Operational impact of the coronavirus on the insurance industry
Operational impact of the coronavirus on the insurance
The world was recently hit by a global public health pandemic – Covid-19. This crisis is taking its toll on the world by severe on-going disruptions to the human health, lifestyle, business, economy, society, government and technology.
How is the deadly virus impacting the operations of the insurance industry?
Employees and distribution channels In order to minimise the impact on operations, it is of utmost importance for insurers to ensure that the health and safety of their employees and distribution channels, consisting of agents and brokers, is protected.
Therefore, the adoption of the “work from home” strategy had to be rapidly absorbed and implemented by insurers in order to maintain social distancing. The challenge with this is that employees are required to be well-equipped in terms of having the necessary IT tools, internet connectivity and application platforms for various types of internal and external communication. A further challenge for insurers is to respond to the increased risk of protecting the confidentiality of business information. In order to mitigate this risk, it is essential to have a forensics and IT team work closely in developing and implementing strict remote connectivity protocols and monitoring these controls for any unexpected or unusual activity. Employees and distribution channels should also be provided with training and continuous communication on remaining vigilant for any cyber anomalies.
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