It’s July and 2020 is scoring very badly in everyone’s books.
We start the second half with even more confusion and volatility in the air beyond just US presidential election polemics. Ironically, on the COVID-19 front, as the numbers spike beyond 9m infected and at least 500,000 dead, the public seems to be more blasé and adamant about going ahead with living and livelihood. Lockdown seems to be a bad word in politics and democracy and threatening the economy and livelihood. Sure, dexamethasone has been hailed to help reduce the death rate for the seriously affected.
So we carry on publishing the Coronavirus Watch daily newsletter to keep the industry fully in the picture and on their toes. In many ways, insurers seem to be trying to communicate with their customers and be helpful without rocking the fundamental precepts of the business of insurance. So some of the legitimately-denied claims are equally important strategically for the future of insurance.
As they say, now is the time to rethink and redefine insurance and to borrow a slogan from 2019’s Asia Insurance Industry Awards General Insurer of the Year, Digit Insurance: ‘Make Insurance Simple’ through empathy, education, transparency and empowerment. Simplicity makes a happy customer.
With the postponement of the 30th EAIC to 2022, AIR as the EAIC official media partner, will host an EAIC e-festival online with a month-long series of EAIC-related events to lead to the EAIC Insurance Day in October.
As for the SIRC, the much-awaited must-attend leading reinsurance event seen by many as germane to the renewal season, a final decision will be taken in September if 100% safety can be assured. But for now it is proceeding with plans as scheduled.
For July, we will bring an Online Brokers Summit given the importance of networking in the business. We will involve all the brokers’ networks too.
On the agents’ front, with the COVID-19 fears, for the first time, the Trusted Agents & Advisers Awards presentation ceremony will be held online, to start a brave new tradition to inspire excellence. We will have it back-to-back with our Insurance Inspired in the last week of the month.
Our cover story this month is on aviation insurance facing its most turbulent times with some airlines facing an existential crisis. Does the sector have a future? Will it return to normal? Airlines have power with states and are vocal leaders too.
Our market profile is on Taiwan which is still awaiting a tech-unicorn with easing of InsurTech rules. With a host of regulatory changes, the market is striving to adapt to a changing environment. There is a call for reinsurers to help the market rise too.
It is 2020. One just cannot come to terms with the fragmented state of affairs and business. Somewhere the good times are coming … Be ready. Keep safe but with strength.
Having seen the entries for the 24th Asia Insurance Industry Awards, I am inspired to say: ‘It will get better’ no matter how infamous those words are.
I wish all our readers the very best for the rest of the year.
Sivam Subramaniam
Editor-in-chief
Asia Insurance Review