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Property News Lifestyle COVID-19 Special
Cengiz Ertürk | Near East Insurance General Manager
As of now, the number of cases worldwide has exceeded 4.5 million and the number of deaths has exceeded 300 thousand. Although it has been reported that the spread of the epidemic has been prevented and taken under control in many countries with the measures taken, it is feared that second and third waves will come with the relaxation of the measures taken. Looking at the course of events, it is predicted that a return to our normal life may be possible with the discovery and use of the vaccine by the end of 2021.
The coronavirus outbreak has affected the insurance industry in terms of ongoing and emerging risks, methods of accessing products and services in line with customers' demands, collection system and operational process.
First of all, the risks arising from the epidemic and the resulting damage claims have had a direct impact on certain insurance products such as Health Insurance. Disease cases that occur and cases that may arise depending on the further course of the epidemic have the potential to cause significant increases in health insurance costs. Due to restrictions on travel, a significant cost increase is not expected in terms of Travel Health Insurance. However, as in other branches, significant decreases in premium production are expected due to policy cancellations and decreased demands.
Due to the slowdown in economic life and restrictions, risks have increased in the transportation branch, in Employers' Liability Insurance in terms of employers' liability in case of death as a result of illness, and in cyber attacks as a result of increased data sharing due to the effect of working from home instead of the office; Due to the shrinking economic opportunities of individuals and institutions, there is a shrinkage in all primary insurance branches such as Car Insurance, Home and Workplace Insurance.
Due to the reasons stated, it is understood that there will be significant difficulties in the collection of policy premiums. It can be expected that the risk of a decrease in reinsurers' ratings due to compensation claims that may arise as a result of the epidemic and worsening market conditions may also affect companies in terms of capital adequacy.
Another important effect of the epidemic is that people do not come together for fear of contamination and want to do their work from as safe an environment as possible, that is, from their homes. With the expectation that this behavior will continue after the epidemic passes, all insurance processes should be organized in accordance with this expectation. Both the insurance sector and the state have important duties in this regard.
Giving insurance offers, issuing policies, delivering them to the insured, collecting policy premiums, carrying out the damage processes, paying the damage and mutually transmitting the necessary documents to carry out all these activities should be enabled to be carried out electronically. In this way, insured people who wish will be able to request insurance, get a policy offer, pay their premium debts and finalize their damage transactions from home, without contacting anyone or leaving their home.
In this context, developments such as electronic signature, mobile signature, mobile applications, the removal of the obligation for policies to be printed only on ministry-approved papers, and the ability to carry out all these processes electronically are the most important elements that will bring the insurance industry to a new age, bring prevalence and efficiency, and increase insured satisfaction to the highest level. is coming out.
In this process, it is necessary to evaluate the processes that companies cannot carry out remotely, to review internal audit plans in this context and to find appropriate solutions for the situation. Likewise, new understanding and solutions should be produced to ensure that insurance support services are carried out without any disruption in the future.
As a result, the Coronavirus epidemic, which is one of the biggest risks our world has faced so far, which is very small but whose effects are extraordinarily large, causes significant damage by causing shrinkage in the insurance sector, as in all sectors, and shows how important it is to switch to Digital Insurance.
written by Propertync Media
date : 05/16/2024 hour : 10:56 AMProperty Sales in Nicosia
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