Thank you for Subscribing to CIO Applications Weekly Brief
How are Insurance Companies Meeting the Challenges Posed by COVID-19
While COVID-19 has thrown a wrench in their plans, insurance companies have stepped up as well as shifted to having their workforce operate remotely, as well as providing platforms to facilitate seamless processes.
Fremont, CA: COVID-19 appears to have taken over the world, with everyone talking about it, whether it is the lockdown or how it is impacted industries in different ways. In terms of industries, the COVID-19 disruptions have also had a significant impact on the insurance industry.
While disruptions are not completely new, the challenges that businesses and governments face are. The primary focus has been on dealing with the disruption and ensuring that businesses remain operational.
Today's insurers/agents face a whole new set of complex challenges, including navigating market uncertainty, sales, claims management, policy administration, and understanding consumer demands in order to efficiently serve them. Insurance companies have completely shifted away from traditional methods of operation and toward remote and digital operations.
Let us look at a few tips and tricks in the insurance industry:
Companies have strengthened remote access policies and procedures, ensuring that security networks are of the highest caliber, data exchanged between the insurer and the customer is secure, and high levels of security are implemented across systems. Working remotely does not imply that there are no security protocols in place; in fact, quite the opposite is true. This also reassures the customer that their data is secure and builds trust, encouraging them to purchase additional policies and refer others.
Companies are under pressure to create new products and innovate in order to survive, compete, and stay ahead of the competition. Taking a closer look at the products on offer, redefining business goals, and changing coverage-related elements [for example, whether a policy covers disruptions caused by a pandemic] are what help insurance companies sail through and increase sales. Businesses are facing disruptions to the point where some have had to close shop for a while; therefore, innovations will help retain them as customers while also assisting them when they reopen or start a new business idea.
Being agile is a quality that will help insurers perform better in such situations and in the future. Agile insurers are ready and willing to embrace change and innovation, which is a significant benefit to the insurance company. This enables them to solve problems on the fly and be more responsive. This has opened new doors for the company, especially since they recognized the need to evolve as well as create policies that work better and faster in light of the changing market scenario.