Insurance has conventionally be known to be a distant, aloof and standoffish when it comes to interacting with its customers. Sweeping changes in technology are changing that one insurance company at a time, transforming the way these companies conduct their businesses. Augmented Reality is one such new age technology.
Imagine being able to view live traffic on a physical map. Or seeing the score summary on a live video of a sporting event.
Augmented Reality is nothing but a live view of a physical, real-world environment whose elements are “augmented” by computer-generated or extracted real-world sensory input such as sound, video, graphics, haptics or GPS data. Using AR can play a crucial role in enhancing your perceptions and interactions with the real world.
Let’s look at a few use cases of augmented reality in insurance according to Jasoren:
AR makes insurance products easy to understand: Insurance products have been known to be arcane, highly technical and dry, something most consumers are not comfortable with. AR makes use of 3D animations to tell the story better. They also enhance perceptions being created by the corresponding insurance company.
New niches for insurance: Most people are aware of life insurance, medical insurance, accident insurance and home insurance. The release of Pokemon Go AR app has many of its users go outdoors and chase Pokemons. Insurance companies which had an ear to the ground immediately came up with Pokemon accident insurance.
Opportunity for data gathering: Companies today can’t have enough of customer data. But to customers, the whole exercise of giving information about their activities is a pain in the neck. Customers who use AR app for one reason or the other leave important data trails that the companies seek. It is a win-win situation where the company benefits from the data and the customers are engaged by the fun AR app.
Better quality of employee education: Insurance companies have realised that their employees are the best source of word of mouth branding. Hence, they are finding fun and engaging ways to train their employees in their products and policies using AR apps. The now motivated and educated employees can only make the companies more profitable.
Transforming traditional advertising: Advertising just got more interactive and persuasive using AR. It now enhances the perceptions of the potential customers using AR technology. With the right gear, customers can view the AR media advertisement in a way that totally dazzles them. However, this is still a nascent stage of experiential marketing.
Some routine tasks of insurance are made easier: Tasks like car damage inspection and repair cost estimation are routine in insurance. They are now performed by AR technology and in a better way, too.
What’s the way forward for AR in insurance?
Insurance companies have been a little slow in adopting AR, probably because the vast majority of their customers are yet to have the right gear for an AR enhanced experience. But once AR goes mainstream, they will be able to quickly capitalize on that. They are likely to see it as a part of their metamorphosis.
Source: Telangana Today