Every organisation needs to prioritise their business insurance solutions, especially considering what 2020 has summed up to be. The spread of the pandemic has impacted organisations, both big and small, resulting in high numbers of layoffs, dramatic shifts in work modes (think remote work), as well as drastic dips in sales and profit. This material and unprecedented effect has radically disrupted the way businesses work and function all around the world.
This year has thrown a curveball at corporations, governments, and individuals alike. We’ve been compelled to rethink and review our approaches and policies with regards to safety in health. What sort of challenges are we expecting in this area?
Challenges in a post-pandemic era
What does the future of work in a post-pandemic world look like?
Either abruptly moving to a work-from-home routine or having lost jobs, millions have had their lives upended by the coronavirus. Some of the unknowns we face transcend into our jobs – Will there be a new way of working? How can businesses transition to a more technologically adept process? What does virtual working look like and entail for organisations?
Disruption from automation, a paradigm shift to tech-advanced methods, as well as revised processes of work all point to significant changes in SME and MNC insurance packages. Insurers will need to look into underwriting, clarifying terms and repositioning insurance policies – from employee benefits to professional indemnity for businesses. Insurance brokers will be required to work even more closely with their business clients – an area Expat Insurance Singapore is confident of delivering, given that tailored customer service has always been a unique point.
What business insurance packages are crucial for consideration?
Pandemic or not, there are some compulsory business insurance packages that should be at the forefront for any organisation. These include:
Covers for compensation claims if a business offering advice or professional services to clients is sued for mistakes or misrepresentation that lead to a financial loss.
Offering group medical insurance for employees is one part of an entire compensation and benefits package. Group health insurance is an attractive method of hiring and retaining top talents in your workforce. Employees not only want competitive salaries, but also commendable benefits and perks.
Often underrepresented, cyber risk insurance is quickly becoming a top priority for businesses. Ever since the pandemic struck, digitisation and automation has accelerated in both adoption and practice across organisations. Hence, organisations should look into supplementing their packages with cyber protection against risks.
Read more on why businesses should give bigger focus to their cyber insurance policies here.
Many statistics point to a future of work that is profoundly different from what we may be used to. 76% of information and technology executives point to increased implementation of automation and AI since the pandemic outbreak. Likewise, even though the concept of remote work was gaining traction, the coronavirus only expedited the practice of it. Having to shift to remote work this quickly signals that businesses need to be able to better predict future trends and changes that may come their way. Though these changes were initially set to be temporary, it now looks as if they will define the new way of work and life.
Every small shift influences or sets in motion a whole new gear of transitions. For example, the shift to remote work now reflects different changes to the kind of benefits that employees may look for. Parents may require more flexibility in office hours, individuals may look to higher expense amounts offered for technology devices and the concept around taking days off may become much more lenient or flexible. This is one way an insurance plan – like the employee benefits package – may undergo changes in underwriting or planning. We can expect the same for other aspects in business insurance plans.
Speak to a consultant
Learning to navigate the unknowns of a post-pandemic work environment doesn’t have to be challenging. As developments unfold, it makes sense and is a prudent choice for organisational leaders to liaise with dedicated insurance brokers to review business policies. Speak to a consultant to see what type of policies best meet your needs.