The Metaverse Will Support the “Shift from Risk Compensation to Risk Mitigation” | New

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The use of digital twins of buildings or objects in the metaverse could support the “passage of [providing] risk compensation to risk mitigation” currently underway in the insurance industry, Kenneth Saldanha, global head of insurance at Accenture, told the sister publication. insurance time.

“More and more people are starting to dip their toes in the water around the metaverse and start using it,” added Jamie Althorp, the company’s UK insurance manager.

Saldanha added that the digital twin concept – in which a virtual parallel of a physical object is created – could be extremely useful in demonstrating risks to customers or exploring the impact of risks on a plant, supporting the increased demand for risk mitigation on the part of customers.

While the Metaverse remains a “junior concept” for now, it’s “evolving at pace,” Saldanha explained.

He said the metaverse could dramatically change operations in the insurance market and the impacts were “just starting to be felt now”.

Saldanha explained, “Imagine being able to do a custom training: ‘We’ve taken your plant, created a digital twin of it in the metaverse, and can now work virtually with different setups to show you where you might need security devices for your workforce. ”

“Huge” products

Saldanha further stated that the metaverse will create the need for “huge new insurance products”: “There is no doubt that there will be a need [for new products] as more and more people start putting their characters and digital assets into the metaverse.

“They will be huge.”

Training use cases for risk mitigation would come before new products, Saldanha predicted, but after that, “we’ll start to see new products and revenue.”

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