Digital twins – How a double life can help prevent losses

Growing interest in ‘digital twins’ presents huge opportunities for loss prevention, mitigation, and training, according to Maxime Ambourg, AXA XL’s Risk Consulting Head of APAC & Europe.

Virtual reality (VR) is an exciting and burgeoning area of digital technology development. And it’s not all about virtual gaming. Virtual twins – virtual recreations of products and environments - are now widely used to design cars, maintain aircraft, develop lifesaving medical treatments and create greener cities and infrastructure. 

According to Mckinsey, the Metaverse – a VR iteration of the internet –  could be worth $5trn by 2030, with a wide range of applications across manufacturing, hospitality, entertainment, education, retail, healthcare and financial services. 

We see more and more of our clients creating virtual or digital twins of their products, production processes and supply chains, as they look to test and optimise processes, build resilience, collaborate and educate, in a safe virtual environment. Understandably, they are now looking to insurers to leverage virtual reality for risk and insurance services.