The uncertainties associated with the spread of Covid-19 has got insurance majors implementing robust business continuity plans to tackle employee health and stakeholder communications.
A 2-tier command centre has been set up at ICICI Prudential Life Insurance Company Limited, and swift policy decisions are taken to help preserve shareholder trust.
Judhajit Das, Chief - Human Resources, ICICI Prudential Life Insurance Company Limited, said, “In light of the Covid-19 outbreak, our 2-tier command centre ensures employee health and safety, compliance with government orders and stakeholder communication, as well as business continuity plan implementation.”
Speaking about the 2-tier command centre, Das told
Further, decision-making has been decentralised to the operating level, added Das, while ensuring compliance with government norms to ensure employee health and safety are not compromised.
A business continuity plan (BCP) ensures a crisis is managed effectively before it turns into a full blown disaster. Future Generali India Insurance Company Ltd, too, has a BCP framework in place.
“The BCP for the coronavirus contingency has been carved out and implemented across the country on a war footing,” Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance , told BusinessLine .
Though the overall scale and impact of Covid-19 continues to be under a cloud, the company has been working to prepare for all potential outcomes for its business and to support clients and customers through this period of uncertainty.
The foremost challenge, Deshpande said “is sourcing business via retail channels and reaching out to customers. This remains one of the biggest challenges. New business is severely affected because there are no sales of motor vehicles, etc, and as such economic activity is low.”
A crisis such as Covid-19 affects all business sectors, but it especially puts the spotlight on insurers who can expect to be inundated with general inquiries and claims across multiple lines ― health, life, and non-life.
At ICICI Prudential, “the customer on-boarding process is completely digital. Employees can service existing customers as well as fulfil the needs of new customers through digital platforms,” said Das.
The workforce at ICICI Prudential largely comprises young professionals, who are digital natives and have embraced the digital way of working seamlessly. “Whilst a large part of the workforce is on WFH mode, they are digitally connected and decision-making is happening in real time,” said Das.
Future Generali’s Deshpande says the company is leveraging its digital ecosystem to continue business support functions seamlessly. Ditto for its pan-India employee support. Employees are “equipped with IT infrastructure and VPN access to seamlessly take care of the support part of the value chain,” adds the executive.
Future Generali India Insurance continues to provide uninterrupted service to its customers even as it remains compliant with regulatory guidelines. Though the senior management is continuing to work collaboratively to ensure operational resiliency for the long term, the primary focus of the company is on medical insurance.
Deshpande says this is imperative, “given the scenario and our product portfolio, which completely takes care of medical contingencies for consumers. We are focusing on driving retail health insurance at this time.”
The executive insists renewals are happening even during these strained times. “We have digitally enabled intermediaries as well as clients to renew their policies. We are ensuring that our renewals are retained,” adds Deshpande.