From real to virtual, insurance and banks have stepped into the Metaverse

The movement is timid, but very real. The insurance and financial world is beginning to take an interest in the subject of the Metaverse. This virtual space is connected to the internet and comes directly from the online gaming market (Second Life, Minecraft, Roblox and other Fortnite). About $ 300 billion!

Insurer AXA France is arguably the first insurer to plunge in Europe. Therefore, he just got a “plot” (the right to use a digital location) on the SandBox platform. Created by two French people based in Hong Kong, the mobile game publisher was long before the announcement that Facebook had strategically shifted towards the Metaverse last fall, causing numerous projects around the world. , Immediately understood the potential interest of the Metaverse. ..

“We are basically focused on innovation, and our intuition tells us to experiment with this new field of innovation.”Is a compilation of David Guillotde Suduiraut, Director of Transformation and Technology at AXA France. Managers remember the first step in remote work with new digital tools just a few years ago, and today it has become a common and indispensable way of working.

“Today, we see a lot of interesting things coming out when we observe the world of gaming on these platforms, where we have a lot of interaction with a lot of players and external brands are starting to emerge.” He insists. He states that since smartphones, private use has been essential in the business world and no longer the other way around.

Internal use case

This clearly raises the issue of Metaverse use cases in insurance. In the case of AXA France, these practices are initially done in-house. The first issue is to use the Metaverse to animate the large Tech community within the group. Approximately 2,000 people will soon be joining the 780 digital jobs scheduled for this year.Or “Virtual 3D that prevents people from meeting in teams, and allows everyone to join a meeting of 30 or 100 people with an avatar, or switch to a more restricted meeting with just a few clicks. You can also meet in the space. “ Imagine David Guillotde Suduiraut. In fact, the Metaverse can be a kind of extension of remote work, in addition to fun.

“The second theme we’ll cover is a training theme that’s already heavily digitized, like the Climate Academy program, which is offered entirely digitally. It’s certainly possible to offer training in the Metaverse.” He continues to be an innovation manager who is also a member of the AXA France executive committee.

In addition, these training courses will be more and more inspirational. game Or dojo practice where a group of developers challenge each other to solve a problem.

The first step to a virtual agency

At the same time, certain initiatives are beginning to explore areas of customer relationships, such as the major distributors and luxury brands founded in the Metaverse. Therefore, the group’s General Agents and Provident Agents are experimenting with the concept of virtual agencies while making appointments in the Metaverse. One of the two is a game enthusiast, an active member of the low-code / no-code community (developing applications without knowing coding), and knows customers who share the same passion.

Virtual Agency is the path followed by South Korea’s Heungkuk Life Insurance Company, which joined a working group on this subject created last year under the leadership of the Ministry of Information Science, one of the (very) rare insurance companies that also exists in the Metaverse. is. technology. The idea is to allow clients to consult virtual agencies using virtual reality headsets.

And what about applying for insurance? “It’s a bit too early to say. It’s possible that we could use these virtual spaces to secure the real world. This is already happening, especially in South Korea and two agent experiments. It’s digital. It’s like an extension of use. In that case, you probably need to consider insurance for virtual products. Today, we have no answer and no demand. “David Guillotde Suduiraut says.

Is the risk too high to be insured?

Therefore, meta insurance is not for tomorrow. However, the prices of commodities have already exploded, so it’s worth insuring whether it’s cryptocurrencies, NFTs, or even virtual real estate. Some estimates predict a $ 500 billion to $ 1 billion Metaverse market within five years!

“These parallel universes have their own singularity, at the heart of which is digital identity and assets, but these assets are for insurers. MeHe is an NFT concept of responsibility and ownership And blockchain is not always completely understandable. The variability in the value of these assets is another subject of compensation, especially in the event of a claim. ” Ask Florence Tondu-Mélique, CEO of Zurich France.

After all, today’s observations are clear to leaders. “These new worlds are still in their infancy and cannot be guaranteed.”.. Without closing the door. “As risks are identified and evolved upstream, the Metaverse could become the first” design-guaranteed “universe. Emphasize Florence Tondumelik. In any case, tomorrow’s insurance needs to somehow adapt to the hyper-digitization of our daily lives.

No link

Banks and finance are also gradually embarking on adventures. Counted steps. “The experience of banking in the Metaverse is still an exception, and today it’s more of a communication logic issue than anything else.” Believe in Nosing Doeuk, mc2i partner, I just published a study on the evolution of banking.

But he points out, “Use cases are imminent, especially to recreate accessibility in an increasingly digital world. Therefore, the Metaverse could be the missing link between traditional network banking and 100% digital banking. Yes. 70% of the customers surveyed want to find a balance between remote banking and advisory relationships. “

Imagin, a subsidiary of Caixa Bank, specializes in digital services and targets connected young people. We have achieved a great promotional stunt by opening a virtual “cafe” on the Decentraland platform, a 3D carbon copy of Imagin Café, which opened in the heart of Barcelona. .. The first fintech in Europe.

Virtual concert for connected young people

For the opening of the space on April 8th, 360 degrees, Live broadcast in the virtual world. That way, Imagin’s client, Avatar, will have access to primarily cultural content (concerts, exhibitions), especially if equipped with a virtual headset. CaixaBank’s idea is clearly to commemorate the opportunity, attracting new customers by promoting its “young” brand without providing financial services in virtual mode.

As part of that, JP Morgan is more cautious. However, opening a “living room” in the virtual world of Decentraland under a brand dedicated to Onyx Script was accompanied by the issuance of a sort of manifesto for all opportunities coming from the Metaverse. JP Morgan is also an investment bank and needs to show all its clients that it has expertise in these new topics such as blockchain and crypto assets. Reliability issues. In particular, the first Metaverse-themed mutual funds are beginning to hit the market, like AXAIM. The HSBC group also took a sandbox plot without specifying a plan.

Parallel economy

In that document, JP Morgan points out the success of the Metaverse. “This relies on the existence of a robust and flexible financial ecosystem. Users can seamlessly connect the physical and virtual worlds. Our approach to payments and financial infrastructure can extend this interoperability. “

“The virtual environment Metaverse is an economy where population, money circulates and develops on the basis of assets, generally in the form of cryptocurrencies … Therefore, there are all the conditions for replicating a market economy. Banks have everywhere, especially in managing payments. “Nosing Doeuk says.

So it’s no coincidence that all payment giants, including Apple Pay, Google Pay, PayPal Visa and Mastercard, already exist in the Metaverse, not to mention crypto exchange platforms and crypto wallets. Therefore, Visa and Mastercard are increasing the demand for projects and approvals with the aim of becoming players in the exchange of digital assets, or simply ensuring the processing of payment cards in the Metaverse.

The emergence of this parallel economy is far from a common idea. Many banks are not yet convinced of the benefits of the Metaverse. On her blog, Ann Bowden, who widely follows and listens to Sterling’s boss at online banks, raises serious questions. “It’s always easier to stay in touch with people 24 hours a day, 7 days a week via mobile applications.”