Insurers are intrigued by virtual reality (VR) and some of them are already benefitting from this nascent technology, as I detailed in my two previous blog posts in this VR series. What are the keys to success?
Back when I was preparing to receive my driver’s license a million years ago, I was shown a short movie about horrific car crashes to influence me to drive responsibly. Imagine how much more powerful this technique could be using virtual reality!
Alcohol-maker Diageo has already released a VR video simulating a drunk driving crash. Insurers could explore partnering with interested third parties to release similar videos of their own and use VR as a tool to train drivers for extreme situations.
This approach could be helpful for insurers looking to target the next generation by establishing relationships with new drivers.
Sales Tool Kit
As noted in my previous blog post, perhaps the most significant usage of VR by an insurer is PNB MetLife’s launch of “conVRse,” the first on-demand, virtual reality customer service platform for the insurance industry. Customers don a VR headset and enter a 3D-simulated environment to interact with “Khushi,” a life insurance expert avatar who addresses questions and policy servicing requirements.
If PNB MetLife is using VR to provide virtual customer service, why can’t a similar platform be developed for insurance sales?
Insurers’ sales agents can be equipped with VR headsets and content that quickly explains the carrier’s coverages, products and programs via various scenarios, in a way that is both visually appealing and simple to understand.
Going from “Virtual” to “Reality”
It almost seems unnecessary to mention, but virtual reality will remain more “virtual” than “reality” for insurers unless they possess a powerful policy administration system (PAS) and a fully integrated digital suite.
The lynchpin in any successful virtual reality scheme will be a flexible, agile and innovative PAS. The ideal is to possess a system that will enable success now and into the future, by connecting and supporting new digital systems (such as VR) seamlessly and providing the power to analyze data. The two keys are seamless integration and analytics.
To learn an additional two tips to begin harnessing virtual reality for insurance industry success, please check out How to Score with Virtual Reality, my NEW eBook.