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Insurance / WHITE PAPER
Bhagyalakshmi Srinivasan
Industry Advisor, Insurance Industry Advisory Group, Banking, Financial Services, and Insurance, TCS
K Ramamoorthy
Head, Insurance Industry Advisory Group, Banking, Financial Services and Insurance, TCS
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The COVID-19 impact on life, health, and pension providers has been grim and insurers are striving to mitigate the impact and ensure uninterrupted service. Insurers are grappling with increased outflows due to rise in medical and life insurance claims, withdrawals, surrenders, and changes in tax rules and withdrawal limits for retirement pots. On the other hand, cash inflows are down due to extension of grace period for premium payment and reduced sales and investment returns. The COVID-19 impact on life and health insurance providers is also manifesting in increased turnaround time, especially for insurers that have been slow to digitalize.
While resilience will be in the spotlight in the crisis phase, insurers must relook at their business, operations, application models, supply chains, and workforce as they navigate the crisis. Specific actions that will help mitigate the COVID-19 impact on life, health and pension providers can be classified into key themes including:
Reimagining the Claims Processing Function with AI Agents
A Centralised Solution for Christelijke Mutualiteit’s Challenges
AmTrust Partners with TCS to Transform E&S Clearance with AI
Leveraging data insights for supply chain risk management in insurance