The COVID pandemic reached the U.S. in the late winter of 2020 and still lingers. Hundreds of thousands of individuals were affected, and those who survived from the harshest variants are still recovering. Throughout all of this, the insurance industry in South Florida and across America has had to deal with the aftereffects. Here are some ways the industry has handled issues during the pandemic.
1. Hardening Their Infrastructure
Fortunately, insurers prepared for the increase of insurance claims before the pandemic took hold. This is particularly true of commercial claims from businesses that ran into difficulties throughout this crisis. They shored up their personnel, computer networks, and applications for easier access by policyholders.
2. Providing Financial Relief
During the height of the COVID pandemic, insurance companies considered the related economic crisis. In turn, they were able to offer financial relief to their customers. This is particularly true for those who lost their jobs or were infected with COVID. In turn, customers had some temporary monetary relief.
3. Moving Into Digital Environments
Similar to many other businesses, the insurance agency in South Florida and across the country transitioned to a digital environment. This was a necessity instead of a suggestion. Due to the variants’ infection rates, adjusters working on items like commercial claims were unable to do so in person.
Thus, they’ve relied on their mobile apps and video conferencing to handle insurance claims. Furthermore, insurers have digitized their forms. Today, companies ask their policyholders to use their apps or visit their websites to make necessary changes or obtain virtual insurance cards.
4. Preparing for an Influx of Life Insurance Requests
A survey by PricewaterhouseCoopers revealed that 15% of participants were likely to purchase life insurance due to the pandemic. This number reflects a larger number of South Florida and American citizens who have also considered this insurance. This precipitated a strengthening of infrastructure to handle the influx of life insurance requests. As a result, insurers were able to reduce the processing time.
5. Preparing for Additional Pandemics
A critical issue learned through the COVID crisis is it won’t be the last pandemic. Since its worldwide spread, the virus has mutated several times. Experts believe that COVID will remain a yearly threat like the flu.
Additionally, it’s a warning that this might not be the last pandemic. The mutation of what seems like an insignificant virus can result in a global disaster. Therefore, insurance organizations have started to prepare for future issues.
Needless to say, since the insurance industry deals with worst-case scenarios, it was better prepared for COVID than other businesses. Yet, they continue to fine-tune their responses as the environment remains fluid. To find out how we’re handling this for you, reach out to one of our representatives at Alpha Public Insurance Adjusters. It should ease your concerns now and in the future.