The pandemic has highlighted the key role digital platforms play in keeping the global economy going. Businesses will need to adjust strategies and adapt accordingly to this new reality in order to thrive after the crisis passes.
May 11, 2020 | Sarbvir Singh
- The global economic slowdown could be as big as the Great Depression in the 1930s and will affect industries across the board
- COVID-19 has forced businesses to rethink how they operate
- It will be imperative for businesses to strengthen their digital offerings and to be more adaptable to grow in the post-COVID world
The COVID–19 crisis has reinforced the importance of digital platforms and the integral role they play in sustaining economies across the globe. While businesses relying solely on physical interactions have been hardest hit, digital businesses that have adapted continue to serve customers. Specifically, in the insurance business, the crisis has opened up new opportunities for insurtech players like us in how we can onboard more customers digitally, expand operations without the need for physical offices and reduce our overheads. It is essential that industry leaders seize the moment and align their strategies to the changing realities so that they can continue to thrive in the post-COVID world.
Silver lining amid the gloom
The global community at large is looking at an economic slowdown, which could be as big as the Great Depression in the 1930s. However, amid all the gloom, there are some silver linings. Digital players such as Zoom, Skype, Netflix and Hotstar are attracting millions of new consumers. Closer to home, insurtech companies with their all-digital journeys are continuing to serve consumers and ensuring that the sale of essential insurance policies does not stop. The insurance ecosystem has been able to leverage the digital medium and ensure that all operations continue despite employees working from home.
Opening new horizons and possibilities for the entire ecosystem
The current crisis has essentially led to a reinvention of how business operates and forced us all to adopt a radically new approach towards running operations. In f...
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