The insurance industry is experiencing seismic shifts in day-to-day operations stemming from this invisible yet intensely disruptive contagion Covid-19, but early signs of longer-term trends are also starting to emerge.
Organisations are overhauling their operations to ensure the safety of employees and customers while business continuity and contingency plans are being put in place to ensure acceptable service levels for customers in this new normal. Insurers are focusing efforts on retaining cash reserves while balancing customer retention with rebates, due to sheer uncertainty of the recovery timeline.
In the immediate future, insurers are focusing on addressing these challenges while ensuring business continuity and designing resilience as we find new ways to work — but eventually the obstacles presented by Covid-19 are giving way to new growth opportunities.
Based on questions asked by insurers, this paper focuses on four key stages to accelerate recovery as the future of work is redefined:
1) Secure the present.
2) Accelerate the recovery.
3) Plan for the future.
4) Future-proof and shift business models.