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How COVID-19 speeds up digital insurance




As social distance continues and people become more accustomed to working from home, we see an acceleration of digital workforce and the systems that support them. This is particularly evident in the US annuity and annuity industry where the COVID-19 pandemic has forced brick and mortar insurance agencies to temporarily shut down and conduct business 100 percent digitally.

The Insurance Company's efforts to modernize policy management systems in the past Five years have put many life and annuity companies in a strong position to respond quickly to customers remotely. From electronic applications and direct throughput (STP) to automatic touching and automatic boarding, insurance companies today are better prepared than just a few years ago to quickly adapt to home culture.

of these changes has shifted our way of thinking about work and life. There is even more that we can do as an industry to support new provocative ways of thinking about life insurance and technical advances that enable insurers to cultivate strong value-based customer relationships for life. Prior to the COVID-1

9 crisis, we explored the intersection of life insurance and health and well-being in order to have a more human-centered strategy focused on life. In the COVID-19 era, the relationship between life, health and well-being has never been more evident.

What's next for life insurance companies

As we start to emerge from the initial crisis, ever think that another wave of the COVID-19 outbreak is possible, we look to our people, our systems and our customers . How can we as an industry be a force for good? How can we help consumers to protect themselves physically, emotionally and financially from future pandemics?

We have to change from a transactional thinking to one that is human-centered. This means that we must flex with the dynamics of life, whether it is the sudden effect of a growing pandemic or the subtle joy of spending time with our families and all the moments in between. At Accenture, we call this a "vibrant business model", one that is flexible – especially in the face of unforeseen events such as a global pandemic – and focused on the customer experience.

Dynamic solutions driven by innovative people and technology emerge that can help deal with life's often sudden changes. Platforms will play a key role in connecting insurance companies to the products and services consumers need to help them stay physically and financially healthy, especially in times of stress.

Every company is becoming a health care company

The COVID-19 pandemic has all of us been busy with health, and every company is becoming a health care company. With individual and public health expenditures expected to increase, health-related functions become a must when people are now looking at product purchases through the state of health; and life insurance companies have a role to play in the health economy.

The life insurance industry is more prepared with health data than many other industries. While health data has always been a staple in the insurance industry, the COVID-19 crisis provides a renewed emphasis on health data, but also on wellness data and how it can help consumers protect their health. Our industry can respond, whether we need to reconfigure existing products and services, or utilize new health and welfare ecosystems. The human implications of the COVID-19 pandemic shape how we think about insurance coverage and provide new insights on consumer behavior that will affect a new generation of products and services.

We are in the business "for life." This COVID-19 era is a poignant reminder of how valuable life is, and how each of us has helped to protect vulnerable population groups from the COVID-19 outbreak and prevent our healthcare staff and hospital systems from being surpassed by patients beyond their capacity. We are grateful to the world's healthcare professionals for their courage and dedication to people's lives.

Further reading:

COVID-19: Managing the human and business effects of coronavirus

COVID-19: 5 new human which experiences need to address

COVID-19: 5 priorities to help open and reinvent your business


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