Insurers are under increased pressure to improve their profitability, and digitalization provides a clear way forward.

Although the pandemic continues to send economic shockwaves throughout the insurance industry, the degree and scope of impact has not been evenly distributed. Much of this disparity can be attributed to the digital infrastructure within each organization, as widespread social distancing mandates have forced businesses and consumers to abandon traditional in-person interactions in favor of remote access alternatives.

Insurance is entering a new era. And while the industry has been inching toward modernization over the past decade, the pandemic has amplified the urgent need for insurers to adapt and innovate. In this article, we’ll explore the business continuity strategies some companies are using to persevere in these rapidly changing global conditions.

Discussions about the coronavirus and workers’ compensation have dominated the industry since the early days of the pandemic. Who is responsible when an employee contracts the coronavirus on the job? How can employers ensure safe working conditions for their remote workers? What can be done to minimize losses in an economy stricken by turmoil?

Determined to continue serving customers in the face of global crises, many insurance companies have accelerated their technology road-maps, optimizing processes and enhancing communication capabilities to meet the urgent needs of today’s consumers. And as the main touch-point between providers and policyholders, the area of payments has become a primary focus in the industry’s intensified commitment to digital transformation.