London, UK -- (SBWIRE) -- 10/18/2022 -- The latest publication titled Augmented Reality (AR) in Insurance – Thematic Research has been added to GlobalData Plc report catalog. The report predicts that augmented reality in insurance will garner a CAGR of 36% during 2020-2030. AR will enable risk visualization and onsite safety. AR glasses can improve onsite safety for inspectors and specialists by allowing them to record information hands-free, overlay notes on their field of vision, and easily communicate with other team members.
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Entertaining AR features are also likely to engage younger customers. Insurers can use AR to create interactive advertising campaigns and entertaining in-app services to attract younger customers and fend off insurtechs. Insurers can also use AR to decipher insurance plans for customers, simplifying the often-complicated process of understanding and choosing the right plan. The increased transparency and clarity can help mitigate the lack of trust in insurance firms among customers.
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Augmented Reality Value Chain Analysis
GlobalData's augmented reality value chain is split into five segments: semiconductors, components, devices, platforms, and applications and content.
Semiconductors
- CPUs
- GPUs
- VPUs
- Image processors
- Communication chips
- MEMS
- Memory chips
Components
- Motion tracking
- Batteries
- Displays
- Cameras and 3D lenses
- Audio components
- Machine vision
Devices
- Smartphones
- AR smart glasses
- AR headsets
Platforms
- AI
Apps & Content
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Augmented Reality in Insurance Highlights
- AR has been aiding in resolving challenges pertaining to COVID-19, digitalization, ESG, and insurtech.
- Companies are deploying AR solutions to strengthen their position in the market. For instance, AXA's XL Catlin used Microsoft HoloLens for visualizing risk more accurately. The HoloLens will scan the client's environment and calculate the relevant coordinates to overlay adjustable digital imagery.
- Allianz and AXA used SightCall to increase the efficiency of the claims process. Allianz partnered with SightCall in its endeavor to use digitalization to make the claims process less tedious for the customer. Allianz adjusters used SightCall to conduct remote, real-time video assessments of claims damage.
- AiBorne Tech's platform is streamlining vehicle inspections using AR and AI. To enhance the platform, AiBorne Tech is seeking to efficiently transport a custom computer vision layer over the original AR stack to optimize real-time remote collaboration on standard devices.
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Augmented Reality in Insurance Companies
M&A activity in the AR market is intensifying, with access to technology being the principal rationale for most deals. Providers of 3D visualization, collaboration solutions, and hardware makers are prime acquisition targets as the industry pursues more engaging and immersive experiences. The main motives for AR partnerships across the insurance sector have been creating engaging marketing, streamlining the claims process, and broadening in-app offerings.
Top AR companies in Insurance Sector
- AiBorne Tech: AiBorne Tech's platform comprises AI-based damage detection (TrueInspect) and AR-based remote expert video collaboration (AssistXR). The platform has been used to automate and streamline vehicle inspections for auto insurers across the vehicle life cycle, including inspections during the policy renewal period and as part of the claims process.
- Blippar: Blippar is a technology company specializing in creating AR content for clients across various sectors. It partnered with LV= to create interactive flyers that users could scan with a smartphone app and with USAA to develop an AR app that overlays price and insurance information on cars.
- SightCall: SightCall is a leading visual assistance platform within the enterprise AR market. It has partnered with multiple insurers to digitalize and streamline their claims process, including Allianz, AXA, Tokio Marine Holdings, and Lercari Group. It uses AR to overlay markers and text on live video to enable specialists to provide remote assistance during inspection processes. Alongside the insurance sector, its technology is used across the manufacturing, telecommunications, power, and life sciences industries.
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About GlobalData
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