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The pandemic has disrupted business activities worldwide. Businesses are adopting a range of strategies to enable business continuity. The insurance industry is also taking various actions to make strategic adjustments based on the scenario and the challenges it poses. The insurers in Australia are also making rapid changes in responses to the coronavirus outbreak. From customer retention to acquisition and business interruptions, the hurdles are plenty. What insurers must keep in mind is that they need to reassess both short and long term strategies.
According to PwC’s report, the COVID-19 impact in Australia could range from a short economic blow that would recover in 2 quarters to an extended recession. So, Australian insurers must account for all possibilities while making their strategic agenda.
What challenges are the Australian insurers facing due to COVID-19?
The challenges are plenty and the need of the hour is agility. All planning and strategy must constantly monitored and revised based on the changes in the scenario, in the coming months.
How are insurers responding?
In order to not just enable business continuity, but to establish a stable position in the market during these turbulent times, insurance companies in Australia have been quick to respond, and have taken quick, strategic steps to stay afloat.
Neutrinos has extended a helping hand to insurers around the world by launching an exclusive solution to cope during these difficult times. Leading insurers are already rolling out our digital insurance sales distribution solution. This solution has a range of features that are enabling insurance agents to resume business as normal while working remotely. Get in touch with our experts for more details.