Virtual Reality (VR) is no longer a technology reserved for the gaming industry. The applications are manifold in industries such as education, engineering, healthcare, insurance, sports, telecommunications etc., Two things occurred to me when I first tried google cardboard was:
How immersive the experience would be in a much more technically crafted devices like Oculus Rift and
What would be the current and potential enterprise applications and implications of this technology for insurance industry.
Unlike other technology disruptions like telematics, IoT, mobile, digital and cloud in insurance industry which I have outlined in one of my previous blog, VR is yet to catch up in terms of adoption by insurers. However, there are some applications from which the early adopters of this technology have started benefiting.
What is common between Uber, Amazon, EE, Vodafone, Netflix and Progressive? All these companies have recently faced issues due to fraud. In insurance, ghost brokers often target young drivers who wants to cut the cost of their car insurance. Even though it is the ghost brokers who commit the fraud, the customers lose their cash and also risk criminal record. Fraudulent claims from customers is a much bigger concern for insurers.
When astronaut Barry Wilmore asked for a spanner, NASA emailed him one. Barry printed what he wanted in International space station in less than an hour using a 3D printer. This explains the power of disruptive technology, in a nutshell. In this highly competitive world where standing still means falling back, disruptive technologies gives industries and companies an edge over the others. Adoption of disruptive technologies is one among the many other business challenges that insurance industry is facing, as I have outlined in my previous blog.
If we pause to consider what made a traditional industry like insurance spend so much on technology, the challenges that insurers face come to the front. The most common challenges include: the complex nature of business, change in business approach from risk absorption to risk mitigation, data explosion, adoption of disruptive technologies and the rising number of insurance fraud. Let us see how advanced data analytics addresses these challenges.
Having trouble in identifying customers who you could confidently say would buy a product from you?
Not sure whether your product pricing is competitive enough?
Finding it difficult to predict an accurate claim rate?
As an insurer, if you are thinking on the above lines, then read on, we have a solution for you!