ICT-paced recovery

ICT-paced recovery

Home > Blog > ICT-paced recovery

The management of insurance companies during the COVID-19 crisis went through various phases. We explain them to you below.
Respond, recover and thrive. These are the three phases that have defined, and will continue to define, the management of insurance companies during the COVID-19 crisis, according to the Deloitte Report: “The Digital Transformation of Insurance”.

Rapid response

In the initial phase, at the start of the pandemic in 2020, insurance companies responded by taking rapid measures to guarantee the continuity of their activities and help their clients to deal with the situation. Once into 2021, the sector was immersed in the recovery phase, readying itself internally for the time when the health and economic conditions would allow it to move on to a third phase of increased growth.

The big boost of the pandemic

And in these three phases, the digital transformation made all the difference. When the pandemic started, technology helped insurers to change to distance working settings and ensured that their employees had the right tools to remain connected with brokers and customers. Strangely enough, while the pandemic caused many economic sectors to grind to a halt, in the insurance industry it actually worked as a driver in its digital transformation, which had already been underway. Once again, technology, and the level of progress that each individual company had attained in this aspect, defined their recovery and subsequent growth.

The power of a click

But what exactly does this digital transformation mean to insurance companies? As the Deloitte Report explains, it represents a genuine revolution in the customer-company relationship. Customers are now multi-channel, and require increasingly speedy, accurate, personalized and comprehensive responses. They are demanding solutions from insurance companies from their mobile devices, comparing opinions on the social media, and calling for more online functionalities that allow products and services to be adapted to their personal requirements. All from their mobile devices.

Integrating experiences in a single journey

One of the main challenges for insurance companies – apart from the purely technological side – is to be able to offer customers an integrated experience on the multiple points of contact that they can now establish with the company. To do so, as the Report explains, huge efforts are being made to design what have been coined as “customer journeys”. This is being done gradually to “educate” consumers about this new insurance culture.

Alongside this huge push for the digitization and automation of processes, the Report also points out the need for insurance companies to invest in cybersecurity. With most workers operating remotely and with more services hosted in the cloud, it is vital to protect against cyberattacks: two-thirds of the companies consulted by Deloitte said they were already doing so.

You may also like…

Saving is also for young people

Saving is also for young people

Retirement horizon Although the proportion of those who have started saving for retirement is less than a fifth (17%), six out of ten (63%) of those who are not yet saving believe that it is advisable to do so, starting at around the age of 38. Of those who have...

11 ways to get the most out of your home

11 ways to get the most out of your home

In other words, they have lots of assets and little income. This paradox is even greater in retirement, especially for those who have not planned ahead and whose only income is a public pension. One formula for reversing this situation is to treat your home as what it...

Digital risks: secure yourself against cyberattacks

Digital risks: secure yourself against cyberattacks

Simply having a smartphone on which you keep information related to the business, clients, accounts, suppliers and so on is enough... this is usually the main entry point for computer viruses, unauthorized access, fraud, system blocking, virtual kidnaps, data...

What is embedded insurance?

What is embedded insurance?

Linked to the purchasing process So-called "embedded insurance" is one of the big trends within this transformation process. In fact, a 2021 InsTech London report predicted that the global embedded insurance market will grow to $722 billion in gross written premiums...

10 saving tricks for beating inflation

10 saving tricks for beating inflation

Inflation is simply a generalized price increase, in this case caused by the rising price of energy, which affects the entire value chain and is then passed on to other products. In other words, prices go up and every day you pay more for the same thing. There is...

ON-OFF Insurance: cover at the touch of a button

ON-OFF Insurance: cover at the touch of a button

  The philosophy behind this type of insurance is "pay-as-you-go", also known as the "on-demand" philosophy. On-demand For example, if you only use your computer when you are at home, you probably don't need to insure it; but if you take it on a trip, an...