PWC: Ready and resilient: Insurance strategy for a COVID-19 world

Executive summary :

With the arrival of the COVID-19 pandemic, insurance companies found themselves in the centre of the storm. In a matter of hours and days (not weeks), many carriers had to take their entire operations remote. At the same time, they were fielding calls about changing coverage, answering questions about business interruption policies, continuing to pay claims for life, health, disability insurance, and more.

Insurers must lear to cope with the new normal post COVID-19

Fit for purpose

Insurance companies are designed for this. Risk analysis and crisis planning are at the core of their business. With policyholders — individuals and businesses — suffering as a result of the crisis, regulators and legislators expect insurance companies to live up to their responsibilities. Those that don’t will face enormous reputational consequences. Getting it wrong is not an option.

Coping with the new normal

So far, insurance companies have weathered the crisis exceptionally well, largely due to investments they’d already made in networks, applications, laptops, and more. The crisis did expose a number of gaps and vulnerabilities, and it reinforced the need for additional technology investments. But overall, industry leaders can feel secure in the knowledge that the battle is being managed and the near-term path forward, while precarious, is one they know how to navigate.

The big question now facing leading carriers is this: How do we adapt our business strategies to accommodate the new normal?

Three key focal points

In our conversations with insurance clients, three topics come up time and again as the industry looks to the future:

• The need to accelerate digital transformation;
• How to bolster the balance sheet; and
• How to get employees back to the office.

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