'Fast follower' insurance firms to feel the sting of COVID-19 pandemic

The insurance industry has never been known for its speed or agility. Rather, it has been characterized as slow, methodical, and cautious of any sudden movement. Of course, that’s a generalization. There are many insurance firms that break the mold and lead the way in terms of transformative innovation, but, generally speaking, most insurers have opted to spend their time on other things … until now. The global coronavirus pandemic has caused an explosion in firms throwing caution to the wind. COVID-19 has created a situation where the world has shifted in a non-linear way – and it’s shifted much faster than anyone could have anticipated. The global economy has been forced into an induced coma to try and slow down the spread of the virus. As governments call for physical distancing, and in some cases total society lockdown, insurance businesses have been forced to close their offices, ask employees to work remotely, and conduct all of their business through digital and/or virtual channels. The coronavirus has triggered the fastest overnight transformation in the history of the insurance industry.