Impacts of COVID-19 on Insurance Businesses

Impacts of COVID-19 on Insurance Businesses

The complexity and scale of recent events has meant that developing a clear view of the impacts represents a real challenge for UK insurers.

There has been a seismic effort to date to move front-line and support teams from offices to home-working and implement business continuity plans. As the dust begins to settle from the initial operational impact, there will be a need for a structured approach to understanding and responding to the lower-level impacts across the business, from claims management through to policy administration, managing broker relationships and updating products and underwriting rules.

In our analysis, we focus on how COVID-19 will shape immediate response plans and take a longer term view of what this will mean for the industry, breaking this information down into the key capabilities that enable an insurer to do business.

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