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What will happen to insurance’s focus on digital as lockdown eases?

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What will happen to insurance’s focus on digital as lockdown eases?

As lockdown restrictions ease in the UK, a new survey by the Chartered Insurance Institute and the Personal Finance Society has found that flexible and remote working will remain a “key focus” for its members.

The survey – which 611 Chartered Insurance Institute and Personal Finance Society members participated in – found that a third of the respondents said that they would continue to focus on their digital transformation, while 6% said that driving greater cost efficiency would dominate their efforts as the government’s four-step roadmap out of lockdown ensues.

When asked which operational change caused by the COVID-19 pandemic will remain a “key focus” for their business as the lockdown ends, six out of 10 respondents said remote and flexible working would be a focal point.

“As restrictions start to lift, insurance and personal finance professionals are clearly reflecting on what operational changes introduced or accelerated to slow the spread of coronavirus will be key to their success in the future,” commented Personal Finance Society chief executive and Chartered Insurance Institute chief membership officer Keith Richards.

Richards also noted that many organisations had changed the way they work to protect their employees, and to continue to support clients during the lockdown. The executives of these organisations are also “wisely considering which changes need to be further embedded or adapted to remain resilient for whatever the future may hold,” he added.

“The ‘new normal’ way of working is unlikely to look like the pre-pandemic world did as we are all using technology for both personal and business in ways that are likely to keep evolving,” he said.



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