Insurance companies can use augmented reality in various ways to bring innovation and drive value with the capability to make decisions in real-time, provide interactive, useful, and entertaining content in a new way, and increase customer engagement.

The insurance sector tends to hesitate to deploy AR in its business processes, but augmented reality technology can provide it with many opportunities that will enable companies to be more competitive and attract more customers.

Tracking and navigation systems can augment real-time data to help people better understand the surrounding conditions, such as potential dangers on the road, other vehicles’ speed, signboards, weather, or traffic.

It will ensure a safer driving and, as a result, will help insurers save their funds on claim compensations.

When it comes to communication with customers, insurance agencies often behave distant and aloof while being tied with their traditional methods and channels of interaction with their target audience.

However, the emerging augmented reality technology already changes an insurer by insurer including such leading companies as Allianz and AXA.

Small and medium (S&M) insurance companies should turn towards the exploration and deployment of new technologies such as augmented reality to compete with those players who have been leading the market since the 1950s.

SMB market participants face many difficulties in this competition since they rarely can offer lower prices for insurance plans or more significant amounts of payments.

Therefore, they should discover new ways of how to attract a new generation of young adults or even existing clients of leading insurers.

Augmented reality is among those new age technologies that can provide insurers with a winning advantage in the form of a modern interaction with customers.

It’s hard for insurers to offer something new to customers when it comes to the quality of services.

However, with augmented reality, insurance companies can establish a new engaging communication method that will bring value to customers and encourage them to choose a more interactive company.

The insurance industry will take advantage of those opportunities driven by augmented reality in the close future since other sectors; gaming and retail, in particular, took a step further in their exploration of AR technology.

However, when augmented reality becomes mainstream, those insurers will take the lead that will have the deployment process started by that time.

Perhaps, soon we will see new amazing and more effective AR use cases in insurance.

For example, using drones that can measure dimensions of damaged property areas and augment this real-time data to help adjusters perform remote damage assessments.

One way or another, augmented reality is worth investing in.

Content delivery, damage assessment, or employee training – whatever application you choose, it will definitely highlight your insurance company in this highly competitive market and help you gain word of mouth.

To lead the way, it’s essential to be remarkable.

If you need a professional consultation on augmented reality development – contact us, we are always ready to help!

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