Prior to pandemic crisis, new technological and regulatory developments-coupled with an increasingly empowered consumer–forced insurers to reassess their business models.
The COVID-19 crisis, however, brought more severe business disruption and economic uncertainty as it has an impact on both loss ratio and investment income and put pressure on the revenue model.
Insurance companies must urgently re-examine the added challenges; redesigning business models should address
• The pressure on revenue sources
• The risk to business continuity
• The adversely affected image
This white paper contains some unique insight on the impact of the crisis on the European, Dutch & Belgian Insurance markets. In offering substantive ideas and perspectives for insurance companies to navigate the crisis and opportunities that can be leveraged to improve their long-term performance in five essential domains:
• Human dynamics
• Operations and productivity
• Customer focus
• Business and operating model