The metaverse is a concept making headlines around the world, and its application is envisioned in all industries. But until recently, the practical manifestation and future impact of the metaverse was unknown. The recently released Insurance Tech Vision for 2022 not only defines the metaverse, but contains valuable, timely insights for insurers about how the metaverse ushers in the next wave of digital change.
Accenture defines the “Metaverse Continuum” as a spectrum of digitally enhanced worlds, realities and business models poised to revolutionize life and business in the coming decade. This applies to all aspects of the business, from consumer to worker and across the enterprise; from reality to virtual and back. 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 (NFT), social platforms, e-commerce and digital marketplaces .
What does this mean for the insurance industry? Whether for a business or consumers, the metaverse has different platforms, partners and technologies at its core. 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 will raise expectations for how insurers interact with customers, what products and experiences they design and deploy, and how they run their organizations. It will also require broader digital and creative skills to bring this digital reality to life.
Insurance Technology Vision explores how these innovations are becoming the building blocks of the future of the insurance industry. Insurers who understand these trends and what they mean for customers will be well equipped to gain a competitive advantage.
The implications of the following four Tech Vision trends for insurance companies are covered in the report:
- WebMe ̵1; Putting me in the metaverse.
Given the seamless, decentralized nature of Web3, formulating ecosystem partnerships and their subsequent cloud transformations will be critical for insurers.
- Programmable World – Our planet, personal.
Technological advances like 5G and devices like AR glasses are changing the way insurers access and relate to the physical world, offering new levels of control, automation and personalization.
- The Unreal – Making synthetic authentic.
As bad actors take advantage of new attack surfaces in the metaverse, insurance companies will play an important role in mitigating risk.
- Calculate the impossible – new machines, new possibilities.
Insurers’ ability to rapidly process massive amounts of data from multiple sources will transform risk modeling and decision-making efficiency.
As you will discover, there is a compelling case for the Metaverse in insurance, from shifting revenue and distribution models to new staff training experiences, with some leading insurers already taking advantage of the trend. In this series, I’ll take a deeper look at some of this year’s Tech Vision trends and share my own current examples of insurance companies pioneering the application of the metaverse in our industry.
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