Insurance Innovation Opportunities Beyond COVID-19
While COVID-19 is a storm we are living through together, most of us find ourselves in different boats. On overall in the immediate wake of the COVID-19 pandemic, the insurance industry is demonstrating great resolve, resilience and speed. Business continuity plans are activated, core operations are maintained, employees’ safety is ensured, and remote work is the default operating mode for the foreseeable future.
However, some companies are feeling more heat than others when it comes to managing the fragile balance between limiting exposure versus potentially damaging one of the most important relationships – with the customers. Others are growing anxious about their digital capabilities in the long run and are seeking to accelerate digital transformation as this pandemic is shining a light on the art of possible when it comes to technology and future of work. Questions are asked about the overall role of insurance and its purpose to protect customers, empower economic recovery and do good. Some insurers are leading by an example and offering immediate, tangible relief to the customers in times of crisis. Some are even capitalising on their internal talent and technology to help the world to fight the pandemic. In a nutshell, every company in the industry will have different answers as to how exactly this pandemic outbreak has impacted them.
One overarching question that unites the insurance industry though is what happens next in the “beyond COVID-19” world and what new realities industry will need to adjust to and cater for. COVID-19 is not only a health crisis but a restructuring of the global economic order upturning established structures and resetting competitive positions forever. A shock of this scale will undeniably create a shift in preferences and expectations of individuals as citizens, employees and more important as customers. For the insurers, this crisis will reveal not just vulnerabilities but new opportunities to re-invent themselves and to win the trust of their customers in the long run. We firmly believe that those companies that will look beyond immediate challenges and make the most of foresight will disproportionately succeed in a new reality.
Now the critical question for the industry is, exactly how will customer behaviour be changing? At Ninety, we believe in the incredible power of co-creation with customers. Now, more than ever, listening to their voices will be a strong indication of what products and services might be successful in the new reality.
To help you peer through the fog of uncertainty, we have developed a whitepaper to analyse ten new realities from a customer lens and translate these into new opportunities for the insurance industry. We have launched a fortnightly series to showcase insurance innovation that is already taking place as a response to the current pandemic crisis to keep you up-to-date. We will also run a webinar, so you can hear from our team and insurance innovation guests and reflect on how best to position yourself in a new ‘beyond COVID-19’ world to address customers’ rapidly changing needs.
In summary, we believe that the future has arrived sooner than anyone has expected. But as Albert Einstein said, “in the midst of every crisis, lies great opportunity”…