When the metaverse and the insurance world meet
I’ve got to tell you, this metaverse thing is making my head explode. You just paid how much for a property that only lives in your headset? Is jy van jou kop af?
But so many people are talking about it, so I pulled some of King Price’s tech experts – yes, I’m looking at you, Doc Eugene Wessels?– a bit closer to get the lowdown on what it is, and what it means to the insurance industry.
So, it turns out the metaverse has actually been around for ages. We’ve been living online for years now: Look at areas like gaming, shopping, hybrid offices, digital education and online communities. If I’m understanding this correctly, the metaverse is simply the next step in that digital world we spend so much time in. You still live, work and socialise – you just do it virtually.
What does it mean for the insurance industry? This is a tough one. It’s very early to say. But, for now, the gurus see four ways that the metaverse can change the world of insurance.
For a start, it means meeting our clients wherever they choose to be, whether that’s on a tiny island in the Bahamas or the top of the Empire State Building, or in the depths of their minds. Hey, we said multi-channel, and we mean it.
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Two, it means looking at assets in an entirely new way. You wouldn’t think of opening a physical store without insurance, so why would you do the same in the metaverse? We’ll have to start looking at ways to insure non-tangible assets, like crypto currencies and NFTs. (And if you think the metaverse is a brain bender, NFTs are another thing entirely.)
The third one is a super-important one: Cybersecurity. If you’re hacked in the metaverse, it could be tough to come back from.
And finally, we may also have to review the way we do home insurance. In the UK, insurers are seeing a 31% rise in claims for injuries and damages caused when playing games with an AR headset on. ‘The glass coffee table shouldn’t have been there in the first place…’
I’m still checking it out from a safe distance, but there you have it. We live in interesting times.
https://www.forbes.com/advisor/investing/nft-non-fungible-token/
??Liquid Love ??????
2 年Worst insurance ever to be with . 3 months to sort my claim . Would never recommend it to anyone
Short-term Insurance Advisor at PSG Consult LTD.
2 年Will KP be the first to open a office in the Meta? Please do it Gideon so that the other can follow.
Podcast and Audiobook production concierge
2 年Now this is a conversation I'd listen to :-)
Actuarial | Model Building | Data
2 年Hi Gideon Galloway - don't think you remember me, but many moons ago I sat across the table from you during a FSB (before the FSCA days) onsite. I fell inlove with King Price and since that day and have been following you guys. I come from an Actuarial background with focus in General Insurance. I recently plunged head first into the Metaverse world and working for a company that is leading the charge in the NFT gaming space. I have a passion for both insurance and this emerging technology. So hoping that this mixture of experience can lead to something good in the future. Great to see that you are also thinking about it - great write up.
Founder at Good Life Optimal Wellness
2 年Exactly!!! I also think it's a bit beyond crazy. But there is definitely scope for insurance on those properties. Innovation innovation Gideon.