Insurance is about more than protection. It can help the working world manage and cope with new and upcoming risks. Read on for checklists and insights about the now, next and beyond for insurance and legal disputes.
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