The Metaverse is a concept making headlines around the world, and its applications are being imagined in every industry. However, until recently, the actual manifestation and future impact of the Metaverse was unknown. The newly released Insurance tech vision for 2022 It not only defines the Metaverse, but contains valuable and timely insights for insurers on how the Metaverse will lead to the next wave of digital transformation.
Accenture defines the “metaverse continuum” as the spectrum of digitally enhanced worlds, realities, and business models poised to revolutionize lives and businesses over the next decade. This applies to all aspects of business, from consumers to workers to the entire enterprise. From reality to virtual and vice versa. The metaverse continuum is built on a wide range of mature and emerging technologies. These technologies include artificial intelligence (AI), augmented and virtual reality (AR/VR), blockchain, digital twins, edge technologies, cloud, digital currencies, non-fungible tokens (NFTs), social platforms, e- Includes commerce and digital marketplaces.
What does this mean for the insurance industry? There are a variety of platforms, partners, and technologies at the core of the metaverse, whether it’s commercial or consumer-facing. As the next evolution of the Internet, the Metaverse will be a continuum of technologies working together to create immersive content and experiences. The metaverse continuum raises expectations about how insurers interact with customers, what products and experiences they design and deliver, and how they operate their organizations. Achieving this digital reality will also require broader digital and creative skill sets.
Insurance Technology Vision explores how these innovations are becoming a building block of the insurance industry’s future. Insurers that understand these trends and what they mean for their customers will be poised to gain a competitive advantage.
This report highlights the impact of four Tech Vision trends on insurance companies:
- WebMe – Puts Me in the Metaverse.
Given the seamless and decentralized nature of Web3, developing ecosystem partnerships and subsequent cloud transformation is essential for insurers. - A programmable world – a personalized version of our planet.
Technological advances like 5G and devices like AR glasses are changing the way insurers access and engage with the physical world, offering new levels of control, automation, and personalization. - The Unreal – Making synthesis real.
Insurers will play a critical role in mitigating risk as bad actors exploit new attack surfaces within the metaverse. - Computing the impossible – new machines, new possibilities.
The effectiveness of risk modeling and decision-making is transformed as insurers are able to rapidly process huge datasets from multiple sources.
As you can see, from shifting revenue and distribution models to new employee training experiences, there is a compelling case for a metaverse in the insurance industry, and some major insurance companies are already capitalizing on this trend. In this series, we take a closer look at some of this year’s Tech Vision trends and share current examples of insurance companies pioneering metaverse adoption in their industry.
Insurance Technology Vision 2022: Explore how today’s metaverse innovations are becoming the building blocks of the insurance industry’s future. Please register to download the report.
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