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April 6, 2020

10 Moments of Truth From COVID-19

Summary:

Here are 10 moments of truth that insurers face as they continue to serve as a safety net for society, in the midst of the COVID-19 pandemic.

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In the midst of all the chaos, insurers are being put to test in real time. For all, it becomes the moment of truth for our industry and every individual company.

The strength of our industry is shining through. Insurers have quickly adapted to the new norm. Insurance executives are mindful of how this pandemic could hurt revenues and the bottom line, all financial ratios, even investment returns and stock prices and possibly coverage/claims.

At the same time, we continue to serve as a safety net for society, mitigating risks for all types of disasters – man-made or natural. This is who we are and what we do – as an industry and as each company in the ecosystem. As always, we will assess our strengths and our gaps and adjust our strategies and plans accordingly.

As a vehicle for insurers to understand and monitor the pulse of our industry in the middle of this pandemic, SMA just published a research brief that outlines the “The 10 Moments of Truth and Watch Points for the Future: How Insurers are Responding to COVID-19” highlighting the “whats” and “hows” of insurer response to this new norm. Each Moment of Truth reflects our reality as of April 1; insurers will continue to adapt to our changing environment every day. This brief also highlights the watch points to track and monitor for each Moment of Truth, as insurance evolves over the next several months.   

Below is the list of SMA’s 10 Moments of Truth: 

  1. Demonstrating Insurance Strong
  2. Stressing Every Risk and Continuity Plan
  3. Working Remotely Effectively and Efficiently
  4. Sustaining Current Levels of Service
  5. Keeping Momentum Going Across Initiatives and Plans
  6. Changing the Rules of Engagement
  7. Innovating in Real Time
  8. Keeping Everyone in the Loop
  9. Demonstrating the Value of Digital Investments
  10. Identifying the Gaps in Digital Strategies

One thing that this pandemic has already taught us is that we have never needed a digitally connected world more than we do now. Couple this with the reality that a crisis often brings about needed change. The needs, possibilities and opportunities that become clear during this crisis will stand out even more in our environment of fear and uncertainty.

Just remember, we are all part of this amazing insurance industry, and we are all standing strong. We will continue to stay present in this Moment of Truth. 

See also: COVID-19: Moral Imperative for the Insurance Industry  

In the meantime, stay healthy and safe.

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About the Author

Deb Smallwood, the founder of Strategy Meets Action, is highly respected throughout the insurance industry for strategic thinking, thought-provoking research and advisory skills. Insurers and solution providers turn to Smallwood for insight and guidance on business and IT linkage, IT strategy, IT architecture and e-business.

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