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Man using a laptop to assess insurance coverage. Social distancing and a desire to protect policyholders and adjusters during a claim are creating new opportunities for insurers to engage remotely through technology. (Photo: Wright Studio/Shutterstock.com)

In just a few months, COVID-19 has already had a major impact on how the insurance industry operates. The future is unknown, but the one known is that COVID-19 will continue to affect the industry over the coming weeks and months in myriad ways. As carriers look to move forward with leaner staff, lower operating expenses, and fewer brick and mortar locations, they will need to downsize salaried staff and rely more on technology to reduce financial risk and increase efficiencies.

Stay-at-home orders were issued in most major markets across the country; people were forced to stay at home or limit their time spent outside. With fewer miles driven and a lower frequency of insurance claims filed, insurance carriers are shifting their strategies in terms of their staff and the way they process claims. Many changes have already been put in place, and many more are still to come.

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