Library: Forbes – The Metaverse and the insurance industry: Three tips for managing technological changes

Executive summary

President of UNFOLD + CEO of The Academy of Tomorrow on helping leaders future-proof their career & organisation

Metaverse – the future of reality?

The metaverse generally refers to a network of virtual, augmented and digital realities (including anything from VR environments to video games to digital marketplaces). It’s quickly bridging digital and physical spaces as more companies develop ways to interact, sell products, provide entertainment and earn revenue through these virtual realms.

More complicated?

It’s no surprise that businesses across sectors are paying close attention. As virtual economies and more transactions are made via cryptocurrencies and non-fungible tokens (NFTs) than ever, financial players are forced to ask: How does this new frontier shift the way we regard the economy and financial best practices? For insurers specifically, how does the metaverse complicate and change the way we approach risk and investment portfolios, as investments increasingly occur both in the physical and virtual worlds?

Let’s talk about some new approaches in the insurance space for this technological development.

New approaches

Insurance companies can be early adopters of metaverse technologies. Where to start?

When dealing with a concept as broad as the metaverse, it can be hard to know where to start. Many of the technologies that define the metaverse are already familiar to us—VR technologies and digital twins, for instance, have become increasingly common across industries. Chances are, insurers won’t become metaverse-literate overnight. Nor will they need to. But they should be thinking proactively about how the influx of metaverse technologies and practices could influence all facets of their businesses.

See the full report on:

• using virtual technologies to train and upskill insurers;
• insuring products and spaces unique to the metaverse;
• creating trustworthy touchpoints across both virtual and in-person environments; and
• the new risks and challenges the metaverse poses to insurers.

See the full report for more…

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