Augmented Reality in the Insurance Industry - How it’s Making an Impact?

Augmented reality or AR, has many applications that can improve your life. Of course, AR also works to improve various industries as well. Augmented reality field service creates and projects images that make the user feel like part of the landscape. It actually puts you into the "action," which allows you to safely learn from situations that can be complicated and/or dangerous in reality. While the insurance industry has lagged a bit in incorporating this technology, it has recently upped its game, using AR in a number of situations that make claims adjusters and repair technicians more efficient and customers more satisfied.

1. Determining Repair Costs

Some insurance companies are using augmented reality field service to help their adjusters assess the amount of damage in a building by creating 3D models from photos. AR allows them to overlay before and after images, which helps reveal the extent and location of the damage. This technology can allow inspectors to "see" beneath the floors and behind the walls, which allows them to accurately estimate damages and the costs associated with repair. In situations such as hurricanes, adjusters could largely do their work from afar, which would greatly speed up the payout process. Live remote assistance allows claim processors to do their job faster and more effectively as well.

2. Repair Solutions

Augmented reality may also allow policyholders to interact with contractors and determine which repair option they prefer. When your home floods, for instance, figuring out what replacement flooring to use and what to do about the appliances can be hard to picture.

Imagine being able to know how each repair would look before you made your choice. You could also make an informed decision about spending your own money to supplement what your insurance covers. When you make these decisions blind, you often end up regretting some of your choices.

3. Customer Education

At least one major insurance company has created an online home that contains various dangerous scenarios. By using your smartphone, you can put yourself in the home and find the problems that can lead to home accidents and/or structural damage. In that way, you and your family will be inspired to make your own home safer.

Insurance companies want their policyholders well educated in these matters so that fewer accidents happen. That way, the companies pay out less money, and homeowners stay healthy and experience less upheaval. These insurance exercises work on the same principles as many video games, making them enjoyable as well as educational. You might even get the kids to take part.

This video-powered platform can also be used to help consumers choose their insurance policies. Reading about coverage is less informative for many people than seeing scenarios in action. Some companies are employing AR to demonstrate what happens when you choose certain policies. You can better understand your copay responsibilities and what happens when you wreck your car when you can see the situations play out.

AR already has many practical uses for various industries as well as individuals. The insurance industry is particularly well-suited to employing augmented reality field service solutions. Adjusters continually have to assess damage and make reasonable payouts to policyholders. They must strive not to overpay or underpay in every situation in order to keep the company financially healthy. AR allows them to more accurately complete their tasks with the help of live video support. Repair technicians benefit from having a full picture of what damage has been done. In addition, insurance companies use this technology to better educate their customers. The augmented reality revolution has already arrived, and it is fast becoming a key component of your insurance coverage.