PNB MetLife has launched conVRse, an on-demand virtual reality (VR) customer service platform, in India.
“Our investment in technology underscores our philosophy to support continuous innovation and customer centricity,” said Tarun Chugh, managing director and chief executive officer of PNB MetLife, in a statement.
Meanwhile, fintech platform revenues derived from supporting the insurance industry will be $235 billion globally by 2021, up 34 percent y-o-y from an estimated $175 billion in 2016, according to Juniper Research.
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In a December 15, 2016 note, IDC’s Worldwide Quarterly Augmented and Virtual Reality Headset Tracker showed that AR and VR headset shipments will see a compound annual growth rate (CAGR) of 108.3 percent over 2015-2020 forecast period, reaching 76 million units by 2020.
PNB MetLife investment in VR
The conVRse technology, developed and built in collaboration with LumenLab, MetLife’s Singapore-based innovation center and PNB MetLife, aims to provide a personalized experience to the customer through the VR headset.
Insurance customers, wearing the VR headset, can interact with a life insurance expert in the form of an avatar, named Khushi, after entering into a 3D simulated environment.
“We are delighted to launch this technology first in India. Our customers will have the unique opportunity to experience VR for the first time, to solve real-world servicing issues,” said Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia.
conVRse is the first virtual reality technology adopted by the insurance industry in India. Through an on-demand virtual reality environment, customers can connect directly with Khushi, a customer service expert and receive a personalized service using virtual aids to address any questions or policy servicing requirements.
During the phase, PNB MetLife will offer conVRse at 15 branches in 10 cities such as Delhi, Mumbai, Hyderabad, Bengaluru, Kolkata, Jammu, Chandigarh, Lucknow, Ahmedabad and Pune.
In the second phase, PNB MetLife’s customers can use VR devices – provided by insurance sales team – and raise their general insurance awareness and better understand products. They are also exploring conVRse zones at bank partner ATMs.