For more than a year, we have all been facing unimaginable changes in various areas of life, personal, family, work, companies, economies and everything that follows.
For the industries it has been really challenging to think and include new services for their clients and one of the main companies, the insurers, due to its antiquated way of operating, has had to be resilient and go against the current to meet its clients and meet your needs.
Although it is not the first time that insurers have resisted a crisis, the Covid-19 made possible a change of plans in the short term. So what have insurers done in the face of all this critical situation?
Some important data
The health crisis has made it possible to accelerate the transformation of the sector that climate change began a few years ago in the face of the increase in natural disasters: where the agricultural and health sectors indicate greater vulnerability.
The increase in risks associated with the aforementioned, makes a new strategy necessary, where thousands of organizations around the world are preparing to protect their workers.
In the Mexican case, seven out of 10 companies offered the support of a policy for their employees, 33% corresponding to individual insurance for medical expenses and 67% requested it as a group. According to AMIS data, individual life insurance corresponds to 19%, while collective to 81%.
Regarding the average amount of compensation, in individual medical expenses it corresponds to around 23 thousand dollars and the group to 19 thousand dollars. Along the same lines, individual life insurance rises to close to $ 20,000 and group life to nearly $ 8,000.
Modernization of the insurance industry
1.The commitment now to create products that anticipate the next health emergencies or other branches that may arise in the new normal.
2.Many companies that struggled to survive will now be more aware of the importance of being protected today and tomorrow.
3.The insurance industry is working to design new policies, which, although expected to be more expensive, will offer mechanisms so that organizations can protect themselves from labor lawsuits or stoppages in the event of a health emergency such as the one we have been experiencing.
4.Insurers must improve their system to encourage communication and dealing with their clients and agents, since social distancing has forced us to rethink other types of solutions to keep us communicated and operational.
5.Although natural disasters cannot be prevented, the collection of data by insurers is now a necessity, hence the new idea of not only looking for solutions at the time of the accident, but also preventing them, a fact that has not been explored until now a lot of.
6.All the above goes hand in hand with technology, with which the insurance industry is more efficient, capable and safe during all its processes, accelerating them and saving costs and time.
Finally, we can summarize that all this sudden movement in the operational change of insurance companies, like many other industries, has led to a culture of awareness where those of us who were not protected before can now seek the alternatives that we have available to do so and also enable loss prevention.
Having insurance is essential even if we do not need it, that we need it and not have it.
Thanks to all this technological and critical turmoil, finally modernizing the insurance industry will not be just a necessity but an obligation if insurers are willing to retain and satisfy their customers and their next policyholders from future generations.