Insurance and legal disputes
COVID-19 enterprise resilience checklist: We help you navigate the now, next and beyond
Insurance and legal disputes: key considerations
Insurance should focus on communication of trust with stakeholders.
- Regular engagement with remote workforce, investors and customers and other key stakeholders
- Engaging crisis management team to assess conditions and risks and communicate
- Understanding impacted customers and society and define actions to help (e.g. travel insurance, commercial property and business interruption, cancellation coverage, credit lines)
- Supporting the sectors more affected by the outbreak (e.g. aviation, motor, personal household, cargo, energy, medical malpractice)
- Utilize management, finance and treasury teams to address solvency, liquidity and underwriting issues identified in risk assessment
Insurance should focus on customer risk management and stability of the working world.
- Support to address processes, procedures, people and IT and digital progress and stability
- Support clients with risk management, best practices and data to manage or mitigate underwriting risk
- Keep sustainable solvency, equities and credit from markets interest rates fall
- Active communication to stakeholder, authorities and third parties about progress made
- Focus on regulatory reliefs and rating agency actions
- Investment on changed demand patterns and new growth opportunities
- Manage the distribution and the channels with effectiveness (from the traditional channels face to face)
Insurance is beyond providing protection. It operates as a transformative function to help the world manage and cope with new upcoming risks, both known and unknown.
- Strategy refresh depending on longer term business outlook
- Design products that provide answers to the new world challenges based on intelligent data use and technology
- Scaling IT systems and equip workforce to adapt them to new potential future disruptions
- Clearly communicate to stakeholders and customers the purpose of Insurance
- Use existing financial and operational strength to help the world transform and manage and control the upcoming known risks, while keeping an open mind to current unknown risks
