3 ways for insurers to prepare for the metaverse
1. More advanced claims processing
One of the most significant trends leading the insurance industry into the metaverse is the proliferation of remote claims processing. Insurance companies can already easily assess property or automotive damage without being physically present using technologies such as Visual Intelligence. These technologies help insurers review damage remotely at the pixel level, assess risks, and process claims far more quickly and accurately. However, human intervention is still important when the client requests it and in more severe cases.
While Visual Intelligence can take care of detecting the damage and estimating repair costs, there will still be times that customers will request to speak to a person. These cases could soon shift into the metaverse, allowing insurance managers or adjusters to perform damage assessments with all of the necessary data remotely, and then meet with customers and speak with them virtually in a designated space or room for the underwriting process, to negotiate rates, and more.
This virtual option could help add more context to more complex cases while also helping insurers maintain client trust and satisfaction. Additionally, it saves time and resources for both insurer and insured. Even with automating many steps in the claims process, customers could still have instant access to a real person in the metaverse.
2. Improving the underwriting and customer experience
Insurance underwriting is a critical process as it decides the amount of risk the insurance company is willing to take on behalf of its customer. It involves comprehensive assessments of both the object to be insured, as well as the customer's background and history. In the metaverse, underwriting meetings could be conducted in virtual spaces. ...
3. Workforce training
Contrary to popular belief, neither AI nor the metaverse will likely take over an underwriter's or insurance agent's job any time soon. Instead, these technologies could be used to train employees from anywhere and help them perform their work more efficiently. ...
See the full story here: https://www.dig-in.com/opinion/metaverse-insurance-preparations-ai-ar-vr
