Take out insurance in the metaverse: Smile makes it possible

Many insurance companies are struggling with their online presence, especially on social media. According to of an evaluation by the Lucerne University of Applied Sciences and Arts from 2020. no insurance company succeeded in achieving above-average performance in all the criteria examined. Health insurers still scored best. But in the meantime, the digital insurance world is on the move - with the first appearances in the metaverse.

The world of insurance in the metaverse

Insurance companies that have relied on a digital business model from the outset are, of course, in a different position in this respect. One example of this is Smile, which is now the largest digital insurance company in Switzerland. Smile now also offers its services in the metaverse, namely in the new smile.meta world. Interested parties can now dive into the new Smile Experience Lounge and experience Smile's offers and services virtually in 3D. This includes the smile.meta living room for household insurance and the smile.meta garage for Smile's car insurance offering. According to its own presentation, Smile is also initiating a novelty with the first virtual insurance consultation in the metaverse. The InsurTech company is also bringing its customer care consulting unit to Web 3.0, where interested parties can make daily consulting appointments and, if necessary, take out insurance directly. Technical support for the Smile Metaverse concept was provided by Inacta AG. The Zug-based IT consulting company is regarded in Switzerland as a pioneer and expert in topics related to blockchain and Web 3.0.

Digital meetings become more individual and personal

The move into the metaverse is by no means coming out of nowhere, but fits smoothly into Smile's strategic orientation as a digital lifestyle brand, according to the statement. The metaverse now offers the digital insurance company new possibilities in customer interaction, in which customers are in the same virtual space as Smile customer care employees. Accessing the smile.meta experience is as simple as clicking a link. VR glasses are not mandatory, but recommended for the full immersive experience. Virtual consultation appointments can also be easily booked via the Smile website. By merging the physical and virtual worlds - a key feature of the Metaverse - physical distance can be bridged in an uncomplicated way, creating increased digital proximity to customers. For example, contract-related topics can now be explained vividly by virtually showing different types of glass or parking damage to a car. The funny thing is that Smile is moving its offices to the top floor of the Prime Tower in Zurich, giving customers not only a view of parking damage during the consultation in the Metaverse, but also a wonderful 360° view over Zurich.

Taking the pulse of the new generations

With its move into the Metaverse, Smile is reinforcing its pioneering role in the Swiss insurance industry. In doing so, the InsurTech always aims to deal with new technologies at an early stage. In this way, Smile is getting ready for the challenges of the future and, as a digital lifestyle brand, is taking the pulse of the new generations. "Currently, the company is still at the very beginning when it comes to the topic of Metaverse. However, due to its immersive character, we see great potential to create a completely new customer experience and to inspire customers of today and tomorrow. We are getting ready for this with the smile.meta experience," says Roberto Monosi, Head Customer Care at Smile.

Smile sees the move into the metaverse in a broader context and as a starting point for exploiting the opportunities offered by Web 3.0. This includes topics such as NFTs and Smart Contracts - areas in which Inacta has a lot of experience and is engaged with customers on a daily basis. Inacta was engaged as the Metaverse expert in this project because, as a systems integrator, the company knows the insurance industry very well and can therefore translate Web 3.0 opportunities into tangible solutions for companies like Smile. "The convergence of the physical and virtual worlds will enable a new, unprecedented way for humanity to interact," says Daniel Rutishauser, Head of Blockchain at Inacta.

The next step is to explore what exactly this means for an organization. In any case, it will be exciting to see how the smile.meta experience is received by customers and whether this new type of customer journey will become an established offering in the Swiss insurance landscape.

Source and further information: Smile insurance / Inacta Group