Insurance and legal disputes

Insurance should focus on communication of trust with stakeholders.

• Regular engagement with remote workforce, investors and customers and other key stakeholders

• Engaging crisis management team to assess conditions and risks and communicate

• Understanding impacted customers and society and define actions to help (e.g. travel insurance, commercial property and business interruption, cancellation coverage, credit lines)

• Supporting the sectors more affected by the outbreak (e.g. aviation, motor, personal household, cargo, energy, medical malpractice)

• Utilize management, finance and treasury teams to address solvency, liquidity and underwriting issues identified in risk assessment
  

Insurance should focus on customer risk management and stability of the working world.

• Support to address processes, procedures, people and IT and digital progress and stability

• Support clients with risk management, best practices and data to manage or mitigate underwriting risk

• Keep sustainable solvency, equities and credit from markets interest rates fall

• Active communication to stakeholder, authorities and third parties about progress made

• Focus on regulatory reliefs and rating agency actions

• Investment on changed demand patterns and new growth opportunities

• Manage the distribution and the channels with effectiveness (from the traditional channels face to face)
  

Insurance is beyond providing protection. It operates as a transformative function to help the world manage and cope with new upcoming risks, both known and unknown.

• Strategy refresh depending on longer term business outlook

• Design products that provide answers to the new world challenges based on intelligent data use and technology

• Scaling IT systems and equip workforce to adapt them to new potential future disruptions

• Clearly communicate to stakeholders and customers the purpose of Insurance

• Use existing financial and operational strength to help the world transform and manage and control the upcoming known risks, while keeping an open mind to current unknown risks