Trends Report

Address The Near-Term Impact Of COVID-19 On Insurance While Demonstrating Customer Advocacy For Long-Term Growth

March 18th, 2020

Summary

The flood of COVID-19 claims will pressure the resources and reputations of insurance carriers and agent-brokers, with an urgent need to clearly communicate coverage gaps. There is a vast gap between leaders and laggards in the insurance industry when it comes to COVID-19 response; now is the time for insurers to demonstrate their customer advocacy. Show customers not just that you have digital servicing tools, but how to really use them; this includes making voice assistants COVID-19 smart. As social distancing becomes a common tool in the fight against COVID-19, insurers need to reshape and accelerate their digital roadmaps to make up for the off-limit channels — agents, bank branches, and possibly the contact center as well. There has been a spike in consumers searching for life insurance and income protection policies to protect themselves and their families in the wake of COVID-19. This is an opportunity for insurers to help consumers get the right coverage while demonstrating empathy and an understanding of customer needs.

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