The COVID-19 pandemic has had a major impact on the world. It has affected our economy, our industry, and our people. It’s time for insurers to step up - to review and update crisis management plans while taking the necessary steps to prevent further disruption to the lives of employees, clients, and the public alike.
Of course, providers’ number one concern should be to protect the health and safety of their employees and agent/broker partners. It has never been a more important time to take decisive action and communicate clearly to all stakeholders.
But it’s also important to take a look at the impact this pandemic will have on insurers because the decisions they make and the actions they take over the next few months will impact the future of their companies.
Responsiveness
These are difficult times for companies worldwide, many are depending on their insurance providers for support.
In order to respond swiftly to new developments, consider forming emergency cross-departmental decision-making teams to set new safety protocols, coordinate corporate response, and stay ahead of conditions as they continue to evolve.
Be decisive and clear, but also flexible with the implementation of new policies.
Communications
It’s imperative to have a solid communications strategy in place to keep stakeholders informed, both within and outside the organization.
There’s a lot of uncertainty through all of this, circumstances are changing day by day and in some cases, hour by hour. Let employees know how you’re addressing current challenges and the impact it will have on their safety and responsibilities.
Consider that they serve as your ambassadors to the public, make sure employees are clear on what is to be communicated to clients, the press, or even on social media.
The steps your organization takes to keep employees, partners, and clients safe and secure is crucial. They are looking to you for support and guidance.
Employee Safety
Getting employees out of the office is a no-brainer. But not all job functions can be performed from the comfort of an employee’s home.
What if an adjuster needs to go onsite to examine a claim? What if that exposes them to the virus via someone who may be infected?
Take additional safety steps to set new protocols for in-person interactions with claimants or update procedures to enable employees to remain safe in circumstances where traveling or being on-site is a requirement.
Workforce Management
You may find that some employees struggle to work from home or are lacking the space, resources, or are otherwise being limited in their capacity to get work done.
Take a look at the way you supervise and review employees as an update in policy may be necessary to adapt to the current circumstances.
Remember that this current situation is taking its toll on everyone. Consider that your employees may be experiencing healthcare issues, childcare challenges, or family income disruption. We are all trying to adapt and cope through this change.
Consider introducing programs that boost morale and collaboration to reduce stress.
Cyber Security
With employees working remotely it’s important to provide necessary access to files and documents so that they may continue to conduct business unimpeded.
With this rapid move to a virtual workforce, it accelerates the threat of cybercrime. Ensure your team is equipped to keep confidential information safe and your employee’s devices secure.
Explore new technology solutions should you need to keep up with the strain of your new remote workforce.
Here are some preventative steps you can be taking:
- Review phishing policies with employees to ensure best practices are in place
- Fortify endpoint security and ensure devices and software are up to date
- Strengthen remote access protocols and policies to limit gaps in security
- Update defensive perimeters and ensure you can deflect threats before they penetrate your network
Brand & Reputation
The way in which providers respond to this event will shape employee and public attitudes, having a long-standing impact on their brand and culture beyond the life of the virus itself.
Insurance exists to provide a cushion to its policyholders in the case of unfortunate events. The massive blow that our economy has taken due to this pandemic is no exception. Insurers play a pivotal role during times of economic stress by helping companies manage risks and maintain through periods of loss.
Culture - the steps you take to keep employees safe and employed are critical. But communicating these changes and listening to their needs will be equally as important.
Brand - compassion is key in times like these as the decisions made today will have an impact on the values and reputation of the organization. Difficult decisions made today can have an impact on success in the future.
But, Don’t Worry…
We’re going to get through this together. Insurers need to be responsive and decisive throughout this uncertainty while keeping the safety of our people and the well-being of our economy front and center.
US Claim Solutions is here to support you through these difficult times. We’re available to service claim needs 24 hours a day, 7 days a week. Email us at customerservice@usclaimsolutions.co or give us a call at (888) 701-1153. Stay safe!
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