Through COVID-19, the insurance industry – along with all business – has experienced a time of monumental challenge. The impacts of a health emergency have expanded into far-reaching economic and societal issues. It seems clear that we are emerging into a New Reality that will look very different to what existed before.
As we prepare for the New Reality, KPMG insurance professionals have set out eleven key components of the insurance Value Chain and offer our insights on the actions that insurers should be contemplating right now. Naturally, these actions vary according to sub-sector – Commercial, Personal Lines, Life & Health - as customer needs, preferences and reasons for buying are quite different in each.
Certainly, there is much for insurers to do, as the transformation agenda has become more pressing than ever before. However, through all of this, the industry should face the task with confidence. One of the great lessons learned from COVID-19 is that businesses, including insurance, are capable of doing much more, much faster than anyone probably ever believed. Insurers managed a massive transition to remote working in just a matter of weeks; policyholders were serviced; operations were maintained. It wasn't straightforward, but so much was overcome.
This knowledge should be the inspiration for looking to the future. There is no doubt that insurers can rise to the challenges and reframe reality.
KPMG in Canada's Insurance practice is helping the industry reimagine the way they work today in order to capitalize on the opportunities of tomorrow. Let's do this.