With the arrival of the COVID-19 pandemic, insurance companies found themselves in the center of the storm. In a matter of hours and days (not weeks), many carriers had to make their entire operations remote. At the same time, they were fielding calls about changing coverage; answering questions about business interruption policies; and continuing to pay claims for life, health and disability insurance.
Insurance companies are designed for this. Risk analysis and crisis planning are at the core of their business. With policyholders—individuals and businesses—suffering as a result of the crisis, regulators and legislators expect insurance companies to live up to their responsibilities. Those that don’t will likely face enormous reputational consequences. Getting it wrong is not an option.
-American Banker
