Insurance adapts to new normal

As the coronavirus continues to reshape the world at a rapid pace, all industries’ ability to adapt to the so-called “new normal” is the focal point to ensure they can ride out the toughest environment being faced by businesses.

As traditional supply and distribution channels are hampered, businesses rely heavier these day on information and communication technology (ICT) to remain connected to their clients and customers.

The ongoing pandemic has resulted in surge in insurance claims, putting greater pressure on insurers’ sales teams amid limited business activity, coupled with restrictions to conduct their traditional face-to-face interaction with clients.

But despite the crisis, the Insurance Commission (IC) is conkdent that local industry can weather the coronavirus-induced economic slump, nothing they have introduced a series of increases in their minimum net worth to ensure knancial stability.

But to somehow help the insurance companies to generate revenues while the country is under community quarantine, the government regulator has already relaxed rules on the sale of insurance products.

Insurance Commissioner Dennis B. Funa allowed insurance krms to launch sales initiatives using ICT or any other platforms via remote communication to sell products without prior approval from the commission.

But Funa required insurance firms to register their ICT initiatives, which may include teleconferencing, video conferencing, computer conferencing or audio conferencing, with the government to ensure compliance and for monitoring purposes.

Funa explained he understood that the community quarantine measures have restricted insurance companies to conduct a “face-toface” sale given the health risks posed by COVID-19.