In an Insurance Journal article, Kelly Geary suggests crisis is the "new normal" in today's world. This makes crisis management more important than ever. COVID-19 is the worst crisis of this century so far, and experiencing it is, in Geary's words, "like walking a tightrope, blindfolded, without a net".
Every organization needs a crisis plan. It cannot rely on plans drafted before COVID-19. Plans must be customized, short, easy to follow and flexible. Geary's top five considerations:
- The impact of social media. It is the primary source of news and information. Speed and transparency of response are key.
- Plan for a crisis within a crisis. In the middle of a pandemic, organizations are dealing with cyber attacks, extreme weather and/or wildfires.
- Analyze risk transfer and insurance programs to minimize liability.
- Consider using an executive coach.
- Practice the plan using realistic scenarios.