Financial Services Ireland

INSURANCE

Covid-19 impact on customers, products and distribution in the insurance industry

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The Covid-19 crisis continues to endanger public health, disrupting people’s lives and the everyday running of businesses and their supply chains. It is subsequently affecting the most basic levels in Maslow’s hierarchy of needs —physiological needs and safety.

To support recovery and drive opportunity, insurers must work at pace to meet new customer needs, strengthen distribution channels and enhance future products.

While insurers are understandably responding to immediate practical and logistical challenges relating to their customers, intermediaries and employees, the most material risk is for firms to fail to address the wider existential challenges of the Covid-19 crisis that will remain long after it.

The hypothesis: the strongest, most robust insurers to emerge from the crisis will be those who have recognised, planned and acted on these new realities.

Navigating the next phase of the pandemic will require insurers to think ahead, take clear strategic actions, and position themselves for the world beyond the pandemic.

Download our latest paper below, which considers the following questions in relation to the decisions insurers must now make regarding their customers, intermediaries and the products they offer:

  1. What are the likely economic scenarios for Covid-19 planning and how are insurers currently responding?
  2. What impacts has Covid-19 already had on
    • Live policies
    • Insurance renewals
    • New business flows and demand for new products
  3. What are the associated distribution risks of these impacts?
  4. What segment-specific themes are emerging across retail, life, specialty and intermediaries?
  5. How can insurers take a proactive approach to the way they support customers and intermediaries, whilst continuing to create value for all stakeholders?

You can also review our latest insights and thinking to support you in leading through these volatile times; don’t hesitate to reach out if you have any questions.

James Maher

Insurance, Sector Leader
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