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Insurers & the Pandemic — It Won’t End this Year

Posted By Administration, Monday, June 22, 2020

We’re seeing predictions everywhere from politicians and pundits on when the COVID-19 pandemic will end. The answers range from it’s over now to years from now.


Alan Walker LLC decided to ask property and casualty, life and health insurers what they think. The survey’s answers were interesting. Most aren’t too hopeful that the pandemic is going to be over anytime soon. What the highest percentage of insurers agreed upon is that it won’t end this year.


            * 54% say they are not confident or not so confident of an end this year

            * 8% are very confident it will be over by year’s end

            * 38% are somewhat confident the pandemic will end by New Year’s Eve


Alan Walker — the firm’s principal — said the survey also asked insurers what they’re focused on because of the pandemic. Here are their answers:


            * Further enabling or supporting remote employee working

            * Making the size of the workforce more flexible

            * Risk management and business continuity planning

            * IT resilience and cybersecurity

            * New or revised customer communication and servicing channels

            * Culture change


It is clear that insurers dont believe the pandemic will be over soon, and that they are changing their priorities significantly as a result. But with so many areas requiring increased focus, they are going to be busy,” Walker said. If insurers are going to give these areas the attention they say they deserve, they are going to have to figure out how to do that without other areas suffering.”


Source link: Insurance Business America 

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