By now you've probably heard the term Metaverse. Maybe through the media, from Mark Zuckerberg's (very awkward) announcement, or maybe you’re just hearing about it from your super hip, friendly group benefits company.
However you may have heard about it, the Metaverse is on its way.
What is the Metaverse?
There isn’t a super firm, Webster’s Dictionary definition of what the Metaverse is, but it revolves around some key concepts:
- A network of several (possibly interconnected) 3D virtual worlds;
- The ability for users to interact in a social manner in an ever-expanding digital universe (like ours, but more explorable);
- Avatars/characters that act as the identity for each person that dives into the world of the Metaverse; and
- The inclusion of digital currency and assets such as cryptocurrency, in-world tokens, cars, property, NFTs, etc.
So, although it is not clear what the Metaverse will look like or when the Metaverse will happen, we do know that businesses are already preparing for the opportunities and challenges it may bring.
So why are we talking about it, and where do group benefits fit in?
You know around here we like to be nimble, work digital, and embrace technology to change the group benefits business. So of course, we think the whole concept is pretty cool. The economic and technological possibilities are interesting to think about, so we wrote a blog about it! Now, it isn’t clear how insurance or benefits will fit in this new online world. That being said, we can speculate on possible avenues such as asset protection, or health coverage.
Because the Metaverse will include digital assets, there’s an opportunity to get coverage for them. We know what you’re thinking, car insurance covers damage to your car, but how can things get damaged in a digital world? Although assets in the digital world can’t necessarily sustain damage like their physical world counterparts, they are still susceptible to “damaging” acts like hacking and fraud. So, like the physical world, we believe you will be able to insure these assets since they can incur some sort of loss or damage.
There’s an opportunity for health coverage as well! In today’s world, virtual healthcare (care provided over phone, video, or chat) is becoming more and more commonplace. So, if virtual healthcare can be covered right now, why wouldn’t a virtual visit with your doctor in the Metaverse fall under the same coverage? Similarly, what about taking a Wellness Spending Account, which can cover yoga classes, ski passes, life coaches etc., and applying it to the virtual world? A lot of our world has gone online in the past two years. Who's to say you won’t be able to take a yoga class in the Metaverse? Perhaps even meet with your life coach using your avatar instead of connecting on a Zoom call?
We don’t have a crystal ball, so we’re not sure when this will happen, or what the exact implications will be for our world. But it’s exciting to think about all the opportunities that can come with such a technological advancement, and hey, maybe someday there will even be a Blendiverse!
