Property and casualty and life insurers have built greater flexibility into their operating models as part of their digital strategies. That agility is enabling them to more effectively weather the initial stages of the COVID-19 pandemic. They have acted to protect the health and safety of their employees, maintain business and service continuity and extend themselves digitally into global workforce virtual enablement.
With no certainty about what the COVID-19 endgame will be, insurers must continue to exercise these strengths across products, claims and the value chain. As they do, it will be important to catalog what can be improved, possibly in the shorter term as well as after the pandemic is brought to heel. Doing so will give insurers additional flexibility to deal with whatever scenarios unfold in the future. Here are the key areas to monitor and address: