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3 Ways Insurers can Embrace the Metaverse | Publicis Sapient

Unique Ways Insurers Can Embrace Web3 and the Metaverse

Legacy insurers were slow to go digital in the past. However, there is no reason why they should remain on the sidelines whilst emerging insurtech rivals explore the ways in which new technology could be used in their businesses.

New technology such as the blockchain-based Web3 (also known as Web 3.0) is one of much importance to the insurance industry. Web3 is a decentralized version of the current World Wide Web that we use today. The biggest product of Web3 is cryptocurrency.

For those who aren’t aware of what cryptocurrency (also known as crypto) is, the term refers to a collection of various, decentralized and global digital currencies that exist within the blockchain. While cryptocurrency is not considered legal tender in most countries yet, there are several different types of cryptocurrency in use including Ethereum, Solana and Avalanche. However, the oldest, and most popular form of cryptocurrency is Bitcoin. Interestingly, despite being tied with the emerging Web3 technology, the creation of Bitcoin actually dates back to 2009, which is fairly ancient when compared to most other crypto which launched from 2015 onwards.

Meanwhile, the other much-discussed new technology (which also forms part of the Web3 wave) is the metaverse. Championed by Facebook (now known as Meta), the metaverse refers to a network of virtual, interactive worlds.

Over the course of this article, we will highlight the ways in which insurers can embrace and use these new technologies throughout the various departments of their business.