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Impact of COVID-19
on Insurance
Industry - PoV
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Insurance – How the landscape changed…DRASTICALLY
COVID-19: Challenges & Focus Areas for Enterprises Learn More
2019 - Top Challenges
Cybersecurity Macro Economic
Risk
Market Risk Data
Availability
Talent
Acquisition
Climate Risk
2020 – Challenges in post corona world
New type of
claims – Higher
Losses
Need for new
products to cover
for pandemics
Increased queries -
Pressure on
customer support
Limited movements
of agent/brokers -
Reduced sales
Limited resource
availability – WFH
for critical functions
Evolving fraud
behavior
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Increased Loss
New type of claims
Changes in Government regulations
Forced actions from government/
Overriding Policy wordings
Pressure on customer support
Increased queries from customers/
brokers/agents –
Agent / Broker limited movement
due to lockdown
Limited buying power
Buying propensity/inclination
Work from home permits for
employees UWs/ Actuaries/ Claims
managers
Claim backlogs/ Rejections
Delays in claim payment due to staff
unavailability/ limited knowledge
Customer’s dissatisfaction/ litigations
Policy/product changes – what to
cover & how to price
Pandemic/Epidemic covered pricing
Underwriting changes
Increased/modified UW scrutiny –
underwriting strategy
Drop in sales
Customer insights, broker/agent
enablement with account/ customer
intelligence
Remote working process
Digitalization of processes and
workflow
Information security & audit
Intelligent Automation & Digitalization
Claim processing/adjudication, fraud
detection, underwriting etc.
Repricing, Rate calibration/ Reserving
Emerging risk identification, exposure
estimation & loss prediction – by sub-
industry, LoBs and regions
Customer service
Capacity planning, emerging topics &
sentiments, digital offload
Sales/marketing
Direct-to-customer & digital sales channels;
Assisted sales models for broker/agents with
intelligent tools and customer insights
Enhance policy/products
New types of covers/products; amendment
of existing policies inclusions/ exclusions etc.
New Challenges
Impact on
functions & processes
Focus areas for insurers
COVID 19 – Massive shift for Insurance Industry
COVID-19: Challenges & Focus Areas for Enterprises Learn More
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Claim
Operations
• Higher number of claims and high claim rejections
• Higher scrutiny for policy exclusions/inclusions and changing product T&C
• Unavailability of claims staff for processing claims
• Potential increase in Fraud – new types of Fraud
Pricing /
Underwriting
• Increase in exposure across various product lines
• Increased underwriting scrutiny – policy/guidelines changes
• Shortage of underwriting staff capacity
• Info security risk owing to WFH
Customer
Support
• Increase in queries from customers; Changing query reasons - related to
existing Policy coverage, new Policy, rejected claims
• Capacity shortage; need for higher product/rules knowledge
• Negative customer sentiment – threat to long term trust/affinity
Loss estimation
/Reserving
• Increase in loss cost for Travel, A&H, Health, Life, WC Insurance products –
uncertain loss development
• Higher capital allocation and reserving
Sales/
Marketing
• Drop in sales due to limited Agent/ Broker movement, reduced telemarketing
• Limited consumer buying power
• Higher underwriting requirements – e.g. medical tests, physical audits etc.
• Shift to digital channels (direct vs. assisted/advised sales)
Legal
• Increase in number of dissatisfied customers – potential litigations due to
high claim rejections, liability determination, social inflation
Key
Solutions
Heatmap – Key challenges & mitigation opportunities
Keen in discussing the mitigation opportunities through Analytics and AI Solutions?
Talk to BRIDGEi2i Insurance experts
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