The metaverse continuum has arrived, merging real-world and virtual personas, properties, and space in the next evolution of the Internet. Enabled by technology and creativity—and underpinned by human and social norms—the metaverse will enable a spectrum of exciting new products, experiences and business models for the insurance industry. It will bring about dramatic changes in how insurers interact with customers, employees and partners; design products and services; and run their businesses.
Many of the technologies that the metaverse is being built on aren’t novel, while others represent the cutting edge. But what is revolutionary is the convergence of emerging and maturing technologies in the metaverse—including artificial intelligence (AI), augmented and virtual reality (AR/VR), blockchain, digital twins, edge technologies, cloud, digital currencies, non-fungible tokens (NFTs), social platforms, ecommerce, and digital marketplaces. As they intersect, these technologies give rise to innovative ways for people and organizations to interact.