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Home > Resources > COVID-19: Insurance Industry Imperatives

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Report Beyond COVID-19: Imperatives for Insurers

Beyond COVID-19: Imperatives for the Insurance Industry for New Horizon

COVID-19 has brought organizations, across countries and continents, to strategize on the human and business impact of the contagion. The insurance industry is facing an imminent shift in business paradigms in response to the changing needs of employees, customers, brokers, agents, and partners— all the while navigating the operational and capital challenges. With the greater responsibility to help people and other industries manage risk and instill a sense of security, the Insurance Sector is pivotal in our battle against the pandemic.

Download the report and gain practical insights to emerge stronger from COVID-19 Crisis

Inside the Report

As an experienced Insurtech player and a thought leader in the insurance ecosystem, we are presenting this report examining multiple facets in detail. We will be highlighting the complex challenges the Insurance Industry is experiencing or likely to weather in the foreseeable future, and how to navigate them. We have also included insights and recommendations to chart out the next course of action and work toward a brighter tomorrow leveraging technology and its various applications.

Foreword for Insurance Industry

COVID-19 has put the Insurance sector under accelerated evolution and the industry’s resilience is being tested like never before. Business continuity risk, the surge in service volume, the need for real-time decision-making, the shift in consumer behavior, and remote working have become the new normal. We believe that the current crisis can be the potential catalyst for the implementation of efficient technological solutions and business contingency planning— enabling the Insurance value chain to operate under improved efficiencies.

Impact of coronavirus on claims across lines of insurance

Calibrating Insurance Industry Against COVID-19

We have identified five focal areas for the Insurance Industry that demand immediate alignment in response to Coronavirus-driven changes. Each area has deep implications for minimizing the current disruption and creating an empowered resilient organization of the future.

  • Business Continuity Planning for Insurance
  • Realigning Insurance Human Resource Management
  • Enriching Experience of Insureds
  • Humanizing the Insurance Marketing
  • Role of Insurance C-Level Executives
Calibrating Insurance Industry against COVID-19

Preparing for the New Horizon

The current challenge doesn’t allow for quick wins in the future. As a result, the Insurance Industry needs a systematic plan to keep thriving in the new normal. We believe that the following three approaches can set the industry on a growth trajectory:

  • Appraising Technology for Insurance Workflows
  • Streamlining Insurance Industry Operations
  • Building Confidence for Insurance of Tomorrow
Best use cases for automation in the insurance industry

Find out perspectives and tangible actions to forge COVID-19 challenge into new opportunity

Quick Read

SlideShare

Way forward for Insurance industry to surge through the pandemic with extra focus to progress in the post-Covid world – One step, one slide at a time.

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15 min

Infographic

Quick glance at the Insurance landscape in the Covid-19 pandemic to target accelerated results with boosted preparedness.

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5 min