Augmented Reality in Insurtech
Insurtech, short for insurance technology, is a term used to refer to technology designed to enhance the operations of insurance firms and the insurance industry as a whole. Insurance companies are leveraging technologies such as big data, artificial intelligence, consumer wearables, and smartphone apps to transform the way they do business.
Insurtech enterprises cooperate with augmented reality developers to build brand new solutions that would allow them to increase the proficiency of their business.
By exploring and adopting this AR technology, companies strive to get a competitive advantage over other market players.
Accenture estimates that Insurers can reap 10–20% more profit annually by investing in intelligent solutions. Working with augmented reality can transform the ways agents interact with customers, enforce policies, and assess claims.
Applications
Providing interactive user experience as well as ensuring both customer entertainment and engagement aren’t the only AR use cases for insurers.
They can use augmented reality to warn their clients about dangers, estimate damage, explain insurance plans. They also use AR for marketing and brand promotion purposes.
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Explaining Insurance Plans
Various Insurance providers now use Augmented reality , and have created a mobile AR applications that provides video explanations of people’s retirement goals and Insurance plans when users choose specific options.
Improving Advertising Campaigns
Augmented reality offers interactive experience and extensive marketing opportunities that provide users with significant entertainment value. Insurers can use 3D models to promote their services by encouraging users to share their augmented reality experience with others.
Liverpool Victoria is a UK-based company with over 5 million consumers. It has set a benchmark in the insurance industry in terms of creativity. The company uses AR for bringing life into newspaper flyers. When LV flyers are scanned, a 3D house model appears on the screen. By tilting the phone, users can explore the house while listening to what they can insure in that house, a car, a pet etc.
Damage Estimation
With the use of AR, technical specialists can understand the damage volume by overlaying object images representing the object condition before and after the accident.
Taking into account collected and processed information, adjusters can measure dimensions of damaged parts and calculate the required repair costs.
Using AR-enabled solutions, inspectors can literally look behind the building walls and determine the location of a gas line or fire epicenter.
AssistXR is an Intelligent AI and AR based Remote Assistant which allows customers to send their claims to insurers in real-time. With this tool, policyholders can communicate with insurance adjusters to fully and remotely inspect the damaged property.
With Remote Assistance, both parties policyholders and insurers can instantly stream their smartphone view and collaborate real time in Augmented reality over a computer vision empowered video call.
The primary value of this solution for insurance experts is the capability to precisely estimate the damage without physically being situated within the cause area. They can be sure that the claim details are accurate and not overestimated by a policyholder with the intent to get a more significant compensation.
Training using Mixed Reality
AR-based applications present an effective tool for training employees on internal processes and business functions. Their usage could not only reduce the dependency on experts but also lower the cost of enterprise administration. Moreover, these experiences might provide stronger influence on policyholders to improve safety and security awareness. Insurers may also use them for enhanced risk mitigation initiatives referring to home safety from fire, windstorm, theft, and other perils.
With augmented reality, insurance companies can establish a new engaging communication method that will bring value to customers and encourage them to choose a more interactive company.
One way or the other, augmented reality is worth investing in.
Content delivery, damage assessment, or employee training — whatever application you choose, it will definitely highlight your insurance company in this highly competitive market and help you gain word of mouth.
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