Meta Universe: The Future of Full Digitization – What does it mean for the insurance industry?

18 Nov 2021

YG Financial Services shares with you what the insurance industry will be like for the future generation

Recently, meta universe (meta) has become a global buzzword. On October 28th, Facebook’s founder Mark Zuckerberg announced that “Facebook” was being renamed “Meta”, indicating his dedication to the future of the internet and Facebook – Metaverse. Metaverse is a hypothetical holographic virtual environment in which users can live, work and play.

On November 2nd the industry giant Microsoft also announced its entry into the enterprise Metaverse, and plans to launch Metaverse office software for use next year (see the picture below).

At the same time, many of China’s domestic technology giants such as Tencent, Alibaba, ByteDance and Baidu are taking action in the “meta universe”.
On November 5th, China’s Internet celebrity and technology entrepreneur “Lao Luo” (Luo Yonghao) (see the picture below) announced that he would also enter the meta universe. He declared on Weibo that “we will do a lot of things in the technology industry in the future. It will inevitably lead us to the meta-universe, regardless of whether we want it or not. From this perspective, our next entrepreneurial project is also a so-called “meta-universe” company.”

Image source: Luo Yonghao’s Weibo avatar

Douyin’s virtual character “Liu Yexi” (see the picture below) also made a big hit in the meta universe. This virtual beauty blogger only posted two short videos and got more than 4.26 million likes and gained more than 2 million followers. Within a week, her fans have exceeded 4.3 million.

Image source: 36kr

So what exactly is this “meta universe” that has attracted global technology giants and investors, and has been crazily pursued by so many fans? What might it have to do with the future of the insurance industry? Today YG Financial Services will address this interesting topic.

1. Metaverse

Meta universe is not a new term. It first appeared in 1992 in the novel “Snow Crash” (see right-hand image below) by American science fiction writer Neal Stephenson (see left-hand image below).

Image source: Sina Sina.com

In the book, the author describes a virtual space parallel to the real world and names it Meta Universe or Metaverse. As long as you have special goggles with built-in earphones and find a connection terminal, you can enter a virtual space as a virtual avatar. A virtual space simulated by a computer.

2. Two interpretations of the meta universe

The meta universe is still a developing concept and there is no universally agreed view of it.
There are two main interpretations of the meta-universe. The most popular and common view is that the meta-universe is a virtual space or place.

1) The meta universe is a space or a place
When Mark Zuckerberg launched Meta, he emphasized that Metaverse is an immersive network platform where you will have a strong sense of presence. In this virtual world you can work, study, entertain, shop, and create with others just like in the real world.
It is now generally believed that the virtual game “Oasis” in the 2018 movie “Ready Player One” is the best interpretation of the meta universe. In the film, Wade (a slum teenager in real life), wears a VR device and becomes a player named Parzival in the virtual world “Oasis”, in which he meets friends and earns money through labour and competition. Oasis has unique internal values and cultural characteristics.

2) The meta universe is a point in time
This perspective was put forward by Twitter master Shaan Puri, and Internet celebrity Luo also believes that this perspective is more “reliable” than Zuckerberg’s understanding.

Puri proposed that the meta universe is a point in time – a point in time when virtual life is more important to us than our real life. This will not happen all at once, but has been gradually changing over the last two decades.
He explained: “Our attention used to be 99% on our physical environment. TVs dropped that to 85%. Computers down to 70%. Phones.. 50%.” He went on to explain that our focus has been pulled away from the physical and drawn to the digital world.
Currently we still need to take out our mobile phones from our pockets, but Puri predicts that “soon some company will make smart glasses that sit in front of our eyes all day”. At that point our attention to our screens will increase from 50% to 90% or more. Puri says that moment is the true beginning of the meta universe: the point in time when “our virtual life will be more important than our real life”.

Image source: BBC

3. What does Meta Universe mean for the future of the insurance industry?

At present, in addition to the pursuit of Metaverse by the technology giants and the investment industry, the gaming scene and social software have also entered the world of Metaverse. In addition, some people predict that when auto manufacturers release new cars in the future, they will synchronize it with the release of “virtual space for users to test drive.” In the future, you might be able to try on clothes virtually while shopping online, and then pay and send it to your real address when you find something you like.

So what does Metaverse mean for the insurance industry?
YG Financial Services believes that the digitization of various industries is the general trend, and the insurance industry is no exception. If Metaverse becomes a reality and the door to the virtual world is completely opened, the insurance industry’s services and products will undergo tremendous changes, which will greatly change the customer service experience.

  • The variety of insurance products may increase even more, covering not only real life scenarios but also various scenarios in the meta-universe.
  • The delivery of insurance services could also be fully online. Sitting at home, customers would only need to meet with the insurance consultant in Metaverse via the holographic image they created in order to complete the six steps of YG Financial Services: building mutual trust, information collection, needs analysis, planning, recommendations and the entire process of policy review. For example, customers in China who want to learn information about insurance in New Zealand can meet with different insurance consultants in Metaverse to have useful consultations without having to travel.

All kinds of lectures, training sessions, and annual meetings will also move towards Metaverse.

Picture from a Meta application scenario

  • The insurance industry has further strengthened its association with other industries. For example, experts in the medical, loan, accounting, and legal industries in the insurance service chain can instantly participate in the customer’s insurance services (such as meetings and claims) in Metaverse.
  • The review of the insurance industry will be faster. Perhaps in the future, simply by scanning the customer’s body or holographic image, you will be able to know their health status and access their medical records, making the insurance approval process easier. Before the meeting with the insurance consultant via Metaverse, artificial intelligence would made a preliminary plan based on the collected information. After the insurance policy takes effect, it would automatically be saved in the cloud database linked to the customer’s holographic image and could be viewed at any time.

The motto of YG Financial Services is “Your Generation… Your Life”. We believe that insurance services should not only serve this generation, but also the next generation. In order to meet the digital future’s head on, YG Financial Services has been actively carrying out online transitions this year.

  • Meetings: Due to the restrictions of the pandemic, all meetings were conducted online. We also held an online public welfare live broadcast event to answer questions on the spot and received positive feedback from customers.
  • Documents: At present, YG Financial Services’ forms, insurance policies, customer signatures, etc. are all online, which greatly reduces paper waste and is environmentally friendly and convenient.
  • Business card: YG Financial Services has created an electronic business card. With just one touch, the business card information can be saved to the customer’s mobile phone.

YG Financial Services still remembers that in the 1990s, when it came to mobile payment, online shopping, facial recognition and online meetings, it all still just felt like a science fiction scene. In just over 20 years, these have already become part of daily life. In the next 20 years, maybe we will all meet in the meta universe. Who dares to say that is impossible?!

Today’s message is just the beginning. We welcome colleagues and customers to come and discuss this with YG Financial Services, and boldly imagine more application scenarios of Meta Universe!

Share:

Need some advice but not sure where to start?

Contact us today for a no-strings, free 30-minute consultation.

Let’s keep in contact.

We create a newsletter that is worth reading. We are passionate about educating people to become financially savvy and helping them protect the things that matter.

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

Contact Us

Physical Address: Unit 6, 33-35
Apollo Dr, Rosedale, Auckland 0632

Postal address: Po Box 305289,
Triton Plaza, Auckland 0757

Contact Us

© 2021. All rights reserved.

Get Social

We’d love you to keep in touch with us on our social media channels

WeChat

YG Financial Services wechat image