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.

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