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INSURANCE AND AUGMENTED / VIRTUAL REALITY

Digitalization is the new growth strategy of Insurance. Competition and consumer behaviour are accelerating the digitalization process. With increasing investments in technology and introducing cutting-edge solutions for standardization of certain tasks, automation of practices, optimization of damage appraisal and assessment, etc., Insurers have slowly but surely embraced this digital turn of events.

Among these technologies sweeping the world, Augmented/ Virtual Reality (AR/VR) is one that offers real-time integration of 3D virtual elements within a real environment. This technology is witnessing considerable growth, mainly in the luxury goods, tourism and retail industries.

In insurance, an immersive experience offered by such technology enables claims to be simulated and damage to be better estimated. Better risk mapping can be undertaken in scenarios that are more or less consistent with reality and with risk environment.

While these seem to be the immediate plausible uses of AR and VR tech, what about the future? Could Augmented reality become a risk prevention tool which enables Insurers to better visualise potential risks before underwriting them?

The augmented reality market, currently estimated at 2 billion USD, is poised to grow by 200% between now and 2026.

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