While the insurance world is investing heavily in innovation and Insurtech funding is at its highest in the world, the metaverse seems to have had little impact on this industry.
In order to understand the challenges for the sector of the arrival of the metaverse, we interviewed Emmanuel Moyrand, founder of Insurtech in the blockchain and member of the Board of Insurtech France. Indeed, the year 2022 should mark a turning point with the arrival of new initiatives and massive investments in the metaverse by the insurance sector.
Can you define in a few words what the metaverse is?
In a nutshell, the challenge is daunting.
A metaverse (from the English metaverse, contraction of meta universe) is a fictional virtual world.
More precisely, it is the set of virtual worlds connected to the Internet, which are perceived in augmented reality, forming a virtual universe endowed with a functional economy in which all digital life is interconnected, including with brain-machine interfaces, such as those developed by Elon Musk’s NEURALINK.
The term is regularly used to describe a more sophisticated successor to the Internet where virtual, persistent and shared spaces are accessible through 3D interactions with one key word: interoperability.
Indeed, users must be able to move from one end of the metaverse to the other while keeping their avatar and their virtual assets.
Tomorrow, you will be able to do almost everything in a metaverse: see a concert, take an online trip, visit a museum, play with your friends, access virtual sports coaches, go shopping in all the shops you want.
Finally, cryptocurrency technology seems to adapt perfectly to the metaverse. Moreover, the growing interest in NFTs gives a small idea of the potential economy of this persistent virtual universe. They allow users to authenticate the purchase of a digital good (an image, video or music, but soon perhaps clothes, a car, a virtual house or other virtual accessories). This could lead to the emergence of a truly self-sufficient virtual economy with people selling digital goods through metaverses, or collectors, sellers having a life of their own.
What are the applications in the insurance of the metaverse?
We are at the beginning of a breaking point.
We are currently witnessing a triple explosion:
– Explosion of the prices of “lands” or virtual real estate that one buys in each metaverse (it is sometimes even difficult or even impossible to manage to buy some)
– Explosion of the valuations of the various cryptocurrencies (and in the first place the ETHEREUM which is the cryptocurrency associated with a blockchain which allows many things (including smart-contracts which make it possible to set rules and the security of transactions, essential in terms of digital sale)
– Explosion of NFTs which have a value that evolves according to demand (An NFT by the artist Beeple was sold for $69.3 Million!)
Virtual plots of land like Upland are already selling, sometimes for hundreds of thousands of dollars in cities like San Francisco or Nashville. As in life, location is king in the metaverse, it’s all about being in the best position for the land to have value. It is even possible to rent your land so that the tenant can build galleries, games, or giant screens…
If we ask ourselves for a moment about insurance, which is a vector for securing financial, human and material assets (movable and immovable property) in real life since 1666 and the fire in Greater London, we can clearly see what happened next. .
Like ROBLOX, and its 30 million daily users (an increase of 80% in one year), the vast majority of whom are under 12 years old, which represents only one of the major METAVERS ( On can also cite SANDBOX, CRYPTOVOWELL, DECENTRALAND) it is easy to imagine that these digital flows, these spaces, these virtual properties, will have to be ensured quickly.
We are witnessing the revolution of contextual computing: by mixing virtual and augmented reality, there is really an evolution of personal computing in which our devices perceive and understand the world around us in order to offer us an ultra personalized experience.
The METAVERS will tomorrow be the market where we will ensure the real (home and its business and its person in health life death) and its virtual (land, vehicles, avatars): going further than the Internet, metaverse will replace it and will therefore be the place where tomorrow’s multichannel digital customer experience will take place.
The entry point of the insurance will move at a speed that we find difficult to perceive from the Batignolles agency towards the metaverse without going through the internet which will have given up arms to be absorbed by the ultimate experience: the Meta-insurance or Meta-insurance.
In your opinion, what will be the speed of diffusion in the insurance sector?
Talking about “the metaverse” is a bit like having a discussion about the precise definition of the Internet in the 1990s. The beginnings of a new form of communication were emerging, but no one could really know what it would actually look like.
One of the principles of virtual worlds is that they are said to be “persistent”, that is to say that they continue to exist even when you are not playing, as well as augmented reality which combines the digital and physical worlds. There is a major addictive side coupled with ease of access that will accelerate its development.
What is your 5-year vision of the metaverse?
I start from a simple principle: we are going to see the creation of a true parallel economy in the digital world, where users can create, buy and sell goods.
Every day, we’ll wander through several METAVERS, interoperable, allowing you to transport virtual objects such as clothes or cars from one platform to another. In the real world, you can buy a shirt at the mall and then wear it to the movies.
By offering a new experience to users of digital technologies, the metaverse offers different ways to earn money in this parallel world, bringing a new dimension to our consumption habits.
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