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Extracting Competitive Value Add: Augmented Reality Data in the Insurance Industry

Explore how augmented reality applications can use data to support the insurance industry. Discover AR in the home insurance market with Fixzy.

Augmented reality is taking off. The global AR market is estimated to be worth $72.5 billion USD by 2024. As more platforms enter the market, the benefits are becoming more widespread and easier to access for businesses from various sectors. However, one of the greatest advantages of augmented reality is that it can be harnessed to provide an entirely new richness of data sources for insurance companies.

Improvements to home insurance data sources, in particular, can dramatically improve efficiency across the industry. In this article, we’ll examine the various ways that augmented reality is helping to support the collection of more accurate data in insurance than ever before. We’ll also explore what the implications of augmented reality data in insurance are for underwriters, loss adjusters and brokers.

So how does augmented reality use data in the first place, and why is the home insurance market especially well placed to take advantage of the technology?

How augmented reality uses data

Augmented reality works by using a mixture of sensors and computer vision to provide a composite image of a ‘real world’ picture overlaid with additional information. Most of the sensory information that AR tools need can be fed through a modern smartphone camera. As a result, the best AR solutions are smartphone compatible.

Computer vision is slightly more complicated. Software has to be trained to recognise items and objects. The need for sophisticated computer vision is the reason why smartphones require additional software, like Fixzy Assist, to identify objects and damages.

Significantly, computer vision enables AR tools to collect richer home insurance data. Smartphone cameras using AR tools can collect, send and process data with pinpoint accuracy, which isn’t possible via a standard video call. Additionally, data can be directly uploaded to an organisation’s public cloud, making it seamless for staff to retrieve and access highly detailed records whenever necessary.

Why is augmented reality so valuable in data collection?

Mobile games such as Pokemon Go may have popularised the current conception of what augmented reality is, but in truth rich data collection is the most significant use case for AR tools. AR is useful because it helps humans to visualise and represent abstract concepts in dimensions that are more relatable to our experience of the world.

Put simply, accurate 3D modelling of spaces and structures dramatically increases the speed with which information can be communicated and understood. Floor plans with signposted directions, virtual model neighbourhoods, even plumbing and wiring can be expressed rapidly in visual terms any observer can understand. Crucially for the home insurance market, homeowners with little to no knowledge of technical principles can quickly provide detailed information to insurers.

But there are additional reasons that augmented reality tools represent a highly valuable opportunity for insurers. Whatsmore, it’s important to consider how home insurance data itself can be enriched to help make the industry as a whole more efficient.

So why does augmented reality provide a particularly good opportunity for the stronger collection of data in insurance?

Home insurance data for the twenty-first century

Let’s take a look at how home insurance professionals can benefit from augmented reality, and how data in insurance can help deliver the best service for policyholders and companies alike:

  • Loss adjusters: No need for onsite visits; detailed measurements and assessments of damage can be taken without having to travel to and from properties, which is especially critical in the aftermath of surge events caused by extreme weather

  • Brokers: Armed with accurate dimensions, readings and spatial data, brokers can tailor packages with precision, increasing their value proposition and providing a powerful counter to a highly commoditised insurance market

  • Underwriters: Similarly to brokers, access to the right information is critical for underwriters attempting to accurately insure risks for homeowners and property managers.

Policyholders, meanwhile, benefit from a faster, more accurate service. The accuracy of augmented reality tools can help home insurance companies inspire confidence in homeowners and property management companies, driving up growth by boosting the volume of premiums.

Augmented reality to support home insurance data collection

Home insurance companies can take advantage of augmented reality right now. Investing in an easy-to-use, affordable technological solution can help insurers maximise the efficiency of their staff and provide a highly valuable customer experience at the same time.

Data analysis will only continue to become more essential to modern business across all sectors. Insurance companies that recognise the value of highly rich sources of data, captured with cutting edge augmented reality tools, will set their businesses up for continued success as the digital age develops.

Harness the Power of Data in Insurance with AR from Fixzy

Empower your home insurance business with highly powerful data using Fixzy Assist. Whether you’re a broker, or looking to better support your underwriters and loss adjusters, use a smartphone compatible tool for your home insurance teams today.

Collect, share and store data to optimise your home insurance offerings and attract more policyholders than ever before.

Get in touch to request a free demo.

Posted in Blog Articles on Sep 13, 2021