Insurers are recognizing opportunities and starting to apply immersive technology to both expand and enhance risk control services in four major areas:

Site Assessment: Use AR/VR to expand capabilities of site assessment for exposure identification, loss prevention and mitigation using AR/VR in support of underwriting for new and existing clients.
Client Services: Use AR/VR to broaden client relationships using AR/VR for risk education, risk/loss identification and mitigation, service planning and monitoring.
Training: Use AR/VR to power training internally, shortening ramp-up time for new risk control representatives and providing a greater understanding of risk and potential loss for clients.
Wellness: Apply AR/VR in the life and benefits insurance sector to home wellness checks for individuals who may not be able to travel easily.

In these areas, Insurers are discovering the value of immersive technology to help address current risk control "pain points."

Travel: Traveling to assessment sites is costly and time consuming.
Knowledge Gaps: Expert knowledge from experienced professionals is required, and risks can be missed due to knowledge gaps.
Documentation: The documentation and dissemination process is often lengthy. Scale: As insurance organizations grow, site assessment or client risk consulting services becomes difficult to scale.
New Hires: Recruiting and training risk control technicians is challenging.

Some larger commercial insurance providers can have upwards of 20,000–30,000+ accounts in their portfolio and only a limited, finite risk engineering staff. Insurers are challenged by how to scale their risk control services and provide more of a consultative touch for their clients, as insurance clients who receive risk "consultative" services during the term of a policy tend to have significantly higher retentions. Furthermore, as the pool of risk control engineers have begun to age, it's become harder to replace them.

Special Reports /

How immersive technology can revolutionize risk control in insurance

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