Source:  TS COMMUNICATIONS

Nothing will be the same in the world post-Covid 19.  As our economy slowly starts to reopen following a crippling lockdown, the realisation that consumer behaviour and the drivers of consumption patterns have been radically altered is laid bare.  The financial and health impacts of Covid-19 and the lockdown are patently obvious.  What is opaque however, is how the changes to daily work and living routines are going to manifest in our societies and business environments for the long term.  There will be a butterfly effect across every single industry sector and societal structure, and in this regard, insurance and risk are two areas likely to see significant evolution and change.

Carl Moodley, Chief Underwriting & Claims Officer; Stuart Forbes, Chief Risk and Compliance Officer and Eugene Olivier, Chief Information Officer of GENRIC insurance Company share their views on the trends experienced this far, the impact of Covid-19 on various insurance lines and service models, and what this means for insurance consumers: 

All insurance role players – reinsurers, insurers, brokers – face a radically different landscape and frame of reference in a post-Covid-19 economy.  Fundamentally, this crisis creates huge incentive for insurers to invest in how they operate their businesses, how to transform processes to be more agile and digitally-enabled, and how to re-imagine their product solutions to support insureds during true black swan events. It is fundamental to being prepared for the future and ensuring that the insurance sector plays its essential role in building resilience for individuals and households, businesses and markets.

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