Augmented Reality (AR) technology has been at the forefront lately, and the trends of 2019 show that there will be an increase in the usage of technology in the future. This technology is likely to be used in various sectors, especially the insurance industry. With powerful smartphones and Microsoft HoloLens becoming popular, there is a massive scope for insurance agencies to improve their services for customers and offer a more interactive user experience.
Let’s check out 6 potential ways of using augmented reality in the insurance industry.
1. Explain Insurance Plans
There are many insurance plans that a company offers and it can be somewhat confusing for the insurer to select the right one for them. In addition to that, going through each plan can be a long and tedious process too. Therefore, with AR technology, insurance companies can create explanatory videos where people can put their goals and choose plans accordingly. Augmented Reality makes this process interactive, fun, and exciting. Hence, users are more engaged when they work with AR apps and are able to choose the most appropriate insurance plans for them without too much hassle.
AR can help in simulating real-life risky situations in order to showcase the importance of various health, life, and other types of coverage plans. A creative and immersive simulation can be more effective than a website, salesperson, or a brochure.
2. Guidance & Training
In case of property damage, there is a need for safety as well as precision. In such cases, an AR-enabled solution can play a vital role in giving helpful information and guiding specialists remotely to perform repair work without any hassle. Moreover, it can also allow the experts to mark essential areas in the built-in screen as well as add useful tips or even a checklist using the gesture control. Hence this method helps in increasing the effectiveness, optimizes the time of the experts, and reduces the overall cost.
Similarly, Augmented Reality can play a vital role for the purpose of training. AR technology can be used to add additional in-depth information. Moreover, it can be done with several people across geographies at the same time. It can definitely improve the quality of overall training programs for the employees and reduce the cost of the training significantly.
3. Estimation of Damage
Augmented Reality can help in estimating the damage in a remote area. It can offer a 360-degree assessment of the damage just by using photos of the object. It is done by making 3D models of those photos. Currently, video technology is used for this assessment, but AR technology makes the process much more efficient.
Moreover, with digital plans as well as the installation of sensors in the building, AR technology can help the insurance inspectors review the damages in a building accurately. AR-enabled solutions can help the inspectors look far behind the walls of a building so they can easily determine the epicenter of fire or gas line.
4. Advertising Campaigns
Due to the interactive experience offered by AR, it has immense potential in the marketing domain too. Insurance marketers can capitalize on the entertainment aspect of AR technology. 3D models can be specially designed to promote their offers as well as services. They can also urge users to share their AR experience with other users. This can provide a more innovative and modern approach to advertising.
Moreover, it can also add a feature for users to order their insurance program directly. If the insurance companies make good use of this digital transformation, they will still be very relevant in the market despite the changes in the customer base. Furthermore, the easy availability of smartphones that are capable of showing AR simulations, insurance companies can easily capitalize on smartphone devices. To sum up, they can create awareness about the importance of buying insurance in a fun and interactive way.
5. Educate The Consumers About Possible Risks
Insurance companies can easily educate consumers of the common risks and dangers with the help of AR technology. This can reduce the number of insurance claims because consumers would know all about common risks in virtual but “real-looking” environment. Hence, immersive simulations with the help of AR technology can help in improving the overall safe, good practices across various types of policyholders.
Homeowners can learn more about common issues that arise at home, leading to fire or flood. Working with Virtual-looking real situations, insurers can learn more about preventing significant problems. This can be applied to all types of insurance, including offices, homes, vehicles, and much more. Spending on such education programs for consumers can give returns in the form of lesser claims.
6. Improved Customer Service
Augmented Reality can help in enhancing the overall customer experience of the insurance company. The overall operational efficiency of the company can be improved, leading to more and more satisfied customers. For example, with the help of AR, customers can lodge a complaint, and it can be rectified remotely in real time. Without AR, there would be a need for a person to visit the place and then do the inspection. After the inspection, they will have to make a report, get it approved and only then can an insurer get their claims. However, with AR, the overall time can be reduced significantly by conducting the entire process using AR apps.
In addition to that, the customer service providers can also provide guidance to the insurers in real time. They can help with filing the claims, filling the forms, resolving any kind of billing issues and much more. A virtual customer service center with a possibility for the insurance policyholders to interact with the adjusters directly can allow for faster and more accurate documentation of the issues. It can be done through a smart glass or merely a smartphone of the policyholder. So, the experts can get on to the scene of damage immediately (virtually) and take the exact measurements. With improved customer service, there will also be an enhancement in customer satisfaction.
To sum up, AR technology has a lot of potentials to improve services in the insurance industry. The current phase can be seen as a transition phase from the age-old methods in the industry to the new ones. Therefore, it is the right time for insurance companies to implement AR use cases in their business if they want to be on top of their game in their businesses and stand apart from their competitors.
The AR technology not just offers cost-effect ways of enhancing the business but also makes the entire process more interactive and engaging for the customers. In addition to that, AR technology opens new doors of risk exposure and new types of insurance policies. Hence, this is the right time for insurance companies to start building AR-enabled systems and models.
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