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The Future of Alchemy: Emerging Trends and Technologies Metaverse in Insurance – A Virtual Customer Experience

Azmee Zaheer (Chandigarh University, India)

Animesh Singh (Chandigarh University, India)

Kaushal Kishore Mishra (Chandigarh University, India)

Reepu (Chandigarh University, India)

Luan Vardari (University “UKSHIN HOTI” Prizren, Republic of Kosovo)

Data Alchemy in the Insurance Industry

ISBN: 978-1-83608-583-6, eISBN: 978-1-83608-582-9

Publication date: 21 November 2024

Abstract

Purpose

The present study delves into the incorporation of the Metaverse in the insurance industry, with an emphasis on augmenting consumer experiences via virtual interaction.

Design/Methodology

We explored secondary data sources on metaverse in the insurance industry and went through a thorough analysis of the literature and case studies, showcasing best practices and inspirational tales from top insurers.

Findings

The study found that insurers are ready to capitalize on the convergence of the digital and physical realms embracing the “phygital” environment. By making investments in the Metaverse, insurance companies can reduce new risks, enhance customer satisfaction, and streamline operations. But it also brings up issues with user privacy and security. The efficient application of metaverse solutions may be hampered by problematic areas including malware, cyberbullying, identity theft, cyber hacking, and cyberattacks. User privacy and data security are complicated issues that need the cooperation and accountability of several stakeholders.

Practical Implication

Insurers may revolutionize traditional insurance interactions by utilizing cutting-edge technology like virtual reality (VR) and augmented reality (AR) to create personalized, interactive, and instructive experiences for their consumers. For insurers, the Metaverse has ushered in a new era of digital transformation by giving them a powerful arsenal of technological resources to engage with customers and develop creative business plans.

Originality/Value

The study on the Metaverse in insurance—a virtual customer experience is an original contribution based on literature and case studies on virtual experiences. The ultimate goal of this study is to offer insights into the optimization of virtual client experiences in the digital age by examining the possible advantages, difficulties, and ramifications of applying Metaverse technologies in the insurance industry.

Keywords

Acknowledgements

12. Acknowledgments

We express our heartfelt gratitude to all those who have helped in this research work by giving their inputs directly or indirectly through their research works as references or direct inputs as respondents. We express our heartfelt indebtedness to the almighty God who has given us the strength to complete the research work.

Citation

Zaheer, A., Singh, A., Mishra, K.K., Reepu, and Vardari, L. (2024), "The Future of Alchemy: Emerging Trends and Technologies Metaverse in Insurance – A Virtual Customer Experience", Taneja, S., Kumar, P., Reepu, Kukreti, M. and Özen, E. (Ed.) Data Alchemy in the Insurance Industry, Emerald Publishing Limited, Leeds, pp. 133-152. https://doi.org/10.1108/978-1-83608-582-920241021

Publisher

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Emerald Publishing Limited