Insurance Sector Post COVID-19: Business Continuity & Adaptability

The covid pandemic has distorted the peaceful setup of businesses and customers around the globe.

According to the 2020 statistics, insurers saw a massive drop of 35% in market capitalization while the buyers had a hard time dealing with financial challenges. The premium growth weakened substantially, and the insurance market shrunk, seeing to the slowing down economy. Cyber attacks saw an aggravated rise during the pandemic. The loss of assets and allocation risks have been deeply seated in the mindsets of companies.


The insurance companies and businesses are therefore restoring to comeback via digital efforts.


Favour of Working Remotely

When strict lockdowns were imposed and staff's physical Contacts were mandatorily restricted, video conferencing had saved the day. Using electronic devices like laptops, computers, and other sufficient hardware, around 85-90% of personnel had made their ways to work from home.


Even the customers had found their means on digital platforms. From groceries to clothes to investments in mutual funds to every service is now available a click away. Small businesses on social media networking sites, like Instagram, also saw a surge in their sales during the pandemic.


So the Insurance sector adopted new ways. The continuity has been ensured by implementing buying and selling policies online. The dispatch process using RPA has been further optimized, primarily due to reducing the risk of human errors.

The growing willingness of people to share details online had triggered cybersecurity attacks. However, developed standards of online privacy have thwarted those attempts significantly.

The Growing Digital Businesses

The global retail shares of digital businesses averagely grew by 3% in 2019-20 from 14% to 17%. Some economies like China, UK and Germany even witnessed a more significant increase of more than 5%.


When schools and colleges were shut down due to covid, online classes were demanded. The lockdown impacted around 1.38 billion children in physical education.

Forbes


Robotics In The Industry-Business and Insurance

The automated voice-operated Alexa and Siri do not seem to be the only 'robotic' material present. The software robots or RPA, Robot Process Automation, has been started in several insurance companies and businesses.


RPA reduced the processing time by a massive margin of 70% and were attentive, vigilant 24x7. The current statistics of RPA in IT techs and CAGR stands on a 60.5% rise in this decade that is expected to surpass 5 billion.


RPA enables the repetitive mundane tasks, automated processes, streamlined error-free data processes to be carried out quickly with the same consistent efficiency. Furthermore, robot Process Automation plays a vital role in customer satisfaction because of the constant hand of help and assistance reaching out to the company's potential assets.


The most valuable part of RPA is the cost-effective maintenance that profoundly cuts down human resources' employment.


RPA tries to incorporate Cognitive technologies like emotion and optical character recognition, machine analytics and other data statistical approaches to make it advanced for better functioning.


AMR, Autonomous Mobile Robots, have been aggressively added in the business and insurance sector. It is because of the increased mobility and flexibility it offers. AMRs can be used in warehouses by retailers or manufacturers, like Amazon and Walmart, for sorting, shipping and packaging items swiftly.


AMR software has simple handling tactics that make it further easier to be utilized. These machines also do not have the vulnerability of contracting the covid-19, unlike humans.


Therefore, by maintaining social distancing norms, these machines can be employed for better work progress.


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Robotics Education

The importance of the learning of robotics in both the formal education sector and professionally in the field of work lies in the increased reliability, flawless propagation of work and surged efficiency.


In 2020, the production of a staggering number of 12 million robotic units happened globally while sales of around 4,65,000 had been witnessed. The coming 2022 shall see a 12% increment in robot shipments worldwide. It points out that the business of the robotics industry has itself flourished well. For example, many hospitals have employed machines or robot cleaners during the covid pandemic for disinfection and other nursing services.


Educating people on the importance of robotics also enhances the ability to allocate it according to need and not whims by keeping in mind the troubles a machine can cost. By 2025, more than 80% of businesses worldwide have laid down their plans to adopt robots into their enterprises.


The pandemic has brought the advent of Artificial Intelligence in its wage. A crisis indeed works to lay down the foundation for innovations and aspirations to make a home as it reinstates the proverb, "Necessity is the Mother of Invention."

IntelliBuddies platform provides a suite of tools and technologies to help our customers create, deploy, and manage their digital workforce. Our platform would help enterprises reach their digital transformation goals easily and effectively.
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