It is safe to say that 2020 has changed all industries and the insurance industry didn’t escape. More change has been experienced in the last 10 months than over the previous 10 years. Digital Insurance brought this topic to our attention in their article, “5 digital transformation opportunities for insurers to thrive post-COVID.”
There is a new reality emerging from the ongoing COVID-19 pandemic. How life, public health and business will continue to change is yet to be realized. One thing that is for certain is the recovery will be digital.
If the pace of the pre-coronavirus world was already fast, the luxury of time now seems to have disappeared completely. Businesses that once mapped digital strategy in one to three year phases must now scale their initiatives in a matter of days or weeks.
If a silver lining can be found, it might be in the falling barriers to improvisation and experimentation that have emerged among customers, markets, regulators and organizations. Companies can learn and progress more quickly than ever before. The ways they learn from and adjust to today’s crisis will deeply influence their performance in tomorrow’s changed world.
Melody K. Smith
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