New Technology – Future of Life Insurance – The Metaverse

Published in INSURTECH
on dig-in.com
by Shay Alon

As the life insurance industry continues on its digital transformation journey, a new technology is on the horizon—the metaverse. 

According to the Accenture Business Trends Survey, respondents from companies that have some form of a strategy around the metaverse believe that in the next three years, a 4.2% share of their revenues will come from new products, services or business models related to the metaverse. This represents a value of $1 trillion globally.

For life insurers, these technologies could impact how we protect and underwrite risk. We may see a new generation of insurance technologies—”insurtech 2.0“—that can leverage these new and emerging technologies to not only improve risk assessment, but also to simplify life insurance processes across the value chain. So, instead of focusing on front- or back-office efficiencies alone, which can provide incremental improvements, insurers can apply these technologies using a holistic digital strategy for 360-degree value.

Technology investment is critical to competing for—and keeping—future life insurance customers in a world that will become increasingly reliant on metaverse technologies. Yes, the term metaverse may be broadly used, however, when you consider the technologies underpinning the metaverse, you quickly begin to see its potential to disrupt and to accelerate innovation in our industry.

Shay Alon, Lead Of Life Insurance Platform, ALIP, Accenture

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