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.
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.
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.
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:
Find out perspectives and tangible actions to forge COVID-19 challenge into new opportunity
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.
Quick glance at the Insurance landscape in the Covid-19 pandemic to target accelerated results with boosted preparedness.