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SBI Life Insurance Forays into Metaverse; Launches its Very First ‘LifeVerse Studio’ to Revolutionize Customer Experiences

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Insider Brief

  • Top life insurance firm SBI has entered the metaverse
  • The company has launched LifeVerse Studio to enhance customer experiences

MUMBAI, IndiaSept. 7, 2023 /PRNewswire/ — In today’s rapidly evolving digital landscape, the next generation of the internet – ‘metaverse’ represents a paradigm shift in the way people connect, interact and experience in the online world. SBI Life Insurance, one of the most trusted private life insurers in the country, recently launched its very first ‘LifeVerse Studio’, on Metaverse to connect with the next wave of young internet users and revolutionize consumer experience in an immersive virtual world.

The objective behind the move is to connect, empower and engage with today’s new age consumers and reshape brand interactions. To further strengthen its commitment towards empowering both the employees & consumers at large, the company aims to launch its presence on metaverse in phases, SBI Life’s ‘LifeVerse Studio’ being the first phase.

By seamlessly incorporating a spectrum of technologies such as Augmented Reality (AR), Virtual Reality (VR), and other innovative digital mediums, being available on metaverse continues to transform its consumers’ transformative journey across diverse industries. In this wave of innovation, the life insurance sector stands as no exception.

SBI Life’s ‘LifeVerse Studio’ is designed for the users to create their avatars to connect with a diverse set of audiences. The users can select from a wide range of interesting avatars and showcase their creative self on the platform through their avatars.

This new initiative presents captivating content and stories featuring renowned personalities such as Anshula KapoorDurjoy DattaAnushka Rathod, and Tejas Joshi, allowing users to immerse themselves in inspirational narratives about these influential individuals and liberate them to fulfil their aspirations while they take care of their existing responsibilities. Furthermore, the Avatars can interact in real-time, fostering vibrant communities of like-minded individuals.

At the launch of SBI Life’s ‘LifeVerse Studio’, Mr. Ravindra Sharma, the Chief of Brand, Corporate Communication & CSR, SBI Life Insurance, said, “As a customer-centric organization, we, at SBI Life are committed to advancing digital innovations that enhance customer experiences. We have always been looking forward to take progressive steps to connect with our customers wherever they are present and available for interaction.

Foraying into Metaverse by launching SBI Life’s very first ‘ LifeVerse Studio’, we embark on a new & transformative journey that not only reshapes perception towards life insurance but also redefines brand-consumer interactions. In the era of digital transformation, the metaverse emerges as a beacon of innovation, revolutionizing online engagement. SBI Life’s ‘LifeVerse Studio’ represents our enthusiastic foray into this innovative space, promising a positive impact on our valued customers and cultivating meaningful engagements.”

He further added, “Through SBI Life’s ‘LifeVerse Studio,’ we embrace the new platform to empower our customers, enabling them to connect, explore, and be inspired in a truly immersive manner. We also aim to transcend conventional boundaries, overcome geographical barriers and extend our reach to every corner of the country, employing imagination and making a meaningful impact on consumer’s financial well-being.”

Mr. Sahil Shah, President Digital Experience, Dentsu Creative said, “Metaverse is not just a technological evolution; it’s a paradigm shift in how we connect and engage online. With SBI Life’s ‘LifeVerse Studio’, we are stepping into the future of brand communication where passions unite and immersive interactions bring people together like never before. Phase 1, i.e. SBI Life’s ‘LifeVerse Studio’, is just the beginning of our journey to create a virtual space that fosters meaningful connections between passion chasers and our audience in the metaverse. It’s an exciting step towards building a community that thrives on shared interests and experiences.”

About SBI Life Insurance

SBI Life Insurance (‘SBI Life’ / ‘The Company’), one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.

Serving millions of families across India, SBI Life’s diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions.

Driven by ‘Customer-First’ approach, SBI Life places great emphasis on maintaining world-class operating efficiency and providing hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhance digital experiences for its customers, distributors and employees alike.

SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 996 offices, 22,015 employees, a large and productive individual agent network of about 222,822 agents, 68 corporate agents and 14 bancassurance partners with more than 39,000 partner branches, 133 brokers and other insurance marketing firms.

In addition to doing what’s right for the customers, the company is also committed to provide a healthy and flexible work environment for its employees to excel personally and professionally.

SBI Life strongly encourages a culture of giving back to the society and has made substantial contribution in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2022-23, the Company touched over 1.1 lakh direct beneficiaries through various CSR interventions.

Listed on the Bombay Stock Exchange (‘BSE’) and the National Stock Exchange (‘NSE’), the company has an authorized capital of Rs. 20.0 billion and a paid up capital of Rs.10.0 billion. The AuM is Rs. 3,282.8 billion.

For more information, please visit our website  www.sbilife.co.in and connect with us on FacebookTwitterYouTubeInstagram, and LinkedIn.

(Numbers & data mentioned above are for the period ended June 30, 2023)

Photo: https://mma.prnewswire.com/media/2204229/Mr_Ravindra_Sharma.jpg

SOURCE SBI Life Insurance

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Jack Boreham

Jack Boreham is the editorial director and account executive at the Metaverse Insider: the leading metaverse publication globally. Jack has been at the forefront of the platform's growth as a metaverse specialist -writing and advising projects in the Metaverse space for over two years. [email protected]

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The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Jake Vikoren

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Company Speaker

Deep Prasad

Deep Prasad

Company Speaker

Araceli Venegas

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