Many developments took place within the industry during the first half of 2020, where insurers needed to re-engineer operating models to stay efficient in the post COVID-19 era while having an eye on competitive edge. The COVID-19 crisis has put a spotlight on insurers who can expect to be inundated with general inquiries and claims across multiple different lines, whether that be for health, life or non-life cover. Insurers will be required to push products through innovative and more digitally aligned channels to stay relevant in this particular period of recovery.
“The impact of COVID-19 will affect the short as well as the long-term financial outlook of insurers. The pandemic will not only reduce global growth but have an impact on equity and debt instrument pricing and also reduce insurable exposures due to negative impact on businesses.” – Suren Rajakarier (Partner, Head of Audit and Insurance)