MetLife, Inc. (NYSE:MET) announced that its unique virtual reality solution, known as conVRse, has won the Asia Insurance Industry Award 2017 for 'Innovation of the Year'.
conVRse is a first-of-its-kind experiential Virtual Reality (VR) customer service platform designed to revolutionize interaction between insurers and customers. This solution was developed by LumenLab, MetLife's innovation center in Asia, and PNB MetLife, its joint venture in India.
This is the second consecutive year that MetLife Asia is being recognized for innovation, consolidating its position as a leader in innovation. Last year, the company won this category with its insurance product "Beautiful".
"We are delighted to be recognized as a leader for innovation in our industry and want to thank the panel of judges and AIIA team for encouraging innovation in insurance which is critical if we are to evolve into a truly customer-centric industry," said Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia. "What I like best about virtual reality is that it allows the customer to be the protagonist in their own financial journey. Our solution conVRse is a huge first step that our customers love."
This is the first time that virtual reality is being used in the insurance industry to benefit the customers' directly. The platform provides a differentiated, immersive and a personalized experience to the customer through VR headsets available at select PNB MetLife branches. The VR headset brings customers face to face with an avatar "Khushi". Khushi is a life insurance expert who can show customers all their policy related information while answering their queries. The initial response from PNB MetLife customers has been exceptional; 96% say it has had a positive impact on their brand experience.
conVRse has also won "Best Technology Initiative of The Year Award" at The National Awards For Excellence In Insurance 2017, the 'Virtual Reality' – Category at the prestigious "BFSI Digital Innovation Award", hosted by Indian Express Group, "Best Technology Innovation 2017" at the prestigious Fintelekt Insurance Award , demonstrating its business and social impact.
conVRse originated from the 2015 MetLife Asia Mobile Challenge, an internal employee innovation challenge won by three colleagues from PNB MetLife.
The Asia Insurance Industry Awards 2017 are hosted by Asia Insurance Review magazine. The panel of judges included insurance industry CEOs, industry leaders, regulators and experts from across the Asia Pacific region.