Virtual Reality Insurance Training Benefits

February 14, 2023
Written by:
Talespin Team

There's a world of infinite possibilities with virtual reality insurance training. No longer limited to traditional training methods, insurance professionals can now accelerate their learning, improve their negotiation skills, and build rapport with customers through immersive VR simulations. 

In this blog, we will explore the numerous benefits of VR insurance training and examine how immersive learning is revolutionizing the insurance industry. We'll see what the future of insurance training may look like and help you understand how to take your skills to the next level.

Benefits associated with Virtual Reality Insurance training:

  • VR Insurance Training Simulations Allow You to Quickly Experience and Practice Different Training Scenarios
  • Virtual Reality Insurance Training Accelerates Learning
  • Build Rapport With Customers Using Virtual Reality Training for Insurance
  • VR Training for Insurance Teaches Employees to Negotiate and Problem-Solve 
  • Scale Virtual Training for Insurance Use Cases
  • Frequently Asked Questions About Virtual Reality Training for Insurance

1) VR Insurance Training Simulations Allow You to Quickly Experience and Practice Different Training Scenarios

VR  training for insurance is transforming the way insurance professionals understand and respond to a range of situations. Gone are the days of passive, one-size-fits-all training methods. With VR training, insurance professionals can immerse themselves in a variety of scenarios and quickly develop a comprehensive understanding of how to best handle them.

With the ability to experience immersive learning scenarios, claims agents improve their ability to diagnose and assess a range of situations. This allows them to practice and refine their skills in a controlled environment, making them better prepared to handle real-life situations. Whether it's a minor accident or a major disaster, VR insurance training enables insurance professionals to acquire the skills they need to respond with confidence, empathy, and efficiency.

For example, an insurance agent may need to assess water damage in a house. They may encounter a range of different situations: everything from an active leak to a belligerent customer to an unforeseen issue that arises during the assessment. Virtual reality training for insurance professionals can help A.) simulate as many situations as possible, while B.) arming professionals with the skills needed to diagnose, de-escalate situations, and collaborate and build trust with customers. 

VR training for insurance is revolutionizing the way insurance professionals understand and respond to a range of situations. By providing a more engaging, efficient, and effective training method, VR insurance training empowers insurance professionals to improve their skills and knowledge, making them better equipped to handle dynamic situations on the job and in the workplace. 

Related: Level Up Your Scenario-Based Learning With VR

2) Virtual Reality Insurance Training Accelerates Learning

One of the main benefits of virtual reality training for insurance is its ability to accelerate learning. Insurance professionals can optimize their training time and upskilling by participating in immersive training sessions.

How so? Well, research has found that VR learning is up to 4 times faster than traditional learning methods, according to PwC. People learn better when they are immersed in certain situations, rather than reading about that situation in a textbook or hearing about it in a lecture. 

VR is also an effective way to improve retention of information. The same PwC research found that VR learners were 275% more confident in their abilities than learners who acquired knowledge by other traditional methods. In the insurance space, this is critical: a claims agent that is knowledgeable, empathetic, and decisive builds rapport and confidence with their customers. 

VR insurance training is changing the game for insurance professionals. By providing a more engaging, efficient, and effective training method, virtual reality insurance training is helping these professionals learn faster and retain knowledge better, empowering them to better handle different situations and create more meaningful connections with customers - an aspect we'll examine more closely in the next section. 

Related: What Experts Are Saying About Learning in the Metaverse

3) Build Rapport With Customers Using Virtual Reality Training for Insurance

Virtual reality training for insurance is playing a critical role in helping insurance professionals best service and connect with customers. Building trust and maintaining a strong relationship with customers is essential for the success of any insurance company. 

One of the key benefits associated with VR insurance training is its ability to simulate scenarios through virtual human role play. This helps insurance professionals practice building rapport and empathy with customers in a range of challenging situations. By participating in immersive training sessions, insurance professionals can learn how to communicate effectively and build trust with customers, no matter the circumstances.

Helping cultivate a workforce's soft skills is vital for the insurance industry, and VR training for insurance is a key avenue for developing these skills and maintaining strong customer relationships.

Related: Speaking the Metaverse Language: ‘VR,’ ‘Digital Twin,’ ‘NFT,’ and Other Web 3.0 Terms Defined

4) Learn to Negotiate and Problem-Solve

Negotiation and problem-solving skills are critical for the success of any insurance professional. 

The ability to negotiate and problem-solve is another important aspect of building rapport with customers. Strong negotiation skills are vital for maintaining a good relationship with customers while walking them through their options, or politely and appropriately pushing back on their presumptions. Talespin empowers insurance professionals with tactful and effective ways to negotiate with customers, while ensuring they feel heard and seen.

Immersive Learning simulates these situations, enabling insurance professionals to practice negotiating with customers and finding solutions to problems in situations that feel real. By participating in these immersive training sessions, insurance professionals can learn how to communicate effectively, negotiate with customers, and solve problems in a way that maintains a good relationship and builds trust. They can hone their skills and learn to regulate their emotions in a safe environment, where the stakes are lowered – so they'll be the best version of themselves when they are on the job. 

Related: Learning in the Metaverse: Key Takeaways from the Experts

5) Scale Virtual Reality Training for Insurance Use Cases

The rise of remote work has changed the way companies train their employees, and the insurance industry is no exception. With large portions of training moved to virtual modalities, virtual reality training for insurance provides a more engaging, realistic, and scalable solution than video conferencing or e-learning.

Virtual role play powered by immersive technology creates more engaging and realistic training programs than traditional e-learning solutions. This ensures that insurance companies with remote workforces can effectively train their teams and provide them with the latest best practices and techniques. Virtual reality insurance training provides a flexible and scalable solution for insurance companies looking to train their employees, regardless of their location.

Additionally, virtual reality training for insurance can help insurance companies standardize training programs across different departments and locations. This ensures that everyone is trained on the latest best practices and techniques, helping to maintain a consistent standard of service across the organization. It also can help with team building and onboarding, as remote workers feel a greater connection through these immersive activities. 

By providing insurance companies with a flexible and scalable solution for training their employees, virtual reality insurance training is helping insurance companies ensure that their employees have the skills they need to succeed – wherever they are in the world.

Related: Tower Hill insurance drives workforce innovation with the Talespin platform 

Frequently Asked Questions About VR Training for Insurance

How does Farmers Insurance use its virtual reality VR training program to improve the skills of its staff?

Farmers Insurance companies use VR training programs to improve the skills of their staff by providing them with immersive, realistic scenarios to practice and learn from. This can include building rapport with customers, negotiating and problem-solving, and quickly understanding a range of situations they may encounter. Additionally, virtual reality training can accelerate the learning process, helping employees to retain information better and maximizing their training time.

Farmers Insurance leverages a virtual reality training curriculum that focuses on simulating critical workplace conversations and helping employees practice key interpersonal skills.

"At Farmers Insurance, technology is a constant investment driven by our commitment to improve the customer experience at every point of engagement," said Tim Murray, Head of Claims Shared Services at Farmers Insurance. "By implementing Talespin's virtual human training technology, we will enable our claims representatives to practice critical interpersonal situations and complement our current training processes, empowering our employees and continuing to offer our customers quality service."

Like so many other insurance companies, Farmers Insurance has taken advantage of immersive learning and VR training for insurance to improve the skills of their staff by accelerating the learning process and scaling training across virtual workplaces.

What companies use VR training?

A variety of industries and organizations use VR training, including insurance companies, healthcare providers, military and law enforcement, education and more. VR training is used by companies to train employees in a wide range of skills, from customer service and sales to hazardous-duty operations and medical procedures.

Some of the companies known to use VR training include Walmart, Delta Air Lines, Walgreens, Boeing, and Honeywell. These companies leverage VR technology to provide their employees with realistic, hands-on training experiences that help them to build their skills and prepare for real-life situations.

Overall, VR training is a versatile and effective tool for companies looking to train their employees in a more engaging and efficient way. Whether they are looking to improve customer service, enhance safety training, or build technical skills, VR technology is proving to be a powerful tool for companies of all sizes and across all industries.

Which insurance companies use AR?

Insurance companies are increasingly exploring the use of Augmented Reality (AR) for various purposes including employee training and customer engagement. The use of AR in the insurance industry offers several benefits such as improved customer experience, enhanced collaboration and training, and reduced costs.

Some of the insurance companies known to use AR include Allianz, AXA, and MetLife. These companies are using AR technology to provide employees with interactive training experiences, simulate real-life scenarios, and provide customers with virtual product demonstrations and simulations.

Overall, AR has the potential to revolutionize the insurance industry by providing more immersive and engaging experiences for both employees and customers. As technology continues to advance, it is likely that more insurance companies will embrace AR as a valuable tool for training, customer engagement, and overall business growth.

Related: Virtual Reality Sales Training Use Cases

Final Thoughts

The most forward looking insurance companies are turning to Talespin for a range of hard and soft skills training, onboarding, and training needs. That's because these companies have found that the benefits are numerous: accelerated learning, a happier and more engaged workforce, and claims agents who have the skills to both diagnose a situation and tactfully communicate with a customer.

And as much as these companies are doing with VR training, they are only just scratching the surface of the potential of this technology and how it can transform their business and workforce. 

Want to get started with VR training for insurance? Let's get in touch.

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