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, including 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 geared up and associated itself with technology to keep pace with the ever-growing and ever-changing world, even before the pandemic. History itself has presented us with examples of those who did not adapt themselves and perished. Evolution is not just a theory, but a fact.

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

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