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Insurance company PNB MetLife has announced the launch of a first-of-a-kind virtual reality-based customer service platform conVRse, which will make customers take informed decisions and experience enhanced service quality.
TS Vijayan, Chairman of Insurance Regulatory and Development Authority of India, along with Nilesh Sathe, Member-Life, IRDAI, inaugurated the facility in the presence of Tarun Chugh, MD and CEO of PNB MetLife, at the insurance company’s office in Hyderabad.
After experiencing the VR interface, the IRDA chairman, who once was heading the IT division of LIC, said usage of technology in the insurance sector has been slow but things are rapidly changing. “While I do not know how technology will replace somebody, technology will be a major enabler,” he said. “As a regulator, my major concern is to ensure a customer gets best service,” he said. Asked about the impact of demonetisation, the IRDA chief said it is not likely to have a big impact on the insurance industry. However, following the demonetisation drive, the payment of premium period has been extended by 30 days, which will enable people to pay their dues.
On the overall growth in the insurance sector, he said the sector is likely to grow more than the GDP rate of growth during the current financial year.
Tarun Chugh said, “Our ongoing investment in technology underscores our philosophy of supporting continuous innovation and customer centricity. This technology will revolutionise the concept of customer service.” Explaining the features of the virtual reality platform built in collaboration between MetLife’s innovation centre LumenLab in Singapore and PNB MetLife in India, he said this is the first time virtual reality is being used in the insurance industry and aims to provide a differentiated and personalised experience to the customer through VR headsets available at 15 PNB MetLife branches across 10 cities initially, which will be extended to other centres.
When a customer puts on a VR headset, he finds himself in a 3D simulated virtual room, face to face with an expert, who then takes the person through various stages of the interface and facilitates in decision-making.
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