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How the metaverse could transform insurance — a five-year view

From VR and AR training to meeting policyholders in a virtual office, the metaverse hosts a range of possibilities for the insurance industry.

By Steve Murphy | October 04, 2022 at 01:00 AM
An insurer can’t burn down a skyscraper in the real world to train claims adjusters. In the metaverse, an insurer can vividly show employees, individually or in a collaborative virtual group, what to look for in the aftermath of a building fire or other catastrophic event. (Credit: Led Gapline/Shutterstock) An insurer can’t burn down a skyscraper in the real world to train claims adjusters. In the metaverse, an insurer can vividly show employees, individually or in a collaborative virtual group, what to look for in the aftermath of a building fire or other catastrophic event. (Credit: Led Gapline/Shutterstock)

The metaverse is ushering in the next wave of digital change that will present insurers with a powerful technology toolset to build differentiation as well as challenges to navigate over the next five years. The metaverse will elevate expectations for how carriers interact with customers, what products and experiences they design and distribute and how they operate their organizations.

As the next evolution of the Internet, the metaverse will be a continuum of mature and emerging technologies, working together, to create immersive content and experiences, incorporating artificial intelligence (AI), augmented and virtual reality (AR/VR), blockchain, digital twins, edge technologies, cloud, digital currencies, non-fungible tokens (NFTs), social platforms, e-commerce, and digital marketplaces.

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