Three business changes resulting from COVID-19 that are here to stay
21 Dec 2020
The business world has been greatly affected by the COVID-19 pandemic which has seen businesses react swiftly to mitigate the effects of the virus. Efforts were made to keep people safe while companies strived to bolster their relationships with customers—with many companies making changes to the ways they operate in order to benefit their businesses in the long term. Here are three things that are predicted to outlast the pandemic in the business world:
- A shift to digital: The world has adapted and accepted digitisation. Working from home may be the most obvious example of digitisation as a result of the pandemic, but there are numerous other ways that digitisation is accelerating change within the insurance sector. Self-service portals and AI automated tools are two areas that ADNIC has accelerated to provide uninterrupted service to its customers.
- Protection against uncertainty: Wearing a mask and social distancing are examples of people protecting themselves that most would dearly hope are purely temporary behavioral changes. Interest in insurance products has undoubtedly risen since the start of the pandemic, and an increased awareness in the importance of travel, health and life insurance and potentially a more cautious approach to interaction in all aspects of society is something that is here to stay.
- Trust in the familiar: ‘A Secret Life of Search’ study conducted in 2018 found that when doing something such as shopping for a party dress or searching for a cruise holiday, 82 percent of participants selected a brand that they were already familiar with – regardless of where it ranked on the SERP (search engine results page). This trend has been accelerated by COVID-19, with smaller brands and businesses hit hard by the pandemic. What does this mean for insurance? Insurers with the strongest reputations and relationships with customers are best placed to meet market demands in the long-term, way after the pandemic ceases to exist.