COVID-19 Impact on the Insurance Industry: Matters of Technology, Transparency, and Trust
This IDC Perspective addresses the impact of COVID-19 and discusses the insurance industry's response to this crisis. As the COVID-19 pandemic continues to unsettle lives and businesses, governments and healthcare institutions globally are responding with all available resources. Meanwhile, people also look to insurance organizations for support. After all, the industry must be an enabling and uplifting force for customers in vulnerable financial situations. The research puts matters of technology, transparency, and trust in context. "The COVID-19 crisis may unveil many inefficiencies and gaps with respect to technology, systems, products, and processes in the insurance industry. Consequently, customer trust and confidence may hit an all-time low. As and when the disaster eases, insurers have a real opportunity to reimagine products to address coverage gaps and accelerate digital transformation to equip them with the platform, technology, and skills to effectively face future crises. They must also strive for more transparency in disclosures and communication to reinstate trust in the idea of a true and hassle-free financial protection at a time of need," said Sabitha Majukumar, senior research analyst, IDC Financial Insights.
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