Disruptive Change: Insurance in a Post-Pandemic World

Since March, our world has become a radically different place. We’ve had to change how we work, play, socialise, and shop as COVID-19 has swept the world, and even once the dust settles from the pandemic, we can expect our lives to look very different.

One of the industries that will be most impacted will be the insurance industry. Read on to discover what you can expect the future of post-pandemic insurance to look like.

More Focus on the Customer

One of the biggest changes that we can expect to see in the insurance world in the wake of COVID-19 is more focus on the customer. In a world that’s more uncertain and disconnected than ever, people want to be able to rely on the companies they work with. Insurance companies need to show their customers that they care.

Better Informed Customers 

While your customers do want a more personalised experience, they will also be bringing more resources to the experience. Customers no longer trust large organisations to make decisions for their wellbeing, especially after the response to the pandemic. They are researching the ins and outs of the insurance industry and becoming more empowered to make their own decisions.

Rather than dictating to customers what the best option for them is, your role will shift to that of a guide. You can advise customers about available options and help them find solutions that fit their needs. But your company needs to be prepared to interact with customers on a higher level of engagement.

Simpler Customer Experience

While customers will become more informed in the wake of the COVID-19 pandemic, they also have less patience for complicated systems. No one wants to have to endure unnecessary processes to get insurance or file a claim. Customers who know more about the system will realise that there’s no reason they should have to go around the world and back to get their needs met.

Your company will need to work to streamline your customer experience. Complex and opaque filing processes won’t cut it anymore. Take this pandemic shutdown as an opportunity to streamline your processes and simplify your customer experience.

Better Digital Experience

One great way to provide your customers with a better experience is to improve your digital presence. These days, customers want to access everything on the go, customers want to be able to handle their insurance concerns in transit or in the parking lot of their kids’ dance class.

Make sure your website is up to date, speedy, and intuitive to use. You also want to make sure it’s mobile-friendly, seeing as more than half of all web traffic these days is mobile. And move as many of your functions online as possible, placing power and convenience in your customers’ hands.

Cutting-Edge Technology

Innovations in our digital world are moving faster than ever, and if your company wants to keep up, you need to live on the cutting edge. Tools like artificial intelligence and data analytics can help you meet customer needs faster and more intuitively than ever before. This also frees up your employees to focus on more complex customer needs.

Use AI to give customers custom-tailored solutions that they can evaluate before speaking to a live representative. Use strong data analytics to perfect your most popular offerings. Streamlining these processes behind the scenes will keep your customers happy, your employees focused on the most important pieces of your business, and your company on the leading edge of the industry. 

Preparing for the Unprecedented 

If the COVID-19 pandemic has taught us anything, it’s that we must be prepared for the unexpected. No one alive today has ever had to manage the kind of worldwide chaos, fear, and disruption we’re seeing right now. How do you prepare for something that no one could have imagined happening?

Insurance companies are being called upon to undefined disaster coverage. In general, this will likely need to be a low-premium, long-term plan that pays out in case of an unprecedented disaster. Customers will feel more secure knowing their homes, businesses, and lifestyles will be protected in case the unthinkable happens.

More Flexible Work Experience 

The pandemic isn’t only affecting the customer side of the insurance industry. The way we work is being radically redefined as we speak, shifting from a traditional office setting to a more flexible setup. Businesses have been forced to shift their operations to a remote footing, and those changes are likely to stick.

Companies are beginning to recognise that not everyone works the same way and that accommodating different work styles can improve productivity and employee satisfaction. In the coming years, we anticipate more work-from-home setups and flexible hours. Work will become more productivity-based and less centred around clocking hours in an office.

Explore the Future of Post-Pandemic Insurance

The COVID-19 pandemic is transforming our world into something unrecognisable or unthinkable just a few months ago. The future of post-pandemic insurance experiences will be much more flexible, customer-centred, and intelligent.

Companies will use the latest technological advances to provide a streamlined experience to customers who are well-versed in choosing the best options for themselves and their organisations.

GB provides tailored claims management solutions to insurers, brokers, underwriting agencies, businesses and government departments. Learn more about how GB can support your organisation.

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This publication is not intended to offer legal advice or client-specific risk management advice. General descriptions contained herein do not include complete definitions, terms, and/or conditions, and should not be relied on for claims management interpretation. Actual claims and risk management policies must always be consulted for full coverage details and analysis.
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