VR AR in the Insurance Industry

Virtual reality and Augmented Reality (VR and AR) are two sides of the same coin. They represent areas of a burgeoning technology industry with endless applications. As the technology improves, we are finding VR and AR to be useful with gaming, entertainment, and even education.

One of the most exciting parts about virtual and augmented reality technologies is that its applications are expanding into areas we never originally expected.

The insurance industry is just one example. VR is being used by risk control representatives to navigate buildings before insuring them. With the use of VR, an insurance company could simulate the building before it's built and provide a reasonable estimate of cost! For auto insurance, companies are exploring the possibility of administering virtual driving tests to ensure drivers drive safely before insuring them.

VR can even be used internally, as a training mechanism. Travelers Insurance Company created a virtual world containing a warehouse with a multitude of risks. The company used this example to train employees on how to find and mitigate these risks. This immersive experience can prove to be disruptive as the cost benefits become more and more apparent with the continued development of VR.

Insurance companies are also using VR to virtually simulate car crashes. Insurers have been leaning towards this method as a safe way to understand the nature of car crashes and it has helped with reducing accident claims and increasing driver awareness.

But this leaves a variety of areas to explore. For instance, insurers can use VR with data scientists to analyze and visualize large data sets. This scenario analysis can contribute to strategic decision making within an insurance company.

Outside of the insurance industry, virtual reality has been used as a revolutionary recruitment tool. The Commonwealth Bank of Australia has developed a virtual world that places you in their innovation lab. When immersed in this world, you meet your “colleagues” who tell you about the bank’s desire to create an app that processes invoices. From there, you are introduced to your team and are asked to make decisions in regards to this application’s development. The goal of this virtual world is to introduce potential employees to the bank’s culture by putting them in a real life work situation that bank employees take on. The Commonwealth Bank of Australia is set on showing you what their work is like as opposed to telling you.

Come meet insurance companies and tech vendors at our NYC VR AR event. Details here