Through COVID-19, the insurance industry – along with all businesses - 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 as we emerge from this period, it will be into a New Reality that will look very different to what existed before.
In preparing 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. 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.
With the transformation agenda becoming a priority for many organisations, new objectives are unfolding and insurers will need to meet these to remain at the forefront. However, through all of this, the industry should face the task with confidence. One of the great lessons that COVID-19 produced was that businesses, including insurance, are capable of doing much more, much faster than anyone could have anticipated. Insurers managed an impressive transition to remote working in just a matter of weeks; policyholders were serviced; operations were maintained. It wasn’t straightforward, but many of these challenges were overcome and at pace.
This knowledge should be the inspiration for looking to the future. There is no doubt that insurers can rise to the challenges posed by the New Reality.