Navigating the COVID-19 Storm: Banking & Insurance

Navigating the COVID-19 Storm: Banking and Insurance Navigating the COVID-19 Storm: Banking and Insurance

We know that the crisis will increase credit risk in the financial industry (a report published by Ernst & Young recently emphasizes this). This global situation that we are going through will also mean a dramatic increase in the number of insurance claims, bringing important consequences for that industry. According to the consulting firm, companies in the financial sector must take care of how their image to their clients can be impacted during the pandemic, and focus on having an adequate communication strategy, acting as transparently as possible with investors and clients.

The report also warns of a long-term trend towards the need to focus even more on the digital distribution of services and the evaluation of business continuity scenarios. In the long term, EY envisions the need to launch flexible and adaptable models of cybersecurity and the availability of business services in preparation for the disruption that the crisis will bring.

[...] companies in the financial sector must take care of how their image to their clients can be impacted during the pandemic [...]

In line with these strategic recommendations, I continue to elaborate on actions and initiatives that, although they are already on the agenda of most banks and insurers that I know, the priority, agility and modality of implementation should undoubtedly acquire a different color from that light of what is happening in the world:

The global health crisis puts additional stress on trends that had already been driving under the Digital Transformation umbrella - but are now becoming vehicles for healthy sustainability in order to navigate the global storm caused by COVID-19.

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