COVID-19 is proving to be a major challenge for insurers. Almost overnight, insurers are under immense pressure, faced with a high volume of claims across multiple lines with the ultimate cost still highly uncertain. The scope of the claims is unprecedented, presenting complex challenges with increased regulatory scrutiny and difficult renewal conversations which will emerge at the upcoming January renewals.
There has been a huge backlash against insurers refusing to pay out on COVID-19 claims, leading to a large number of disputes. This crisis has raised significant questions regarding insurance coverage and created many bad faith pitfalls for insurers. Now more than ever, insurers must uplift their reputation and demonstrate how they can help societies to overcome the crisis. The current predicament gives the industry a unique chance to rethink and do things differently.
Will COVID-19 push insurance claims into the future? Will regulators keep up with the pace of change? Featuring experts from across the world, this year’s Asia Insurance Review’s Claims Virtual Summit will take a deep dive into insurance issues arising from the pandemic, including how new technologies can improve underwriting and claims management and boost customer-centricity, and lessons to be learnt from the fight against systemic risks.