Apple Vision Pro is changing the world... of Insurance - with guest Robert Scoble - Aired 02-23-2024

Published Date: 02/23/2024

How Apple Vision Pro Could Transform the Future of Insurance

When Apple released the Vision Pro, its groundbreaking mixed-reality headset, most people thought of entertainment, design, and gaming. But as insurance expert Robert Susman pointed out in a recent industry discussion, the device could have an even more profound impact on something few have considered — the insurance world.

“Technology like the Vision Pro doesn’t just change how we see the world,” Susman explained. “It changes how we assess it, protect it, and insure it.”

The convergence of augmented reality (AR), machine learning, and data visualization is reshaping how insurers evaluate risk, interact with clients, and even investigate claims. The Vision Pro, with its ability to merge digital overlays with the physical world, represents a major leap forward in that transformation.

1. From Phones to Headsets: The New Digital Lens of Risk

For decades, insurers have relied on static data — paper reports, photographs, and spreadsheets — to analyze properties, vehicles, and commercial assets. But the Vision Pro introduces a new way to “see” risk in real time.

Imagine an underwriter walking through a home wearing the headset:

• 3D scanning identifies construction materials, electrical panels, and plumbing systems.
• Real-time AI overlays detect outdated systems or potential fire hazards.
• Historical loss data appears directly within the user’s field of view.

“You’re not just reading about the risk anymore,” Susman said. “You’re standing inside it — seeing every variable come to life.”

For property inspections, loss control, and catastrophe modeling, the Vision Pro could dramatically improve accuracy, speed, and objectivity.

2. Claims Investigation Reimagined

Perhaps the most immediate application lies in claims handling.

Currently, adjusters often review photographs or site visits days after an incident. But with AR-enabled documentation, they can:

• Recreate the insured property’s condition before and after a loss,
• Overlay claim photos with real-time damage data, and
• Measure dimensions and materials precisely.

Insurers could even deploy remote adjusters using Vision Pro’s high-resolution capture capabilities — reducing travel time and cost while improving response speed.

“Instead of sending someone on-site, you could have a policyholder walk through their property while the adjuster sees what they see in real time,” Susman noted. “It’s efficient, but it’s also transparent.”

Transparency matters. Policyholders often feel claims are denied due to “fine print” or miscommunication. By allowing both parties to literally see the same evidence simultaneously, AR could reduce disputes and improve trust.

3. The Data Revolution: A Double-Edged Sword

Every technological leap in insurance comes with new data challenges — and the Vision Pro is no exception.

AR headsets capture massive volumes of personal, environmental, and spatial data. While that data can improve underwriting precision, it also raises serious privacy and security concerns.

“The same device that helps an insurer identify a leaky roof could also capture sensitive personal information in someone’s home,” Susman cautioned.

This dual-use nature means regulators and insurers must develop strict protocols around:

• Data ownership (who controls what is captured),
• Storage and consent, and
• Use limitations (preventing data from being repurposed beyond insurance).

For instance, could AR data be used to justify rate increases or deny coverage? Without clear guidelines, these questions could quickly become ethical and legal flashpoints.

4. Risk Assessment Enters the 3D Era

The Vision Pro’s true strength lies in its ability to integrate spatial computing with machine learning models.

Imagine risk models not as spreadsheets — but as immersive 3D simulations. Insurers could visualize:

• Wildfire propagation through a neighborhood,
• Flood water flow based on topography, or
• Structural vulnerabilities of a building under seismic stress.

“Catastrophe modeling is no longer a flat map on a screen,” Susman said. “It’s a living model you can walk through.”

For reinsurers and catastrophe underwriters, this evolution could yield unprecedented insights into aggregate exposure, loss potential, and mitigation strategies.

5. Customer Experience: Education Through Immersion

Beyond risk and claims, AR has the potential to revolutionize how customers understand insurance — a notoriously complex product.

With Vision Pro, consumers could:

• Visualize what specific coverages protect (e.g., “this policy covers everything inside this 3D zone”),
• Simulate disaster scenarios to see how coverage applies, and
• Learn how mitigation efforts (like fireproofing or security upgrades) impact premiums.

“Insurance literacy has always been a challenge,” Susman said. “But when people can see what’s covered and what’s not — it changes everything.”

In short, the Vision Pro could bridge the gap between abstract policy language and tangible understanding, empowering consumers to make smarter choices.

6. Training and Workforce Transformation

For insurers themselves, the headset could become a training tool.

Instead of classroom lectures, adjusters and underwriters could practice assessing simulated losses, from wildfire damage to hurricane flooding, in hyper-realistic environments.

“You could train new agents or adjusters in half the time — safely, interactively, and with data-driven feedback,” Susman said.

These immersive training programs could reduce error rates, improve compliance, and accelerate onboarding — crucial advantages as the industry faces widespread retirements and labor shortages.

7. The Competitive Edge: Early Adopters vs. Laggards

Like every technological disruption, AR will create winners and losers in the insurance sector.

Companies that invest early in Vision Pro-style spatial analytics could streamline workflows, cut costs, and offer more personalized coverage. Those that wait risk being left behind.

“This is the same kind of shift we saw when insurers first adopted digital claims portals or drones,” Susman explained. “At first it was novel — then it became mandatory.”

Some insurers are already experimenting. Major carriers have begun AR-assisted appraisals for high-value properties, AI-driven risk visualization for commercial clients, and remote claim inspections using AR-compatible cameras.

The Vision Pro could consolidate these functions into one seamless platform — effectively becoming the insurer’s “digital clipboard of the future.”

8. Barriers to Adoption

Despite its potential, widespread implementation faces hurdles.

💰 Cost and Accessibility

At over $3,000, the Vision Pro remains a premium product. While large insurers might absorb the cost, smaller agencies and independent adjusters may find it prohibitive.

🧠 Learning Curve

AR interfaces require specialized training. The transition from traditional workflows to 3D spatial analysis won’t happen overnight.

⚖️ Regulatory Lag

As with drones, telematics, and AI underwriting, regulation often lags innovation. Insurers must balance experimentation with compliance.

“Technology moves fast, but regulation moves slow,” Susman said. “Bridging that gap will be key.”

9. The Future: A Fully Immersive Insurance Ecosystem

Looking ahead, the Vision Pro may only be the first step toward a fully immersive insurance ecosystem, where AR, AI, and IoT devices interact seamlessly.

• Smart homes feed real-time data on fire, flood, and occupancy risks.
• AR visualizations allow insurers to assess and price that data instantly.
• Customers interact with their policies through 3D dashboards, adjusting coverage dynamically.

This convergence would make insurance not just reactive — but predictive. Policies could adjust proactively to changing conditions, preventing losses before they occur.

“That’s the endgame,” Susman said. “Not just paying for damage, but preventing it altogether.”

10. Ethical and Human Considerations

Even as technology enhances efficiency, the human element remains critical.

No headset can replace empathy in claims handling, fairness in underwriting, or transparency in communication.

Susman emphasized that while tools like the Vision Pro will redefine processes, the purpose of insurance — protection and trust — must remain at the core.

“Technology is a tool,” he said. “But it’s the people who use it — and how they use it — that will determine whether it helps or harms.”

Conclusion: Seeing the Future Clearly

Apple’s Vision Pro might not have been designed for insurance, but its implications for the industry are enormous. From risk modeling and claims management to customer education and workforce training, the device symbolizes a new era — one where seeing risk clearly means managing it more intelligently.

As insurers explore AR’s possibilities, one thing is certain: the future of insurance will be more visual, interactive, and data-driven than ever before.

Or, as Robert Susman aptly put it:

“The Vision Pro lets us literally see the future — and for insurance, that future is closer than you think.”