Insurers that leverage the metaverse now to attract a new generation of talent and tech-savvy customers will gain considerable market advantage, an expert with Information Services Group (ISG), a leading global technology research and advisory firm, said today.
“New college graduates want careers based in modern technology, but research shows they do not see insurance as offering the high-tech experience they seek”
In a panel discussion, “Insuring the Metaverse: Immersive Tech and the Future of Coverage,” during a webinar produced by Insurance Journal, ISG Director Dennis Winkler said the metaverse can support the next generation of insurance talent and customer development, but will require fast action and a focus on product and technology capabilities on the part of insurance companies.
“New college graduates want careers based in modern technology, but research shows they do not see insurance as offering the high-tech experience they seek,” Winkler said. “The metaverse has the potential to be a game-changing platform for employee engagement, talent retention and development for insurance companies that use it to establish a more tech-savvy, modern image.”
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Winkler also noted the ability of the metaverse to bring together remote work teams and to create new ways of interacting and building relationships with customers.
“The time is now for insurance companies and agents to start experimenting in the metaverse to see what works for them and their customers,” he said. “It could be as simple as a virtual storefront with a virtual agent recreating old-school insurance sales in a new channel, or it could offer customers the chance to interact with the well-known brands insurers have already established in new ways, delivering an experience that people will remember.”
With metaverse technology spread across many different platforms, the infrastructure that supports these platforms varies widely, he noted. This brings the same complexities of omnichannel customer experience from the offline world to the virtual world. Insurers will need a technical backbone that’s capable of delivering an immersive digital customer experience, but with the same brand image across all platforms.
Winkler also said insurers should be ready to create new products to cover the risks that will evolve with metaverse expansion. Metaverse customers will need policies such as life insurance to insure virtual metaverse lives, property and casualty insurance for assets such as in-game currencies, virtual property and NFTs, or cyber insurance for metaverse cybercrimes, he said.
In the process of developing those products, Winkler cautioned insurers to avoid ambiguity and carefully examine their comprehensive coverage clauses, which typically include digital and data risks from digital platforms, to determine whether the virtual world and virtual assets could be unintentionally wrapped into a policy.
“Those who start their metaverse journey sooner will develop the data needed to get their pricing and products right much faster,” he said. “Without letting up on ongoing technology transformation projects, insurers need to at least start building their metaverse plan. The quicker they understand how this new virtual world works, the quicker they can gather data, assess risks and make money.”
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