• Becoming a trusted advisor to the clients in times of turmoil by going beyond the call of duty and take proactive steps to help clients looking for advice. Some vulnerable client groups need special help e.g. nursing homes and long-term care facilities need to be protected from lawsuits arising out of the crisis.
  • Product coverage changes and helping carriers in new product design that will minimize losses in WC, biz interruption, event cancellation and such other risks which have high vulnerabilities from coronavirus.
  • Providing risk management assistance — Brokers work in complex situations, providing insights to customers and carriers both, assessing unique risks, being flexible and collaborative for coming up with a consensual decision and being on the same page with the underwriter.
  • Providing support for risk prevention and mitigation — Brokers have a new role of risk control by educating the insured, helping loss prevention by policy wording alterations, workplace preparations to reduce exposures, employee training, mentoring and change management communication programs.
  • Enabling WFH model by using portals, mobile interfaces with high security to counter data breaches. This will build ability to perform customer remotely using rich customer data for accurate need analysis for MSME’s, group coverages to (corporates and other non-corporate businesses).
  • Move to lower cost structures — providing value added services, using technology tools like AI, Analytics, to
  • Carriers — view/predict exposure and plan for claims management, check coverages and help in processing claims with COVID 19 tagging wherever applicable
  • Insureds — tools for risk prevention/ risk exposure assessment e.g. cyber risk, data breach, etc.
  1. Build customer intimacy
  2. Enhance the ability to consultatively sell by personalizing the journeys, and
  3. Reduce manual tasks, decreasing cost and effort
  1. COVID-19 Impact Series: Property & Casualty Insurance Revisited
  2. COVID-19 Impact Series: Growing Life & Annuity business in crisis times
  3. COVID-19 Impact Series: Healthcare transformation using IT
  4. COVID-19 Impact Series: Navigating the Turbulence in Reinsurance

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Vijai SR

AVP — Leader for Insurance, Consulting and Transformation, CST



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