The coronavirus pandemic has affected life globally. All aspects of peoples’ lives have been impacted. They have seen financial difficulties as well as emotional, mental, and physical difficulties too. However, this is the harsh reality, the new normal and we must get used to it. Several changes have occurred due to this virus and similarly, the insurance world has also had to adapt accordingly.
Several insurance users have found themselves amidst a vulnerable situation. Hence, firms must take into account these problems while issuing out their renewals and adjustments. Firms are expected to have a plan in order to manage and reduce the risk of coronavirus. They must strategically create policies to alleviate and mitigate the risk.
While making renewals firms are expected to stay honest and take into account their challenges professionally. They must also consider inadequate staff leading to inability to use business premises as well as other possibilities.
In terms of motor insurance, several users may be changing the place they will be working at and hence motor insurance companies should not reject their claims due to this temporary change.
Firms that are considering making renewals during this time should follow proper policies to make these changes. If firms are changing their policies in a way which excludes coronavirus then they must make it clear to their consumers whose policies will be renewed about the change.
Firms must be treating customers fairly and be complying with the rules of the authorities. Furthermore, messaging and communication must be extremely clear to clients. They must not be misled in any way possible. In the case that firms are unable to meet their clients due to them being sick and unwell firms should continue acting in a fair and honest manner.
Lastly, firms also need to make sure that they are following the legal guidelines and complying with their respective legal contracts and again treating all their customers fairly.
Besides renewing the policies, firms may also want to make certain adjustments. If they do wish to make adjustments then they must take the following into account:
Hence, this severe impact of coronavirus has affected everyone along the way. This is why one of the main factors is to ensure fair treatment towards all. No one should be treated in an unjust way. Even if firms are making renewals and adjustments they must put their customers first and ensure their well being in every facet.