COVID-19 Impact on the Insurance Industry: Matters of Technology, Transparency, and Trust

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.

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
Specific Implications for Life and Property & Casualty Sectors
Life Insurance
Property and Casualty/Non-Life Insurance
Insurance Industry's Response to COVID-19
Matters of Technology
Matters of transparency and trust
Advice for the Technology Buyer
Prepare for Increased Demand for Insurance
Accelerate Digital Transformation
Shift Business Continuity Plan Readiness
Enhance Customer Trust
Learn More
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