AR provides value to post-pandemic insurers worldwide

Augmented Reality (AR) is a technology that allows users to see the real world overlaid with digital data. According to GlobalData, it will be worth about $ 7 billion in 2020 and the global AR market will reach $ 152 billion by 2030.

As revealed in Global Data Augmented reality in insurance Insurers have already reportedly adopted AR technology in the form of live video claim software and risk visualization to estimate damage, and these use cases will be even more widespread in the post-pandemic world.

Inspection as a service by AR

Pandemics leave a legacy of remote control, and it’s no wonder how they can reduce a company’s travel time and costs. AR-enabled inspection platforms and smart glasses help insurers trying to streamline their billing process.

The inspection platform as an AR-enabled service enables live video communication between specialists and customers, allowing insurers to perform in-depth remote inspections of damaged assets. Specialists can use AR to mark specific points on a live video stream, overlay text and pointers to guide customers, and measure actual distances on the screen.

If you need an onsite adjuster, AR smartglasses can be used to safely guide offsite colleagues, minimizing the number of agents required at the billing site while maintaining collaboration. increase. AXA, Zurich Insurance and USAA have all considered using AR smart glasses for risk engineers and onsite specialists. In 2019, USAA attempted to use AR-compatible glasses with field adjusters and discovered that it reduced the travel time of four adjusters by 160 hours in three months.

Real-life disaster simulation

AR helps insurers to simulate real disasters and effectively and safely estimate associated damages and repair costs. For example, you can overlay an AR image on a room or environment to show potential damage from floods, landslides, and other natural disasters.

The United States is the largest market for natural fire and risk insurance ($ 58 billion in 2020 according to Global Data) and is where six of the top ten of the world’s most expensive weather events occurred in 2020. This emphasizes not only the size of the market, but there are also risks faced by many insurers when writing covers for personal and commercial real estate.

After a natural disaster, you can use AR techniques such as smart glasses to investigate damaged sites. You can overlay information such as blueprints and floor plans in the agent’s field of view hands-free to find water pipes, gas pipes and other hidden but important items. AR can also overlay pre-disaster images of assets on images of damaged areas, allowing experts to easily determine the extent of damage and the amount of repair required.

Attract young customers with AR

Today’s insurance customers, many of whom are members of Generation Z, expect more engagement and innovation from insurers than ever before. Insurers can use AR to create interactive advertising campaigns and fun in-app services to attract young customers and dodge insurers. Insurers can also use AR to decipher a customer’s insurance plan, simplifying the process of understanding complex processes and choosing the right plan.

For example, the GEICO app can use AR and the user’s phone camera to overlay information about various nearby facilities and attractions and virtually mark the vehicle after parking.In addition, Prudential introduced Instagram’s AR filter as part of it in 2022. #PruMoneyTalks campaign. Displayed an animated story when held on Singapore dollar banknotes.

AR provides value to post-pandemic insurers worldwide

Source link AR provides value to post-pandemic insurers worldwide

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