The Future of Alchemy: Emerging Trends and Technologies Metaverse in Insurance – A Virtual Customer Experience
Azmee Zaheer, Animesh Singh, Kaushal Kishore Mishra, Reepu Reepu, Luan Vardari · 2024
Abstract Purpose The present study delves into the incorporation of the Metaverse in the insurance industry, with an emphasis on augmenting consumer experiences via virtual interaction. Design/Methodology We explored secondary data sources on metaverse in the insurance industry and went through a thorough analysis of the literature and case studies, showcasing best practices and inspirational tales from top insurers. Findings The study found that insurers are ready to capitalize on the convergence of the digital and physical realms embracing the “phygital” environment. By making investments in the Metaverse, insurance companies can reduce new risks, enhance customer satisfaction, and streamline operations. But it also brings up issues with user privacy and security. The efficient application of metaverse solutions may be hampered by problematic areas including malware, cyberbullying, identity theft, cyber hacking, and cyberattacks. User privacy and data security are complicated issues that need the cooperation and accountability of several stakeholders. Practical Implication Insurers may revolutionize traditional insurance interactions by utilizing cutting-edge technology like virtual reality (VR) and augmented reality (AR) to create personalized, interactive, and instructive experiences for their consumers. For insurers, the Metaverse has ushered in a new era of digital transformation by giving them a powerful arsenal of technological resources to engage with customers and develop creative business plans. Originality/Value The study on the Metaverse in insurance—a virtual customer experience is an original contribution based on literature and case studies on virtual experiences. The ultimate goal of this study is to offer insights into the optimization of virtual client experiences in the digital age by examining the possible advantages, difficulties, and ramifications of applying Metaverse technologies in the insurance industry.