How prepared is your company to manage the expected business changes from Covid19?
During the Covid19 lockdown, insurers and brokers were solving customers’ problems and calming their fears. But the increased work load was handled online and over the phone, avoiding personal contact but maintaining trusted relationships. All this was accomplished with less cost and better outcomes. Technology is evolving for work to be done anywhere while building client experience with new apps and on-line abilities.
As businesses across Canada pivot their operations amid ongoing Covid19 shutdowns, they’re approaching their insurers and brokers with requests to amend their coverage. Insurers are more willing to accommodate than before to avoid policy cancellation and find ways to make it more affordable or more reflective of what the actual exposure is now? Insurers are also providing some sort of relief or give extra time to pay a premium rather than just cancelling it for non-payment.
Keeping communication open between the insured, their agent or broker, and the insurer is critically important. Agents and brokers can do their part by maintaining close contact with their insureds and making sure that they understand the exposures their businesses may have picked up and how the risk has changed.
Reviewing operational changes in light of an evolving marketplace now becomes part of any strategic review. "Getting ahead of the curve" allows insurers to be better prepared for options as the pandemic continues.