Insurance and legal disputes

    COVID-19 enterprise resilience checklist: We help you navigate the now, next and beyond

    Insurance and legal disputes: key considerations

    Insurance should focus on communication of trust with stakeholders.

    • Regular engagement with remote workforce, investors and customers and other key stakeholders
    • Engaging crisis management team to assess conditions and risks and communicate
    • Understanding impacted customers and society and define actions to help (e.g. travel insurance, commercial property and business interruption, cancellation coverage, credit lines)
    • Supporting the sectors more affected by the outbreak (e.g. aviation, motor, personal household, cargo, energy, medical malpractice)
    • Utilize management, finance and treasury teams to address solvency, liquidity and underwriting issues identified in risk assessment

    Insurance should focus on customer risk management and stability of the working world.

    • Support to address processes, procedures, people and IT and digital progress and stability
    • Support clients with risk management, best practices and data to manage or mitigate underwriting risk
    • Keep sustainable solvency, equities and credit from markets interest rates fall
    • Active communication to stakeholder, authorities and third parties about progress made
    • Focus on regulatory reliefs and rating agency actions
    • Investment on changed demand patterns and new growth opportunities
    • Manage the distribution and the channels with effectiveness (from the traditional channels face to face)

    Insurance is beyond providing protection. It operates as a transformative function to help the world manage and cope with new upcoming risks, both known and unknown.

    • Strategy refresh depending on longer term business outlook
    • Design products that provide answers to the new world challenges based on intelligent data use and technology
    • Scaling IT systems and equip workforce to adapt them to new potential future disruptions
    • Clearly communicate to stakeholders and customers the purpose of Insurance
    • Use existing financial and operational strength to help the world transform and manage and control the upcoming known risks, while keeping an open mind to current unknown risks

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