Verified inspections can help insurers with hurricane season in the COVID era

Considering the obstacles we are already facing, we must consider how insurers will respond to a natural disaster during the COVID crisis. (Photo: Fernando Llano/AP)

The effects of the coronavirus shock have already had dramatic economic consequences, and all indications point to its continuation for the foreseeable future. The virus has stunted the fast-paced movement and interaction of people throughout the world, countries, and even locally. Cities have been quarantined, sport stadiums are emptied, and much of human interaction has ceased globally. It is hard to capture how much the slowdown in the movement of people will impact the global economy, but U.S. gross domestic product has already contracted by 4.8%, and most experts have predicted one of the country’s worst economic slowdowns.

Many businesses and industries — like service — are a shell of themselves and have stopped activity. Others — like insurance — remain essential security for the general population and must carry on regardless of the challenges today. Maintaining business operations as normal is difficult for insurers today, and despite innovation in the industry, it still struggles to address balancing digitization with due diligence and fraud prevention.