Looking at insurance through a new lens
In a constantly changing insurance environment, the challenge is where to focus our energy and resources.
It’s been six months since the world went under lockdown to stem the course of the coronavirus. Much about our lives has changed. Some things may never go back to the way they were (like blowing candles out on a birthday cake) and others, like investigating insurance claims, will be approached differently. History will tell us whether the decisions made were right or wrong. Whatever the determination, the reality is that there have been many casualties.
For insurers and their policyholders, the costs will become evident when claims are paid or denied, renewals are more expensive and exclusions expand to specifically include pandemics and other viral events. Every line of insurance will be affected, from directors & officers and business interruption to workers’ compensation, specialty insurance lines and health insurance. Costs will certainly increase as companies recover from the losses incurred by this pandemic and prepare for the next one, which experts predict is a certainty.
Carriers are operating under difficult circumstances and have become easy targets for the media, protestors and policyholders. While many had some technology in place to allow for remote work and filing claims, most have had to expedite their efforts to protect employees and policyholders in the new COVID-19 environment. It’s been a time of learning for everyone as we adjust to new work environments, new processes and procedures, and still try to be efficient while trying to avoid the burnout that comes with juggling family responsibilities, technology glitches and doing everything virtually.
As we prioritize our days and where we will expend our energy and resources, I am reminded of a quote by Richard Carlson, author of “Don’t Sweat the Small Stuff.” He says, “Ask yourself this question, ‘Will this matter a year from now?’”
That’s something to keep in mind as we determine our priorities when everything and everyone seems to be vying for our attention simultaneously. Take a moment, focus on what has to be done or is necessary, and then consider what will matter in the future. Whether we’re working at home, in an office, out in the field or some other location, we still have the same 24 hours in a day. Figuring out how to utilize them wisely won’t necessarily lighten our load, but it will help ensure that we concentrate on what really matters.
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