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Augmented Reality Is Augmenting Fitness

As a result of the pandemic, the fitness industry underwent some major changes. Gyms, yoga studios, and fitness centers were forced to shut their doors. Consumers had to turn to home gyms and exercise regimens as well. However, many innovative fitness studio owners embraced alternative fitness options. Some held exercise classes outdoors. Others introduced virtual fitness classes that allowed the use of technology to help stay in shape. In many ways, the pandemic was instrumental in advancing the entire FitTech industry. And in a post-pandemic world, it appears the sky is the limit for this evolving sector.

Of course, gym owners and fitness instructors were not the only ones to adapt to the times. One of the more intriguing developments in the FitTech industry involved the combination of exercise and augmented reality. AR fitness is expected to boom over the next decade as new technologies and capacities emerge. At the same time, consumers appear to be much more interested in exercise and augmented reality offerings. Having become accustomed to virtual fitness platforms, this next step does doesn’t look so intimating. This is why many experts in the field predict AR fitness as a major new trend in the years to come.

“I’m excited about Augmented Reality because unlike Virtual Reality, which closes the world out, AR allows individuals to be present in the world but hopefully allows an improvement on what’s happening presently.” – Tim Cook, CEO, Apple

Exercise and Augmented Reality

When it comes to fitness programs and exercise, virtual reality fitness platforms have been around for some time. (Read up on how VR technology has been innovating the fitness industry in this Bold story.) In virtual reality, an entirely new environment is created in which someone performs an activity. In contrast, exercise and augmented reality creates a different situation. Augmented reality combines the actual physical environment present with enhanced virtual components. In the process, completely new environments are provided that can make exercise more engaging. At the same time, the presence of the actual physical environment allows users to still be aware of their actual surroundings.

AR fitness is therefore considered both safer and more fun than virtual reality exercise. This doesn’t mean that virtual reality fitness cannot provide healthy exercise as well. In fact, roughly 15% of all VR games qualify as medium intensity exercise activity. However, virtual reality is commonly associated with dizziness and safety hazards when exercising. AR fitness is less commonly associated with these problems. It also invites gamification of physical fitness just like virtual reality does. For these reasons, many in the FitTech industry believe the combination of exercise and augmented reality hold great promise.

“We brought augmented reality to the marketplace with Nintendo 3DS. We made it fun; we made it social.” – Reggie Fils-Aime, Former President and COO, Nintendo

Why AR Fitness Will Become Popular

It’s no secret that many people became less active during the pandemic. Statistically, roughly a third of individuals performed less activity on a daily basis over the course of the last year. At the same time, approximately 44% of individuals chose not to exercise because the activities were boring and repetitive. This resulted in progressive increases in obesity and sedentary lifestyles, especially among younger adults. Even with virtual reality games, improvements in these statistics have not significantly changed. However, AR fitness may be a solution that can help address these public health problems.

The combination of exercise and augmented reality provide a number of benefits that encourage physical activity. Most importantly, AR fitness makes exercising fun. But it also offers other advantages. Like virtual reality, AR fitness offers opportunities to exercise in social settings with others through virtual platforms. It also improves existing types of fitness through gamification. In fact, exercise and augmented reality have the potential to create completely new engaging types of fitness games. Finally, AR fitness can be performed in the comfort of one’s home at a time that’s convenient. Each of these benefits support its potential for rising popularity in the near future.

“[AR Fitness is] quickly expanding beyond games into a bunch of other use cases, and we think that this is eventually going to be a big part of the next major computing platform after phones and after PCs.” – Mark Zuckerberg, Founder and CEO, Facebook

Are All the AR Fitness Pieces in Place?

There are many telltale signs that the combination of exercise and augmented reality will boom in the years to come. During the pandemic, home fitness sales reached an all-time high at $2.3 billion. This figure effectively doubled the sales generated the year before. Currently, AR fitness is projected to grow at nearly 40% in the next five years. Certainly, the pandemic has helped fuel these predictions. But at the same time, many other pieces of the puzzle are falling into place. As this occurs, the use of augmented reality with fitness platforms will undoubtedly expand.

Cartoon images of people working out with giant watches
Is AR fitness the next big thing? Nope. It’s big now.

In terms of these foundational components, technology plays a major role. In the last couple of years, AR fitness glasses and headsets have become much more lightweight. This makes head movements much less cumbersome and more comfortable in the process. In addition, controllers for exercise and augmented reality systems are improving. The development of dual-sided, wireless controllers that detect 6 degrees of movement is also fueling growth. Finally, next generation platforms and the access to 5G networks will further advanced these systems. Once all of these infrastructures and components are in place, consumer adoption of AR fitness systems will undoubtedly increase.

The Potential of Augmented Reality in Exercise

According to people like Tim Cook and Mark Zuckerberg, augmented reality is expected to be the next big thing. Given their track record in anticipating new technological developments, it’s hard to argue with their insights. If their predictions are correct, a large portion of the population will embrace exercise and augmented reality platforms. And their adoption of these AR fitness offerings is expected sooner rather than later. No longer will it be enough to have a Fitbit or other smart fitness wearables. According to them, the new fad in fitness will involve augmented reality that will be attractive to all.

 

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AI and Home Insurance – Personalizing Risk Amidst Rapid Changes

In the past year, the insurance sector has seen tremendous change. As a result of the COVID pandemic, the automobile industry saw much less risk with fewer people on the road. Business and commercial insurance, however, face new threats of litigation for various reasons. And for homeowners, people found that they were spending much more time in their homes. Combined with climate change and major natural events, insurance companies have had to reconsider their strategies. Certainly, data analytics and property insurance have been used for years. But new ways of approaching AI and home insurance risk assessments are continuing to be developed.

Certain states have experienced greater impacts than others. For example, the state of California has not only had record numbers of COVID cases. It has also been devastated by wildfires over the last couple of years. Data analytics and property insurance companies have struggled to find coverage for some homeowners in these instances. But AI and home insurance solutions offer new hope. In fact, some bold businesses have positioned themselves well in using artificial intelligence. (Read up on the four industries AI will change by 2030 in this Bold story.) And many insurers are seeking partnerships in an effort to gain competitive advantage in the marketplace. By personalizing property insurance to a greater extent, risk management and coverage solutions are improving.

“Five of the six largest wildfires in California history occurred last year. As the costs of climate change continue to increase, it’s critical that the insurance industry and its customers look beyond the status quo and embrace emerging technologies like AI to better understand the risks associated with natural disasters.” – Attila Toth, CEO of Zesty.ai

The Promise of AI and Home Insurance Analyses

Over the last decade, there has been roughly $2.2 trillion in losses attributed to floods, hurricanes, and wildfires. Likewise, these risks appear to be increasing with global warming and climate change. During this time, data analytics and property insurance analysis have attempted to accurately assess property risks. But given the highly dynamic state of things, and individual variations, this has been less than perfect. This is why companies are developing AI and home insurance solutions to better assess risk. In doing so, not only will many homeowners enjoy better opportunities for coverage. This will also save insurers millions of dollars each year.

An insurance policy and a house cutout
Data analytics and property insurance might not seem like they fit together, but AI use is helping determine likely outcomes.

While several companies are involved in AI and home insurance solutions, one notable one is Zesty.ai. This company was established in 2015 and is already making waves. The company uses high resolution aerial imagery, building material data, and location data to evaluate property risk. Combined with AI, its system uses over 200 billion data points to make these determinations. Specifically, Zesty’s AI has been trained using 1200 different wildfires that occurred over the last several decades. This platform therefore extends well beyond basic data analytics and property insurance evaluations. In fact, it offers a highly targeted approach in terms of risk analysis.

“With Cape [analytics systems], we acutely define the characteristics of a property and its surrounding area with a degree of accuracy that hasn’t existed before in home insurance to help our customers take important steps to protect their home.” – Aviad Pinkovezky, Chief Product Officer, Hippo

A Growing AI and Home Insurance Market

The data analytics and property insurance market has been expanding for years with increasing numbers of data-driven companies. But the more recent trend involves partnerships between existing insurance companies and startups. Many new companies are offering AI and home insurance products for insurance carriers. As a result, new partnerships are being formed. For example, Zesty recently partnered with Farmers Insurance in California. This specific partnership is expected to increase Farmers Insurance’s number of policyholders by some 30,000 people. With a more personalized and targeted assessment of property risk, Farmers Insurance anticipates serving a larger population.

Another important company in the AI and home insurance marketplace is Hippo Enterprises. Hippo is known as a home insurance tech firm that has long-used data analytics and property insurance assessments. It too is advancing, however, with geospatial imagery and other related technologies. It has added CAPE analytics to its solutions in recent years, which contributes loads of new data. The company has grown such that it now reaches 70% of all US homeowners in 35 states. Hippo is also seeking new partnerships as it advances its technology policy management systems. Like Zesty, it too offers targeted, personalized, insurance evaluations.

“The insurance industry over the last 100 years built a flawed process. It’s very difficult to purchase. It takes you two to three days to get hold of an agent, then you need to answer like 61 questions that you don’t know how to answer.” – Assaf Wand, CEO and Cofounder, Hippo

Insurance Industry Experts Anticipate Major Changes to Come

As many have recognized in the industry, existing insurance platforms are both outdated and cumbersome. Modernizing these platforms will certainly be important. Like other sectors, modernization will require the use of new technologies that offer a more personalized service and assessment. Data analytics and property insurance evaluations will become the norm. Likewise, experts expect more and more companies to embrace AI and home insurance innovations in the years to come. Both of these efforts will encourage a digital transformation of the industry. (Dive deeper into how digital transformation is a must in the post-COVID world in this Bold story.)

As part of this shift toward personalization, property assessments will become much more specific in identifying vulnerabilities. The use of AI and home insurance targeting will certainly pay closer attention to building data. But at the same time, adjacent terrains as well as historical information about the region will be important. The use of the AI will also enable insurance companies to better target specific clients for their unique services. We are only seeing the beginning of how data analytics in property insurance assessments will affect daily operations. But trends in this direction are already beginning. And based on the win-win outcomes occurring so far, more of the same can be expected.

 

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