Insurers responded remarkably well to the enforced lockdown with barely a blip. However, the final implications of Covid-19 for the insurance industry are still unknown and will probably be for quite a while as a second wave of cases hits Europe and the time of writing this.<\/p>\n\n\n\n
Carriers that adapted their insurance business model or built flexibility within their structure will have gained a new resilience they are reluctant to lose.<\/p>\n\n\n\n
Companies that adapted and altered their course have been in a better position to weather the pandemic crisis. GM and Ford are one such example where production lines switched from assembling cars to building ventilators<\/a>. Although this is an extreme example of a company pivoting from its usual business during a crisis, there have been other cases of subtle tweaks such as clothing companies switching from making clothes to face masks, and restaurants providing takeaway meals for the first time.<\/p>\n\n\n\n While we are in no way advocating Insurers start selling anything other than insurance policies, what we have found, speaking to customers, is that a more agile workplace largely depends on the level of digital readiness and capability.<\/p>\n\n\n\n Being prepared isn\u2019t about deploying the latest software and praying that everything will be ok because your company has the smartest technology out there. It\u2019s about having a 360-degree view of your organisation and reviewing each and every aspect, from your insurance underwriting system<\/a>, risk portfolio<\/a>, workforce, customer service, and digital proficiency.<\/p>\n\n\n\n While many companies accelerated their digital transformation projects this year in response to Covid-19, the pandemic\u2019s impact has uncovered some serious digital vulnerabilities and gaps. With many countries in Europe and the UK enduring a second round of lockdown measures, the likelihood of offices reopening anytime soon remains slim.<\/p>\n\n\n\n In this opinion piece by John Racher, \u2018The more things change, the more they stay the same\u2019 <\/em>published in Insurance Day<\/a>, John examines five distinct areas that have been impacted by the pandemic, and which he believes require immediate and ongoing attention.<\/p>\n\n\n\n