Liga Asuransi – Great readership, how are you? As you probably already know that business people around the world are currently busy learning and exploring Metaverse technology.
This was triggered when Mark Zuckerberg, the founder of Facebook, in October 2021 for the first time announced the change of his company name Facebook to METAVERSE. What is it?
According to Wikipedia, Metaverse is a network of 3D virtual worlds focused on social connections. In futurism and science fiction, it is often described as a hypothetical iteration of the Internet as a single universal virtual world facilitated by the use of virtual headsets and augmented reality.
Several types of businesses ranging from entertainment, education, industry, health and including the financial industry including insurance began to see opportunities to use Metaverse for their business development.
In order not to be left behind, this time we will make two articles about the Metaverse. First, about Metaverse for General Insurance or general insurance. Second, about the Metaverse in terms of life insurance.
As we already know and witness that technological change will happen and will definitely happen. The problem can or can but the problem when.
For those who are quick and quick to take advantage of that technology, they are winners.
We have extracted this article from the online media https://www.businessleader.co.uk which was just uploaded a few days ago.
We hope that this article is useful for you. If you are interested, please share it with your friends so that they also understand like you.
Metaverse, future, digital technology concept.
This article is based on an interview with Josh Hart, Chief Product and Technology Officer at insurtech company YuLife. Which provides an interesting insight into the world of insurtech and the role the metaverse has to play in the insurance industry.
What role should the metaverse play in the Insurtech world?
Metaverse has great potential to play a transformative role in increasing the attractiveness of insurance products. For example, the YuLife app is built like a game and is centered around ‘Yuniverse’, a virtual world. a world where users can ‘level up’ through quests, duels and challenges to access new zones and increase their YuCoin count.
In this way, the idea of a virtual world where each user has an avatar and competes with friends and colleagues really helps make YuLife products attractive, especially to younger users and millennials.
At the same time, it is important to remember that this success hinges on the interconnectedness of the digital and physical worlds. Using the metaverse to inspire positive behavior change needs to have some impact on people’s real-life well-being to be relevant.
What other potential applications are there for the Metaverse?
The metaverse can enrich every part of our lives, but the focus should be on improving our well-being in the real world, rather than just an escape. In the era of Web 3.0, the metaverse is set to become an essential part of the new decentralized online experience – changing our lives in the same way that social media has done over the past few decades.
Outside of the financial sector, the metaverse can impact any type of business. In the retail world, virtual reality-based overlays can significantly enhance a shopper’s in-store experience, providing customers with real-time information about the products they are viewing.
Individuals can now get augmented reality NFTs, and YuLife recently saw through Nike’s acquisition of RTFKT that sportswear and apparel is one of the next frontiers for highly personalized products.
Has technology always played an important role in the world of insurance?
Within the insurance industry, technology and innovation are still new trends, which is why there is a lot of stagnation across sectors.
When YuLife was founded, it focused on life insurance knowing that after centuries of no innovation there was nothing significant in the life insurance market.
For many years, life insurance provided only death coverage; YuLife wants life insurance to focus on life, and leveraging the latest technologies – AI, app development, and metaverse – is sure to be key in realizing that goal.
It’s no coincidence that insurtech startups are one of the hottest verticals in tech today.
The need to innovate is pervasive and the demand for insurance is high, and technology can support a variety of new functions that insurers see a need to adopt, such as dynamic underwriting policies based on intelligently processed customer data.
The use of technology in insurance is on the rise and YuLife hopes to see that trend continue for years to come.
What are the current trends in the Insurtech industry?
YuLife is currently witnessing a significant push towards smarter underwriting. Today’s insurance companies can collect large amounts of data about policyholders and their habits and behavior, which can be leveraged to gain greater insight into individual/group risk on an ongoing basis.
Leveraging this large data set will allow insurers to better negotiate with reinsurers and reflect risk more accurately. This new, dynamic and intelligent form of underwriting has been discussed for years, but its application is now finally paying off.
A customer-centric user experience is another key focus, and has been for a number of years.
Incumbents are increasingly investing in developing SaaS products to match the pace set by insurtech startups. The role of insurtechs in their relationship with incumbents is not about ignoring what is already there, but making use of it.
More and more companies will begin to leverage existing legacy insurance companies to a greater extent, as respect for their ability to handle claims and manage large balance sheets from an actuarial perspective is very strong. The challenge is about how to change the role of existing players rather than directly replacing them.
Future trends like What do you expect to see in the life insurance industry?
First, YuLife hopes to see more reinsurers look to new forms of data to a greater extent when trying to model their liability. The storage potential of this data set is limitless and the data can be used to develop better, more attractive and more personalized products.
Second, we’ll look at stronger incentives to see individuals reduce their own risk, proactively take steps to reduce their risk to their insurer (and also benefit from a healthier lifestyle as part of the process).
Third, engaging digital experiences will become the norm. Major insurance companies are rebuilding their offerings and this will lead to major improvements in digital accessibility. Think of the differences in how street banks functioned before and after it became the norm to offer banking apps. Once it was hoped that functions could be performed on the swipe of a smartphone screen, there would be no turning back.
Finally, more and more insurance products will target users directly, rather than targeting brokers. It is very important to secure user purchases and, like all financial products, insurance company offers must engage policyholders on a daily basis to be considered desirable.
This article is brought to you by L&G Insurance Broker, a Smart Insurance Broker.
Sources: https://www.businessleader.co.uk/how-can-insurance-find-its-place-in-the-metaverse/
—
Looking for Insurance Products? Don’t Waste Your Time and Contact Us Right Now
L&G HOTLINE 24 HOURS: 0811-8507-773 (Call – Whatsapp – SMS)
website: lngrisk.co.id
E-mail: customer.support@lngrisk.co.id
—
