Meta-insurance: concrete practical examples

Rodolphe Strauss
September 1, 2022

Taken seriously by more and more large groups, the metaverse has an impressive development potential, leading some market players to compare it to the revolution caused by the Internet at the end of the 1990s… Although it is still too early to say with certainty how important virtual worlds will be in tomorrow's economy, leading insurance companies, including AXA France, are beginning to experiment with the possibilities of the metaverse for the sector.

Find out what the concrete practical examples of the metaverse for the insurance sector are likely to be, based on the experiences and testimonies of market players already involved in this technology.

The first experiences within the metaverse

The game is on! Insurers have already started exploring the metaverse with AXA France acquiring a virtual plot in The Sandbox last February to begin exploring the possibilities offered by this technology to the bank insurance sector. 

These new experiences give rise to the ideas that will shape the uses of tomorrow. A project that allows AXA to start promoting its brand in the meta-gaming space, to show its belonging to Web3 and to prepare the creation of new offers. Prevention, education, awareness-raising… Thematic workshops are created in order to fully understand the implications of this new market.

Thus, according to the insurers themselves, the metaverse should initially enable them to communicate better about their offer and their products. Implementing sales in a virtual agency would allow prospects and customers to better understand and visualise the services offered.

Moreover, it would be easier for the insurer to illustrate its insurance products and make its customers visualise the preventive acts in order to offer a truly optimised underwriting path.

Thanks to the metaverse, it should also be much easier to report a claim, without an appointment, by talking directly to a "meta-advisor". An improvement in UX for customers who can now contact their insurer outside normal business hours. 

Please note: At present, insurers see the metaverse primarily as an extension of physical agencies and real, direct contact with policyholders. These interactions, which remain central to their business, are not intended to be replaced or imitated by virtual worlds. Instead, the metaverse will provide a different and complementary customer experience. No stakeholder wants to stray from the objectives that remain at the heart of its business and experiment at will!

The meta-insurance of tomorrow?

Of course, the expansion of the metaverse and the market it represents will undoubtedly lead insurers to offer specific services, which the major groups are already considering. 

The use of the metaverse should, for example, offer insurers the possibility of exploiting a huge amount of data in order to optimise their predictive analyses and thus create better insurance models

On the HR side, AXA France is already planning to use the metaverse to improve its recruitment process (easier and more neutral virtual interviews, easier connections with talented profiles, etc.) as well as its team building actions (attractive group experiences in the metaverse).

Unveiled at the VivaTech trade show, the first version of the experience conducted on The Sandbox by AXA perfectly illustrates these different projects: educational content, NFT galleries including the AXA museum, gamification of the recruitment process and in particular of the first contacts with applicants… The future uses of the metaverse by insurers are undoubtedly partly already there. One floor of the plot is dedicated to business (insurance projects for NFTs, wallets and private data), and another more specifically to the recruitment process.

Two agents working for the group have already created digital replicas of their outlets within the metaverse, potentially redefining the customer relationship, which could in future involve traffic within the virtual branches (via teleportation portals!). An agent could then, in the real world, specify both his physical and virtual address on his business card…

By pushing the cursors even further, it is not unreasonable to envisage, in the future, the metaverse as the market where we will insure both the real (life, health, death insurance, etc.) and the virtual (land, vehicles, avatars, etc.), going beyond the traditional Internet to allow a completely digital and multi-channel customer experience!

In any case, it appears that for the groups already involved in this new market, it is not the size of the insurers that will determine their capacity to invest in the metaverse, but rather their speed of adaptation and understanding of the new uses. A real gold rush, where the American West would be replaced by virtual lands!

You will have understood: for the stakeholders in the insurance market, the exploration of the metaverse has only just begun, and although it is still difficult to anticipate tomorrow's uses with any precision, many of them agree that the metaverse represents a colossal potential for development and innovation. 

Experiments are already being conducted to enter this market and offer (first) the insurance products of tomorrow. But these actions are not the prerogative of large groups with very large funds! With humility and a good dose of curiosity, you can invest in the metaverse tomorrow, starting, for example, by receiving your customers online with tools like Gather.

Why take the metaverse seriously…? Here are a few figures:

  • 300 millions users navigate the metaverse generating revenues of over 550 bn dollars
  • 716 bn dollars, the estimated worth of the metaverse in 2027 (vs 209 bn dollars in 2021) - according to Brand Essence Research
  • 22,7%, the average yearly growth rate of the metaverse
  • 30 millions daily players of the Roblox game, with a +80% increase of the past year and a population with an average age of 12 years old

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