Insurers are Intrigued by Virtual Reality
Professional basketball player Andre Drummond turned to an “unconventional and new training method” to improve his shooting woes: virtual reality (VR). How was that process for Drummond?
“The first couple of days or weeks, it was hell for me,” he told NBA.com. “It was hard. I was doing something new. I’ve never done virtual reality in my life and to really accept the fact that I needed help with that part of my game was tough just to give in. When I finally gave in to training my brain to focus on one thing, it kind of worked out for me.”
This interesting quote could also be applied to insurers, some of whom have already begun investigating VR. As with all new technologies, VR initially appears daunting and complex. But insurers who are willing to focus on VR, prepare sound strategies and devote the resources necessary to execute them can find a way to win with VR.
Virtual Reality is Flourishing
Virtual reality seems like a slam dunk in terms of its future impact on consumers across industries. Research firm SuperData estimates that by 2020, the VR market will be worth 20 times more than it was in 2016, reaching $37.7 billion. Sony PlayStation was pleasantly surprised by the initial popularity of its VR headset, with 915,000 units sold in the four months after it went on sale.
And innovative companies, such as Inception, a leading provider of 360 and VR entertainment content, are helping to fuel this boom.
Many industries beyond gaming are rushing to take advantage of this new technology and attract the crucial millennial segment, which is readily adopting VR. Insurance carriers are of course looking to get in the VR game.
Insurers can use (augmented reality) and VR in different ways to drive innovation and add value with real-time decision-making, superior presentation of content, and sophisticated customer engagement.
What’s “Virtual” and What’s “Reality”?
Which insurance players have already entered the VR arena? What are the approaches insurers can begin using to jump ahead with VR? Please stay tuned for my upcoming eBook, which will answer these questions and more.
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