaction infrastructure. Adoption would be determined by how easily insurers can integrate their metaverses and core platforms with immersive ecosystems. The critical mass may take years to reach but, the early movers will surely have an advantage by locking in consumers into their insurance metaverse ecosystems.

Download the full infographic to find out more about – Metaverse: Potential and current use cases in Insurance