Distance has been a problem for insurers throughout the history of the industry. It is a source of cost, inconvenience, and inefficiency. Now, thanks to extended reality, the difficulty of distance is coming to an end.
As expressed in the 2018 Technology imagination for Insurance, the mesmeric experiences made possible by technologies like virtual reality and augmented reality are changing the way people interact with information, occurrence, and each other. Accenture uses extended reality, as a blanket term for these technologies.
Insurers are increasingly turning to Extended Reality to eliminate distance and improve access to people, experiences, and information. 84% of insurance leaders look over for Tech Vision 2018 reported that it’s very important for their organization to be a pioneer in Extended Reality solutions. The same percentage forecasted that it will create a new foundation for interaction, communication, and information. While Extended Reality uses are still in their early days across the industry, trials are moving forward and the technology has many promising use cases.
To be sure, Extended Reality is still in its early days, with significant challenges still to be addressed. Extended Reality content is very expensive to produce right now. Low market penetration of Extended Reality -capable devices limits the potential impact of Extended Reality experiences.
As that happens, Extended Reality ’s power and admired within insurance will grow, possibly to the point that the most important experiences an insurer offers will be virtual ones. When exactly that will happen is still unknown. The effect of other trends described in the 2018 Tech Vision for Insurance is less opaque.