Augmented reality technology, abbreviated as AR, is a technological advancement that utilizes a computerized sensor feedback like sound, images, or GPS data to enhance or even transform a person’s view of the real world. Futurists say that this innovation is likely to impact the insurance, sports, banking, health and manufacturing industries in many ways.
Just like many other innovations that preceded it, augmented reality (AR) is an uncertain technology that will either create opportunities or introduce new risks in the commercial insurance industry. For instance, some pessimists argue that the rise of the AR technology would lead to privacy violation, virtual harassment, and policy changes to match the new opportunities presented by the disruptive technology.
On the other hand, some positive people say that this emerging technology is likely to enhance communication between insurance companies and clients alongside opening more coverage opportunities like cyber insurance and personal accident liability. Below is a detailed frame of mind to help you understand the risks and opportunities of this disruptive technology.
What are the possible risks associated with AR Technology?
Chief business experts say that the adoption of AR technology will result in a loss of $20 billion by the year 2020. The experts support this argument on the basis that there will be an increase in accidents like falls and tripping when playing AR games. For instance, some people were reported to fall off 50 feet and 80 feet cliffs while playing Pokemon, an AR related game. In another case, one man was said to hit himself against a tree while playing the AR game.Besides the increased risk of personal injury, AR technology also poses a significant health and behavioral risk to users. For instance, health experts have associated the use of this disruptive technology to cause adverse health effects like nausea and dizziness. As such, businesses will be forced to look for solutions to mitigate work absenteeism related to the use of AR technology.
Pessimistic futurists argue that AR technology, more especially the AR games are likely to place a user’s information security at risk. This is because the AR game involves capturing photos and videos using gadgets that have a Geolocation that can be tracked. On the other hand, the information you share on AR can leak to third parties who can use it for impersonation or other cyber crimes. Such security risks are likely to cost companies billions of dollars.
AR Opportunities in the Insurance Industry
Regardless of the fact that AR Technology comes along with risks that can lead to the loss of billions, this emerging technology has its good sides in the insurance industry. For instance, some insurance companies may use AR as a tool to assess the risk of insuring a building or any other asset. Related articles
Furthermore, the insurance provider can take advantage of the various risks posed by the emerging technology to provide coverage solutions that can cover some of the associated personal and corporate losses.Another possible opportunity presented by AR Technology is that auto insurance companies can use the disruptive AR technology to uncover the cause and nature of car accidents with a view of reducing auto insurance claims. Similarly, auto insurance companies can use AR to gauge a driver’s driving skills before insuring them.
In addition to the use of AR technology to reveal the cause and nature of car accidents, insurers can use AR technology to present their customers with an opportunity to use the AR technology to get business insurance quotes when shopping around for an insurance deal.
How Can Insurance Companies Get Prepared For The Disruptive Technology?
Evidently, AR is a disruptive technology that can open a way for new opportunities. For instance, any insurance company that aims to gain from this emerging technology should come up with ways to utilize the technology in assessing risks. Insurance firms could also come up with new insurance solutions to cover businesses and individuals from the losses associated with AR technology.By  Lindsey Patterson | Embed |
Author Bio - Lindsey is a freelance writer specializing in business and consumer technology. | |
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