The Covid-19 pandemic of 2020 will without doubt change the world in many ways for all of us as individuals. For the insurance industry previous operating model theories and best practice will have to be discarded for ones with greater resilience to protect the company, its employees, shareholders, and customers alike.
The Covid-19 experience and the challenges around operational resilience will change the market dynamic and cause an acceleration of discussions in insurance company boardrooms.
This content highlights why previous operating model theories should be discarded and the factors insurers need to consider when creating new operating models in a post Covid world.
Topics covered include:
• A recalibration about ‘where work gets done’.
• An acceleration of the digitisation of the insurance factory process.
• An acceleration of automation to remove reliance on humans from the ‘production and administration’ process.
• Should insurers complete the remaining digitalisation and automation of their legacy systems/processes or ask a third party to help?