Reputational Damage: Insurance Faces A Crossroads In Post-Coronavirus World

 Tuesday, March 24, 2020

 Digital Insurance

Right now, in the midst of the COVID-19 crisis, it is tough to imagine the fertile environment for insurtech start-ups that the sector has enjoyed can last much longer.

The crunch from social distancing, if not out-and-out restrictions on economic activity, will undeniably freeze the flow of cash to untested ideas. This means that the tenor of the insurance industry over the past three years is about to shift considerably.

The combination of light-speed mass media, global commerce, and population growth make this unlikely to be the last such panic to sweep the globe.

Consumers are watching their governments dither on how to support working people and big industries in this time of catastrophic disruption. Catastrophe response is the insurance industry’s stated goal. And this is far from the only kind of potential wage loss workers can face.

With unprecedented attention being paid to not just the generally comfortable middle- to upper-class, but also the plight of hourly, part-time, or unemployed workers, insurers can act.
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