Insurance companies have an opportunity to join together to innovate and find new solutions. (Photo: Shutterstock) Insurance companies have an opportunity to join together to innovate and find new solutions. (Photo: Shutterstock)

The COVID-19 pandemic has tested businesses and industries across the world in ways never before seen. The insurance community, an industry that was built upon the principle of helping citizens and businesses in vulnerable times, is facing a new suite of challenges. From idle businesses hit by COVID-19, and now hurricanes and wildfires, to the increased cyberhacking happening across the globe, the insurance industry must adapt to meet customers’ needs.

Amid the vast array of pressures carriers face, the one that remains at the top of the list is the drastic change in risk exposures because of COVID-19. In every industry, from restaurants to retail, businesses have had to quickly adapt traditional business models to stay afloat. This has left carriers responsible for identifying new exposures, such as selling goods on property sidewalks to keeping employees safe while working from home. From what I have seen working with carriers in the property and casualty space, the thoughtful mix of technology and strategic partnership that InsurTechs offer is an invaluable asset to businesses right now.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.