New Novarica brief evaluates potential use cases for insurers
Boston, MA (Aug. 28, 2017) – While their effect will be most impactful over time, augmented and virtual reality each boast considerable potential for impact within insurance, including implications spanning risk mitigation, improved efficiency and loss ratios, and enhanced customer service. In a new executive brief, Augmented and Virtual Reality: Potential Use Cases for Insurers, research and advisory firm Novarica outlines the current state of VR and AR, and likely possibilities for these technologies in the insurance industry.
Carriers are adapting to these recent trends with strategies to approach the market with simplified product sets and the technological capabilities to enable and support a defined, flexible, and well-connected distribution. Through these strategies, annuities insurers can position themselves for success in the future.
“In an industry as risk averse as insurance, AR has the potential to predict risks either before they happen or as they happen, and VR presents an opportunity to prepare for and model risk in an essentially zero-risk environment,” says Keith Raymond, Vice President of Research and Consulting at Novarica. “Insurers should plan to monitor and engage with these technologies in the future.”
A preview of the brief is available online at https://novarica.com/augmented-and-virtual-reality-
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 100 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.
Source: NovaricaTags: Augmented Reality (AR) & Extended Reality (XR), customer experience (CX), Novarica, Virtual Reality (VR)