The impact of COVID-19 on trade in various sectors, directly or
indirectly, affects the number of industries that are struggling.
Economic and epidemiological developments in India and around
the world in times of crisis, all eyes focus on the insurance
sector. The pandemic has posed questions
The
COVID-19 (coronavirus) pandemic has disrupted daily life as we know it, roiled
financial markets and instilled fear and uncertainty in many, challenging
leaders in government and business to allay concerns and respond to the crisis.
Organizations are taking various precautionary
measures with respect to the ongoing COVID-19 situation, forces many companies, and
entire industries, to rethink and transform their global supply chain model.
Key areas that are being impacted by
Covid-19 disruption
Key decisions being evaluated to counter
business disruption
- Streamline
the value and supply chain.
- Stabilise
technology infrastructure.
- Optimise
costs: Balance short term cost concerns with medium term resilience and
rebound.
- Prioritise
employee well-being and communication.
- Collaborate
with other companies to service clients.
- Monitor
global and regional developments to update BCP with the key learnings.
- Boost
employee morale and engagement through meaningful work re-design and
policies.
- Adopt and
Innovate practices to improve virtual working.
Impact of COVID-19 on Business
Business impact on different sectors
The global economy is undergoing another recession as the novel
coronavirus epidemic has forced businesses around the world to suspend
operations.
The next 12 months will be difficult. Many businesses will struggle,
sectors like automobile, land and banking are facing a difficult time in front
of them.
But as with the economic adversities of the past, new industries will
bring with it hope of recovery.
Insurance, employee health and wellness
Physical
Understanding and managing one's health during
this crisis is the most important factor that is directly and indirectly
affected, so attention to health is a top priority.
Although the situation is difficult, peak
performance is one of the most challenging factors to successfully return to
reception.
Emotional
Being self-aware, being resilient to managing stress, pervasive anxiety, fear
and stress are all natural and normal reactions to a changing and uncertain
situation that everyone does finds themselves in.
Coping with life crises and maintaining stability
and positivity are remarkable powers of strength and cooperation which we as
humans also consider fortunate. And we should try to focus on this crisis as
individuals, family and community members, friends and colleagues to respond
most effectively.
Social
Being connected with others by accepting
diversity
Being inclusive and collaborative
Adapting to change
Financial
Ability to manage budget- Monitor, control, and
record all finances, learn how to efficiently manage and reduce expenses.
Protection against risks - When you are thinking
about your finances, you need to consider how to protect you against all the
most serious risks to you and your family.
Insurance
Ask all relevant questions before purchasing insurance. Which covers and
focuses on a specific need of the buyer as a person's life and property are
surrounded by the risk of death, disability or destruction.
- Is
hospitalisation pertaining to COVID 19 covered?
- Have you
renewed your retail insurance policies?
- Do I have
the list of hospitals that offer cashless close to my home?
- Are
employees aware of the terms of Health insurance?
- Are
employees aware of their Term Life sum assured?
Don’t get stuck to permanent solutions for
temporary problems
Give yourself time and space. Work on you React
deliberately rather than impulsively. Talk about it Keep your mind open. Be
ready to open your eyes and see through the eyes of others. be kind to
yourself. Be ready to change. Be ready to ask for help.
Stabilize and Improve Work Infrastructure to
support business operations once lockdown ends.
Address short-term cash flow challenges and
focus on immediate cost optimization opportunities.
Create action plans to support fast scalability
of business once normalcy returns.
Dedicate time and resources to work on improving
BCP and risk mitigation strategies.
Evaluate areas to realign work and streamline
business operation to thrive in the new normal.
Reference:
IRDAI/HLT/REG/CIR/054/03/2020
Willis Towers Watson India.
COVID-19 Readiness Pulse Survey report.
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