As technology bridges the gap between real and virtual, it is more important than ever to consider how customers’ needs (and their ability to meet them) evolve. At Accenture recently Insurance Technology Vision 2022 We outline how the Metaverse Continuum will affect the industry over the next decade.
One important trend that arises when talking about metaverse is advances in Web3. The term may be new, but it covers many of the technological advancements and activities that are already occurring naturally on the Internet. Web3 refers to the iteration of World Wide Web where decentralization, blockchain technology, and token-based economics create new and secure ways of connecting and commerce.
This new vision for the Internet includes creating an immersive virtual world, creating blurry lines between digital and physics, and could create the biggest shift seen in digital technology since the launch of major technology platforms such as Facebook.
What unique challenges and opportunities does Metaverse hold for insurance companies?
Essentially, insurers face the sly and exciting challenge of ensuring a changing world. A person can get injured as easily as he can on a physical course in a game of VR golf. Customers may lose physical property through armed robberies or lose money on their accounts through identity fraud.
Aviva, the UK’s largest insurance company, revealed a recent study that claims about the accident that Metaverse and Virtual Reality (VR) gadgets have increased by 31% over the past year. They identified metaverse-related risks, including physical harm to the surroundings when wearing a headset. Crimes based on avatar identity theft and anonymity. Violation of metaverse etiquette and privacy risks through data breach and leakage. Utilizing user biometric authentication and online behavioral data. The horizon of what constitutes risk is changing. Insurance companies face the difficult and exciting task of building new platforms, products and services. Technology protection; Identify use cases and business models.
Guaranteed metaverse
Metaverse remains a new prospect, but it offers insights and opportunities for client connections. As this technology evolves, insurers can leverage research, listen to customers, isolated, test and act on opportunities. For example, it was launched by IMA Financial Group, an integrated North American financial services company. IMA web3labsconstitutes Metaverse’s first insurance and risk management research and development facility. The facility is located in DeCentraland, a virtual world based on blockchain technology. Funded by IMA Investments Inc., IMA investment arm, Web3Labs sets new industry expectations to explore, test and guide the market risks and insurance strategies inherent to metaverse.
The importance of insurance partnerships in metaverse
As we have discovered in other insurance areas, strategic partnerships help insurers develop and expand solutions quickly in new markets, lending greater agility than they would have approached themselves. This is no different for Web3 as well. In fact, the seamless and decentralized nature of Web3 makes it essential to develop partnerships. Major insurers accelerate cloud conversion, rebuild applications with microservice architectures, and deploy open application programming interfaces (APIs) to accommodate upstream and downstream data flows with ecosystem partners. Consider the case of Checksigpartnered with Satec Specialist Underwriting to create Bitcoin and Crypto Solutions for Private and Institutional Investors. Satec is a specialized underwriter for Cattolica assicurazioni (Generali Group).
Conclusion
In conclusion, Metaverse offers insurers the opportunity to engage with their customers on a new dimension. While that may not be an urgent consumer trend, major insurers should stay up to date with trends affecting metaverse and be proactively proactive in this sector looking for brand-friendly opportunities. This is best achieved through the use of smart partnerships and metaverse accelerators.
Discuss how insurance businesses can use metaverse to connect with new customers and opportunities.
Accenture Insurance Technology Vision: See how today’s metaverse innovation is becoming a future component of the insurance industry.
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