The Potential Impact of Apple Vision Pro on Insurance

Blog

Sibylle Fischer

March 20, 2024

Innovation

If novel spatial computing technology is widely adopted, how might the insurance industry be affected?

Though it’s still too early to determine whether or not Apple’s new mixed reality headset, the Vision Pro, is going to experience widespread adoption, the spatial technology it’s powered by is innovative enough to hold transformative potential for many different industries, including insurance. Let’s take a closer look.

What does the Apple Vision Pro do?

The Vision Pro uses spatial computing technology to blend digital content within physical spaces using a mixture of AR, VR and lots of custom sensors and cameras (you can check out the full tech specs on the Apple website). The headset, which resembles a futuristic snorkel mask minus the breathing apparatus, can be controlled through subtle movements from your eyes, hands or voice (imagine flicking through your apps, projected in 3-D right in front of you, using only glancing eye movements, and you get the general idea). The Vision Pro promises an assortment of magical bells and whistles, all occurring as a kind of immersive, virtual layer on top of your lived, real world experience – type on an invisible keyboard; transform the space around you to any landscape; capture photos in panoramic 3-D and then stand inside the memory; video conference with life size colleagues, and so forth.

Are customers adopting this technology?

Though this technology is in many ways groundbreaking, the jury is still out on overall adoption (the first products were shipped in February of this year and the $3499 price tag itself is prohibitive to many potential customers). Still, enough use has been observed that early concerns over the headset’s safety have already made headlines (numerous people were documented wearing the Vision Pro while behind the wheel of a car, presumably making use of the gadget’s assisted driving features, which managed to draw a warning from U.S. Transportation Secretary, Pete Buttigieg).

What are a few ways spatial computing could impact insurers?

Even if you understand only a little bit about the power of spatial computing technology, it becomes possible to imagine some of the ways insurers could be affected. From liability cases caused by accidents that occured during use of these devices, to relevant insurance use cases like mixed reality property inspections, there are a range of potential applications for the industry. Here are a few areas of potential impact:

Liability: Spatial computing could have big implications for traffic safety agencies, Apple and insurers in general, influencing the wider liability issue of distracted driving.
Risk-mitigation & Claim Assessment: Spatial computing devices could be used by adjusters for property claim inspections (as imagined here), damage and/or risk assessments, and even to estimate repair costs through damage image recognition. Insurers could also use headsets for training purposes (simulating disaster-affected areas, for example), or to create risk assessment tools for customers to flag potential risks in their homes or businesses.
Fraud Detection: 3-D image data could assist in comparing pre-claim and post-claim imagery in order to help identify fraudulent claims.
Customer Education: Spatial computing applications could also be used to help educate customers, especially around risk-mitigating practices. For example, in the context of health and life insurance, this technology could be used with policyholders to share health and wellness routines, showcase safe practices, and to offer expert consultations – potentially reducing health-related claims.

Make no mistake, this technology is quite young and there remain a number of significant limitations which are likely to slow broad adoption for now: high cost, limited accessibility (you can currently only purchase from the Apple store, and doing so requires taking a facial scan for a proper fit), short battery life (Vision Pro gets just a couple hours per charge), and duration of use (dizziness was observed in some wearers after about 30 minutes). And for insurers thinking about future applications: guaranteeing data privacy and security while also maintaining regulatory compliance will be areas that absolutely require more research. Still, some novel technologies take years to gain significant traction, but when they do, the impact is enormous. As spatial computing technology continues to improve, more applications and use cases are almost certain to emerge for insurers. And that alone makes this a space worth watching.