Many are pondering and studying how COVID-19 and the various shelter in place orders were impacting the United States economy as a whole, as well as certain parts of the economy. One of those being the insurance industry. This interesting topic came to us from Digital Insurance in their article, “Optimism or pessimism for insurance tech post-COVID-19?”
The insurance industry as a whole has has geared up and associated itself with the technology to keep up the pace with ever-growing and ever-changing world, even before the pandemic. History itself has presented us with the examples of those who did not adapt themselves with the change have perished away with time. Evolution is not just a theory but a fact which we all have come to realize with time.
Every facet of the insurance value chain will be impacted by digitization, from interactions with customers to underwriting and claims management. How will the rest of 2020 turn out? To paraphrase an old saying: Hope for the best, prepare for the worst.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.