The shock of the COVID-19 pandemic has surpassed the boundaries of any locality or region. The impact has been hugely detrimental on livelihood, affordability, and propensity to spend, leading to several key outcomes, such as reprioritizing their spending patterns, reconsidering investment choices, and adapting to new alternative sales and revenue channels. This will redraw the rules of customer engagement in the coming days. Individual insurance companies in Asia/Pacific have responded to the pandemic with indigenous strategies. Similar to other industries, the shock brought by the sector has unfolded many complexities, which will potentially transform the ways the industry engages with stakeholders. The dependency on the physical interaction with distribution channel partners/agents and staff members has been challenged, and consumers are increasingly relying on virtual channels to continue their relationship with the industry.
Fulfilling employees' wellness priorities, meeting customers' contractual obligations, and supporting distribution agents and staff are examples of some of the actions undertaken by the overall sector and have been the focal point in the short-term strategy. However, in the current state of volatility, it will be inane to predict a definitive course of action in the coming months. Agility, flexibility, and the ability to predict and act during unforeseen times will drive the culture and define the future road map for insurers. With this into consideration, we have attempted to describe a three-step approach to tackle the various challenges and offer guidance to how technology can be embedded into critical decision-making processes for better and positive business outcomes. The three-stage approach focuses on the periodic monitoring of the external and internal business environment and then modeling the next course of action. In the next 3–12 months, we anticipate insurance companies to focus on building operational efficiency, retaining customers' loyalty, exploring new business growth areas, protecting their workforce, and improving resilience against unprecedented risks and threats.