Augmented Reality as a Game-Changer for Insurance Sector
By: Linda Malecaj
Tags: Industry 4 0, AR, Augmented Reality, Technology, Insurance

Augmented Reality as a Game-Changer for Insurance Sector

These days we are realizing that Augmented Reality (AR) is causing a wave of transformation for businesses operating in different industries. Given the fact that all these businesses are experiencing a lot of challenges recently, including the pandemic that has changed the world, the embracement of this technology is emerging as quite necessary. Various companies are aiming to improve the entire flow of various processes efficiently by reducing the costs and improving the return on investment through the maximum adoption and utilization of this technology.

The insurance sector has to do mainly with complex processes related to each other and that have their own difficulties. There are many critical and unexpected situations that may arise and in such cases, immediate customer support is required. The importance of Augmented Reality technology lies in the fact of enabling remote assistance by overlapping digital content and information in the physical world. This remote assistance is enriched with the peculiarity of exchanging visual materials such as photos, 3D objects, or even pdf files. Although the difficulty of processes such as inspection and documentation, they are facilitated significantly by AR remote assistance in real-time.

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Let’s address some of the most important applications of AR and how the insurance sector is benefiting from its solutions:

Enhanced Customer Service

Insurance companies that usually operate and also deal with property or auto insurance often face situations that may have caused serious damage. These damages in most cases have to do with high monetary values. In these situations, an insurance agent is definitely needed to inspect and assess the damage. Usually sending the agent to the place of the occurred damage requires extra time and cost. Augmented Reality makes it possible to provide real-time assistance, and to speed up the whole process. The real-time visual connection gives the insurance agent a complete view of all the damage and the surrounding environment. In this way the inspection and assessment of damages are provided faster and more accurately, improving at the same time the customer service.

Boosted Customer Education and Engagement

Augmented Reality aims not only to educate customers but also to engage them in all processes when a problem arises. Customers through AR remote assistance interact with insurance agents by transmitting to them real-time data as well as receiving the appropriate instructions for the actions to be taken. By knowing the fact that customers are a key point for business prosperity, they have affected companies to take steps for the avoidance of confusing situations that can cause dissatisfaction with the services provided. By AR remote assistance companies manage to integrate their customers as part of real situations and make them understand the issues from within. This helps to drastically increase the customer’s satisfaction with the provided solutions in the most efficient way possible.

Risks Reduction

As insurance companies might operate and deal with various issues such as financial or business continuity, through remote assistance it is possible to increase customers’ awareness of potential risks. Customers are presented with various situations which makes them understand in more detail these risks and the steps they need to take to overcome them. While potential risks are anticipated, it becomes possible to achieve cost minimization. At the same time, the engagement of insurance agents in the performance of their duties is maximally fulfilled and successfully increased.

Improved Documentation Process

Processes related to inspection, evaluation, guidance, or even training conducted through AR-based live collaboration tools serve also for later purposes. AR remote assistance challenges the physical distance and makes it possible to document all the mentioned above processes, in order to use them at a later time for many various reasons. This documentation also serves as an important process for providing information for managers who want to evaluate the performance of employees but also even for issue proofing if any customer-agent conflict may occur in the future.

Highly efficient solutions now are coming from VSight Remote, an AR-based application that provides remote assistance and enables the maximum reduction of visits by insurance agents to places where issues might have occured. With VSight Remote insurance companies can control the damage of several equipment types, autos, or even properties and provide proper guidance. VSight Remote can also be used for customer education and awareness through the so-called training room it offers. This remote assistance allows clients to transmit images, 3D models, or document files of their claims to insurance agents and vice versa. All this is done in order to ensure a faster and more accurate process of their request as well as the improved management of the issues by finding the right and appropriate solutions.

From all the above it is easily understood that Augmented Reality technology has an important role in finding and providing efficient solutions and at the same time meeting customer requirements. As a technology that offers a wide range of benefits should continue to be taken into consideration for a possible integration as part of operational processes by businesses operating in this sector and not only.

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