Metaverse is the concept of making headlines around the world, and its applications are imagined in all industries. Until recently, however, the practical symptoms and future effects of metaverse were unknown. Newly released Insurance Technology Vision for 2022 It not only defines metaverse, but also contains valuable and timely insights for insurers into how metaverse is leading the way in the next wave of digital change.
Accenture defines the “metaverse continuum” as the digitally enhanced spectrum of world, reality and business models ready to revolutionize lives and businesses over the next decade. This applies to all aspects of business, from consumers to workers and the entire company. From reality to virtual to back. The metaverse continuum is built on a wide range of mature emerging technologies. These technologies include Artificial Intelligence (AI), Augmented and Virtual Reality (AR/VR), Blockchain, Digital Twins, Edge Technology, Cloud, Digital Currency, Improper Tokens (NFT), Social Platforms, E-commerce, and Digital Marketplaces.
What does this mean for the insurance industry? Whether it’s a company or a consumer, Metaverse has a different platform, partner and technology at its heart. As the next evolution of the Internet, Metaverse is working together to create immersive content and experiences. The metaverse continuum raises expectations for how insurers interact with their customers, which products and experiences they design and distribute, and how their organization operates. Additionally, a wider digital and creative skill set will be required to achieve this digital reality.
The vision of insurance technology explores these innovations as a component of the insurance industry’s future. Insurance companies that understand these trends and what they mean for their customers will be poised to gain a competitive advantage.
The meanings of the insurance company’s next four technical vision trends are listed in the report:
- Webme – Put me in the Metaverse.
Given the seamless and decentralized nature of Web3, ecosystem partnerships and subsequent cloud conversions are essential for insurers. - Programmable World – Our Planet, Personalization.
Advances in technology like 5G and devices like AR glasses are changing the way insurance companies access and relate to the physical world, offering new levels of control, automation and personalization. - Unrealistic – Make synthetic authentic.
As bad actors take advantage of the new offensive side of Metaverse, insurance companies play a key role in mitigating risk. - Impossible calculations – new machines, new possibilities.
The ability of insurers to quickly process huge datasets from multiple sources will transform the effectiveness of risk modeling and decisions.
As you discover, there are compelling cases of metaverse within insurance. From changes in revenue and distribution models to new workforce training experiences, some major insurers have already exploited this trend. This series will take a deeper look at some of this year’s high-tech vision trends and share my current examples of myself as an insurance company that has been pioneering metaverse application in the industry.
Insurance Technology Vision 2022: Exploring how today’s metaverse innovation is a component of the future of the insurance industry. Register to download the report.
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