Opportunities for Group Insurance Innovation during the Pandemic - Global IQX

Insurers who invested heavily in innovative technologies like artificial intelligence before the pandemic are now reaping the greatest benefits – but there remains plenty of room to grow. Over the months since the COVID-19 pandemic was declared, the group insurance industry has moved from putting out fires towards a new "business as usual," with remote work, redesigned business processes, and limited face to face meetings or business travel. While most insurers are doing their best to ensure business continuity and maintain pre-pandemic customer-service standards, many were exposed to a sudden shockwave of evolved customer expectations and challenges in transitioning employees to a virtual work environment. Group insurance providers were particularly exposed to the unknown, including a possible reduction in revenues due to business closures, layoffs, and group plan cancellations. On the other hand, there were fewer claims as many insured employees stopped seeing their dentists, doctors, chiropractors, physiotherapists, and so on. While the pandemic has propelled the economic conditions for serious disruption in the group benefits industry, many established insurers have discovered the benefits of innovative technologies in this "new normal."