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{"id":9376,"date":"2020-03-23T18:40:07","date_gmt":"2020-03-23T18:40:07","guid":{"rendered":"https:\/\/sviaccelerator.com\/?p=9376"},"modified":"2020-10-06T23:53:08","modified_gmt":"2020-10-06T23:53:08","slug":"covid-19-insurance-impact-response-innovation","status":"publish","type":"post","link":"https:\/\/sviaccelerator.com\/covid-19-insurance-impact-response-innovation\/","title":{"rendered":"COVID-19 & Insurance: Impact, Response & Innovation"},"content":{"rendered":"\n \n
COVID-19 requires our industry to move immediately\u00a0<\/b>to\u00a0meet insured\u2019s needs and protect our companies and employees. Then we need to take a breath and think. Necessity is the mother of Innovation, and now is the time to put our capability as an industry to innovate to work. Here’s how.<\/span> \n<\/p>\n
We need to mobilize.\u00a0<\/strong>COVID-19 will change how we work, live, travel, and socialize forever. <\/span>First, we need to respond to the current situation. Second, prepare for what comes next. We need to make pandemic risk more transparent, and improve our ability to help the world predict, prevent, mitigate and recover from it.\u00a0We\u2019ve never been as prepared to address a global challenge like this with innovation as we are now. We need to harness the emerging technology and innovation coursing through the industry and put it to work to address this global challenge.\u00a0<\/span><\/p>\n
Impact:<\/strong> The world is going into lockdown mode. Insureds and insurers staff will be sheltering in place. Those infected will be quarantined and unable to work. Services from healthcare to auto and home repair won\u2019t be readily available. Our normal processes that involve physical contact or labor will be interrupted. New exposures in cyber risk, physical safety, substance abuse, business continuation and best practices will emerge. Less experienced workers will be tasked to take on more difficult tasks. Policyholders and insurers will scramble to assess changes in regulatory requirements and coverages. Fraudulent claims will escalate as the economic impact deepens. And that\u2019s the tip of the iceberg.<\/p>\n
Response:<\/strong> we need to find ways to use technology and innovation to address the needs of our insureds, protect our staffs and dramatically improve our ability to operate through telepresence and remote working. We also need to protect our own solvency. And, we need to accelerate the world’s ability to make pandemic risk more transparent, and to predict, prevent, mitigate and recover from it more effectively. That means coming together to drive innovative solutions and processes that address those issues. We\u2019d like your immediate help in two areas<\/p>\n