COVID-19 ripple effects have impacted various industries, with
the insurance sector facing its own toll. The effects are
wide-reaching, afflicting employees, business operations, client
services and the overall financial projections. The following is an
account of some key challenges insurers are facing and potential
action steps thereto.
Insurers and business continuity
COVID-19 has kept spreading fast and steady and insurers are
responding on various fronts wearing multiple hats — as
claims payers, employers and capital managers. Each category has
its own unique challenge, which resonates not only within the
insurance market, but also the economy and society at large.
As insurers aim to secure the health and safety of their
employees and distribution partners – like agents &
brokers – the penultimate objective is to try and ensure
business continuity. Similarly, to the commercial policyholders
they serve, insurers are facing the test of time to
