The metaverse is a new environment where we can interact. If you are in the insurance industry, it is also a world full of business opportunities.
The metaverse is an environment where humans interact socially and economically as avatars. It is a real-world metaphor, but without its limitations, that takes place in the software of cyberspace.
Find out why you should pay attention to it and what services the insurance industry can offer in this new environment.
What is Metaverse?
This article seems a bit futuristic, but it is not, it is very current. If you can see a business opportunity here, you are ready to be the next leader in the insurance industry and you should take action today to pursue this goal. If, on the other hand, you believe that the metaverse is not relevant. That it is just another social network, you have doubts about whether it will work or not and you think you have more relevant things to take care of. Let us warn you that you are in error and you need to update yourself.
If you are an owner or shareholder of an insurance company, make this point today as a strategic pillar of development. If you are an employee, manager, or director of a local or international insurance company, trace your professional development plan in the metaverse. It is sure to mark your promotion, growth, and leadership in the coming years.
The metaverse is an environment where humans interact socially and economically as avatars. It is a real-world metaphor, but without its limitations, that takes place in cyberspace software.
In a broader sense, the metaverse can refer not only to virtual worlds but to the multidimensional experiences of Internet use and application as a whole. Especially in the spectrum that combines web 2.0, 3D technology, augmented and/or virtual reality.
While the most successful and recognized metaverse experience has been Second Life. Meta Corporation (previously Facebook, Inc.), owned by U.S. tycoon Mark Zuckerberg, is expected to lead the implementation and new developments in this field over the next few years. Since it is a global company that is investing the most human and technological resources in this field, including software and hardware technology.
How does the metaverse impact organizations?
The metaverse shapes companies, businesses, and the reality of the future, physical and virtual environments intertwine to reshape human experiences. It redefines the way the world works and the challenges organizations face.
It is a continuum: a set of digital environments, realities, and business models that are already completely redefining the way the world works and interacts. This future that companies are racing toward is very different from the environment in which they were designed to operate. As technologies such as extended reality, blockchain, digital twins, and quantum computing converge to change experiences.
In Accenture’s latest Technology Vision report, whose title is “See You in the Metaverse”. More than 4,600 executives who work across 23 industries and 35 different countries were surveyed. 98% of these leaders believe that technological advances are more reliable than economic, political, and social trends as a starting point for determining their organization’s long-term strategy. Moreover, the same percentage is convinced that emerging technologies will enable their organization to develop a more ambitious vision.
Insurance Industry opportunities in the Metaverse
“As the line between people’s physical and digital lives blurs, organizations have the opportunity and obligation to now build a responsible metaverse. Addressing issues such as trust, sustainability, personal security, privacy, access, and responsible use or diversity,” highlights Bruno Chao, head of Accenture Technology in Spain.
The direction they take at this crossroads will define their success or failure in the future, as Chao explains: “The actions and decisions taken today will lay the foundations for tomorrow”.
Digital transformation in the Insurance sector is changing the dynamics of this industry. Now, with the metaverse, a new business opportunity for insurance companies appears. This new paradigm will lead us to not only be part of this new space but to be able to work, buy, invest, and why not insure anything in this new world.
Here the insurance companies will have to adapt to this new reality in several areas such as:
Relationships with virtual customers (Avatar).
Differentiation of potential risks (Real Life and Metaverse).
Risk and Loss Measurement. (Virtual)
Insurable Material (intangibles)
Business Model, from what to how and do not forget the new forms of payment (Cryptocurrencies).
Premium calculations (concerning the business model, by metaverse maturity tranches).
Returns on investment (where and how to do demand generation and portfolio capture).
Legal Framework (from current to potential in the future)
In short, several circumstances will have to be reworked in such a way that they can adapt and be able to participate in this new reality.
The companies with the greatest digital breakthrough and with agile and innovative processes will be the ones that will lead this new and potential market that is already a reality. In addition, they will be able to capture all this return in a way never seen before due to the size and relevance of this new market.
To achieve this, you must have a technology solutions provider that will offer you an integral service.
Would you like to know how our solutions for the insurance industry te acompañarán en este nuevo entorno? Get in touch and see what we can do together.
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