Insurers Pessimistic About COVID-19 Pandemic Ending - Priorities Change Accordingly
Jun 12, 2020
CHICAGO, June 15, 2020 /PRNewswire/ -- 54% of Insurers surveyed by Alan Walker, LLC (https://www.alanwalker.com/) are not confident that the COVID-19 pandemic will be 'over' by 1/1/2021. And as a result, all Insurers surveyed have changed their business priorities for the rest of 2020 and for 2021.
When asked, "To what extent are you confident that the COVID-19 pandemic will be 'over' by 1/1/2021?":
Graph: Extent to which Insurers are confident that the COVID-19 pandemic will be 'over' by 1/1/2021
Graph: How Insurers are prioritizing specific areas of focus, compared with before COVID-19, for the remainder of 2020 and for 2021
- 54% of Insurers were either Not at all confident or Not so confident
- Only 8% of Insurers were either Very Confident or Extremely Confident
- The remaining 38% were only Somewhat confident
The Insurers were then asked whether their business priorities were changing because of the pandemic. All Insurers surveyed said yes, with the areas receiving the greatest additional focus being:
- Further enabling or supporting remote employee working
- Making the size of the workforce more flexible
- Risk management and business continuity planning
- IT resilience and cybersecurity
- New or revised customer communication and servicing channels
- Culture change
Of 13 areas considered, insurers said they expect to reduce focus on only one of them compared with their expectations before the pandemic. For all other areas they say their focus will increase.
The survey covered around 25 insurers and took place between May 31st and June 11th 2020. Respondents included Property and Casualty (P&C) Insurers covering both Personal Lines and Commercial Lines, together with Life Insurers and Health Insurers.
The scope of the survey was based on the article entitled COVID-19: Business Model Implications available here: https://www.linkedin.com/pulse/COVID-19-business-model-implications-alan-walker/.
Alan Walker, Principal of Alan Walker, LLC commented:
"It is clear that Insurers don't believe the pandemic will be over soon, and that they are changing their priorities significantly as a result. But with so many areas requiring increased focus, they are going to be busy. If Insurers are going to give these areas the attention they say they deserve, they are going to have to figure out how to do that without other areas suffering."
Note to Editors:
Alan Walker, LLC (https://www.alanwalker.com/) provides interim executive, advisory and transformation delivery services to top tier Insurers in the US and elsewhere.
The company's principal, Alan Walker, is an international Insurance Digital Transformation thought leader, strategist and implementer, who has served the industry for over 30 years.
Media Contact:
Alan Walker
312.860.9743
[email protected]
SOURCE Alan Walker, LLC
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