Altus: Impacts of COVID-19 on insurance businesses
Executive summary :
Having read numerous press articles and stories across social media channels and heard a few personal stories myself, the insurance industry is getting a pretty rough deal at the moment. The expectation for the industry to just pick up the tab for a once-in-a-century crisis like this is just not reasonable.
With the current COVID-19 crisis in full flow, insurers are having to manage impacts across every area of their business.
Altus has captured and visualised the key impacts against its Insurance Reference Model, and suggested the activities likely needing to take place across every business capability – the building blocks of an insurance company, which will be delivered by people, processes and technology. This model enables organisations to define what they do using a common language and understanding of the make-up of an end-to-end Insurance business.
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