ARTIFICIAL INTELLIGENCE & TECHNOLOGY
Insurance in the metaverse: Visual Intelligence as a key player
14 September 2022 · By Ana Navarrina
The metaverse is poised to be the new big thing in the tech world. Just two years ago, Bloomberg reported that the metaverse was already worth nearly 480 billion US dollars. That figure is expected to rise to a staggering $800 billion by 2024 as more platforms enter the market.
This emerging market presents a new opportunity for insurance companies. Insurers can already use visual intelligence to assess property and automotive damage without needing to send out an agent. As our technology continues to improve and the metaverse continues to expand, it’s only logical that insurance companies will embrace the metaverse to improve their services.
How remote claims processing currently works
The insurance industry as a whole is a bit behind the times. We still use processes created decades ago when there are newer options out there. The majority of processes are still being performed manually, which can be long and costly. The result? Unhappy customers who will happily switch providers come renewal time.
100% of those who switch insurance providers do so because of their experience with their previous carriers. Of those surveyed, 37% wanted faster claims processing, 36% wanted a better digital experience, and 34% were looking for a better personal service. All of these needs can be met by embracing technology and modernizing processes.
A modern insurer, powered by technology, can handle claims much faster than those still using manual processes. Customers can gather evidence as soon as an incident occurs with a guided process on their smartphones, allowing them to initiate the claims process as soon as possible. Visual intelligence will then handle damage analysis and can spot fraud signs within minutes.
How? Reviewing thousands and thousands of images and comparing the newly collected evidence to those images gives a highly accurate assessment of the situation. It can identify and create patterns that help insurers provide the best possible service while minimizing the risk of fraud. The process is capped off by a final assessment by an insurance agent who has the final say over the claim decision. However, if a claimant would like to speak with an insurance agent, they will either need to schedule an appointment to visit the office or have an agent come out to their house for a meeting.
This is a much better process than the insurance industry could offer just a few years ago, but it could be even better.
How visual intelligence and the metaverse will transform remote claims processing
Let’s say you’re a policyholder waiting to hear about their claim status. You would like to speak to an agent face-to-face to help ease some concerns you have, but there’s little time in your schedule to visit the office. With the metaverse, insurers can set up virtual meetings to offer you a face-to-face meeting without needing to leave the house.
Virtual meetings are already the norm for many people. Those who work remotely will be more than familiar with Zoom or Microsoft Teams and the issues they can cause. The metaverse offers a better way to meet virtually. Insurers can set up fully interactive and immersive meeting rooms to help customers better express themselves through body language and gestures. By using these virtual meeting rooms, customers can feel more comfortable, which helps rebuild their trust.
If an insurer needs more information from a customer, they can quickly set up a virtual meeting to get that information directly from the insured. However, in order for these meetings to help speed up the overall claims process, Visual Intelligence should be a preliminary step. This way, when the agent arrives at the meeting, he already has visual evidence of the claim or vehicle to be insured, as well as the damage conclusions obtained by Visual Intelligence.
Of course, as we continue down this hyper-digital road, we must start considering protecting our digital assets. We have already seen cases of NFTs getting stolen from their owners, and considering the value of these digital assets, customers are increasingly looking for a way to protect them. Insurers in the metaverse can start offering protection on various digital goods and even assess damage in a virtual space.
By combining all the new technologies available to us, from visual intelligence to augmented reality, we can start offering more services to our customers. This includes personalized services, digital asset protection, and a whole new way to interact with your insurer. We can be there for our customers no matter what they’re looking to insure, and if anything goes wrong, we can be there for them with fast resolutions, no matter where they are.
Become the insurer of tomorrow, today!
Right now, the metaverse is still in its infancy. But as the technology improves, we’ll start to see real-world examples of how helpful it can be for insurers and policyholders alike. In the future, we can expect to see the metaverse play a much larger part in the insurance industry.
This is going to make the policyholder experience much better by cutting down on waiting periods with AI-powered automation and providing highly accurate results with no room for mistakes or fraud. All this allows agents to spend more time building real relationships with their customers.
To get started on your journey towards modernization, get in touch with Bdeo. We’re experts on incorporating technology into insurance, and our platform is second to none. To learn more about visual intelligence, the metaverse, and more, make sure to bookmark the Bdeo blog.
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Visual Intelligence applied to the insurance industry
Artificial Intelligence in general, and Visual Intelligence in particular, are very present in our days. Perhaps, much more than we imagine.