How Metaverse can transform Insurance

The next wave of digital revolution is being ushered in by the metaverse, and insurers will face both obstacles and tremendous technology tools to differentiate themselves over the coming five years. The metaverse will raise standards for how carriers connect with customers, the things they create and offer, and how they run their businesses. The metaverse, which will be the next stage in the development of the Internet, will be a continuum of established and developing technologies that will collaborate to produce immersive content and experiences. These technologies include artificial intelligence (AI), augmented and virtual reality (AR/VR), blockchain, digital twins, edge technologies, cloud, digital currencies, non-fungible tokens (NFTs), social platforms, e-commerce, and digital marketplaces. The development of the metaverse will start to have an impact on every aspect of insurance in the coming years, including operations, distribution, revenue streams, and employee experiences. Points of discussion: 1. The Metaverse as we know it, is set to reshape the insurance industry in the next five to ten years. Can you give us your thoughts on how this can happen in reality like in the ways of training, new revenue streams and distribution? 2. What according to you will be the new business opportunities that Metaverse can bring to the insurance value chain. 3. Insurance companies can be an early adapter of Metaverse technologies but at the same time, it can be challenging to get started when addressing a topic as vast as the Metaverse. Where do you think insurers should focus first or rather where do they start to begin their Metaverse journey? Speaker Bio: Prashant Koorse, is the Executive Partner for Insurance at IBM. At IBM, Prashant is responsible for driving profitable growth of the multi-billion dollar global insurance P&L and is recognised as a Global thought leader on technology driven Insurance business innovations. Prashant also works with the global start-up ecosystem on applying cutting edge technology innovations in financial services. He is recently been working with one such Silicon Valley start-up to help financial services firms build platforms, automate and orchestrate niche processes using smart contract technology. Lastly, Prashant was recognized as among the 10 most promising business leaders in India in 2000. He has also co-authored a handbook on risk management and won various awards from Infosys, Wipro, Cognizant among others. He has a MBA from IIM Bangalore and BTech in Chemical Engineering from NIT Trichy.