There have been varying degrees of success in containing the COVID-19 pandemic. Its impact continues to have far-reaching effects on lives, businesses, and economies worldwide.
If there is anything we can learn from this pandemic, it is that we should always plan and be prepared. In a new report, Evolving Insurance and Risk Management Implications of COVID-19, Marsh looks at this aspect as well as how businesses can actively respond to challenges arising from the COVID-19 pandemic. We recommend that businesses analyse the impact and critical issues in specific geographies, and use this information to forecast other implications as the COVID-19 pandemic continues.
In doing so, business will be able to ensure that it maintains its service delivery standards to clients. It is of further importance to ensure that companies provide support for the personal strain employees are faced with. Companies should communicate clearly with employees about business priorities, resilience plans, and work expectations, which is even more important when there are fewer face-to-face interactions.
We must remember that a crisis also presents rare opportunities for value to be generated for clients, communities, and long-term opportunities for companies to emerge stronger. As intermediaries, we need to explore creative ways to enter new markets and geographies; introduce new products and services to align with shifting customer needs during what for many, is an uncertain time. During this time, companies and leaders must be willing to balance necessary cost-containment measures with strategic, commercial actions.
Building resilience through this crisis will position companies for long-term success and allow them to focus on growth after this crisis.
By: Spiros Fatouros, Marsh Africa CEO.