“Technology plays a huge role in today’s business scenarios and especially when the nation is working virtually, the need for technological upgrades and intervention is very high.”
ET-Insights: What practical steps should the insurance industry take for responding to the current Covid-19 crisis?
Step 1: The industry must enable work from home / virtual working for all processes. It is imperative to enable all processes since businesses focus on “mission critical” processes in a typical BCP scenario. Considering the unforeseen COVID-19 scenario, all business processes should work seamlessly. This is a critical step to ensure business continuity as well as employee & customer safety.
Step 2: Ramp up all digitization initiatives.
Step 3: Continuous engagement with customers, partners, employees and stakeholders using digital & virtual interaction solutions.
ET-Insights: What are the potential implications of COVID-19 for the insurance sector – How this outbreak may impact insurers operationally and economically?
Operationally: Enablement of virtual working for all processes so that seamless service can be delivered across the customer lifecycle.
Economically: We are witnessing a situation that cannot be planned for. It can only be mitigated. While many observers are predicting tough times ahead, we are observing an uptake of health insurance.
ET-Insights: How are you ensuring business continuity for your organization during this crisis?
ET-Insights: Stepping up the customer service game and exceeding customer expectations during the crisis – What strategy have you put in place?
ET-Insights: How do you think technology can assist in delivering better service for the insurance sector amid this crisis?
Technology plays a huge role in today’s business scenarios and especially when the nation is working virtually, the need for technological upgrades and intervention is very high.
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Very thoughtful. Very nice article Sir.
Very nice..