As technology bridges the gap between the real and the virtual, it is more important than ever for carriers to consider how their customers’ needs and their ability to meet them evolve.Recently, Accenture Insurance Technology Vision 2022 Outline how the metaverse continuum will impact the industry over the next decade.
One of the key trends that emerges when talking about the metaverse is the advancement of Web3. Although the term may be new, it encompasses advances in technology and much of the activity that already occurs naturally on the Internet. Web3 refers to an iteration of the World Wide Web that builds new and secure ways of connecting and commerce through decentralization, blockchain technology, and token-based economics.
This new vision of the Internet includes the creation of immersive virtual worlds, a blurring of the boundaries between the digital and the physical, something we have seen in digital technology since the birth of major technology platforms such as Facebook. It can cause the biggest changes.
What unique challenges and opportunities does the metaverse pose for insurers?
Fundamentally, insurance companies face the daunting and exciting challenge of providing insurance in a changing world. You can get injured in a VR golf game just as easily as you can on a real course. Customers can lose physical property to armed robbery or money in their accounts to identity fraud.
Aviva, the UK’s largest insurance company, revealed in a recent study that claims for accidents caused by the Metaverse and virtual reality (VR) gadgets have increased by 31% in the past year. They identified risks associated with the Metaverse, including physical harm to those around you when wearing the headset. Crimes that take advantage of avatar identity theft and anonymity. Violations of metaverse etiquette and privacy risks due to data breaches and leaks. Exploitation of user biometrics and online behavioral data. Perspectives on what constitutes risk are changing. Insurers face the daunting and exciting task of building new platforms, products, and services. Securing technology. and identify use cases and business models.
guarantee the metaverse
Although the metaverse is still a new prospect, it offers insights and opportunities for connecting with clients. As this technology evolves, insurers will be able to leverage research and listen to their customers to identify, test, and act on opportunities. For example, IMA Financial Group, a North American integrated financial services company, has launched its own service. IMA Web3Labs, comprising the Metaverse’s first insurance and risk management research and development facility. The facility will be located in Decentraland, a virtual world based on blockchain technology. Funded by IMA Investments Inc., the investment arm of IMA, Web3Labs is setting new industry expectations for exploring, testing, and bringing to market metaverse-specific risk and insurance strategies.
The importance of insurance partnerships in the metaverse
As we have found in other areas of insurance, strategic partnerships can help insurers quickly develop and scale solutions in new markets, making them more agile than if approached alone. . This is no different for Web3. In fact, the seamless and decentralized nature of Web3 makes building partnerships essential. A leading insurance company plans to accelerate its cloud transformation, rearchitecting applications on a microservices architecture and deploying open application programming interfaces (APIs) to support upstream and downstream data flows with ecosystem partners.Let’s consider the following case check sighas partnered with SATEC Specialist Underwriting to create Bitcoin and crypto solutions for retail and institutional investors. SATEC is a specialist insurance company of Cattolica Assicurazioni (Generali Group).
conclusion
In conclusion, the Metaverse offers insurers the opportunity to engage with their customers on a new level. While this may not be an urgent consumer trend, major insurers should stay up to date with trends impacting the metaverse and proactively explore opportunities in this space that suit their brands. And you need to be proactive. This is best accomplished using smart partnerships and metaverse accelerators.
Contact us to discuss how your insurance company can use Metaverse to connect with new customers and opportunities.
Accenture Insurance Technology Vision: See how today’s metaverse innovations are building the insurance industry’s future.
Get the latest insurance industry insights, news and research delivered straight to your inbox.
