COVID-19 highlights why insurers need to push for greater technology adoption

Seventy-six percent of survey respondents think digital will be a lasting trend even after coronavirus is defeated. (Credit: Rawpixel.com/Shutterstock)

Few industries could have predicted the range of consequences that would pile up due to a global event like the outbreak of COVID-19, but the insurance industry is one in particular that cannot afford to be caught flat-footed. While many were able to respond to the pandemic in short fashion, the event has illustrated how much further the industry has to go, especially with technology, in order to be there for its customers.

A survey of 1,028 Americans conducted by software provider Sapiens and Lightico underscores the impact COVID-19 is having on new insurance policy sales, service and claims. Consumers are concerned and, even as they cut back on many financial burdens, are preserving and even looking to increase to their life, health and property insurance to protect themselves and their families during this period of significant instability.