We are still in the middle of this epidemic, but already many are opining on what our world will look like post-COVID-19. While some have gone into more detail, a post by Andrea (Belk) Olson, MSC "What Will Change Post-Coronavirus" sums it up in four points that will impact almost every organization.
- Getting smarter, faster, nimbler. It has always made sense that organizations that could adjust to changing conditions were the ones that survived. Traditional organizations were not prepared for remote work, quick access to information, digitization or employee empowerment. Going forward organizations must simplify their processes, improve their ability to react to crises and opportunities, and empower employees to make decisions.
- Become decentralized. We cannot be tied to physical locations or to a single individual or team making all key decisions.
- Improving communication skills. Companies must review and audit their processes and determine the skill sets employees need to be effective.
- Examining relevance. Organizations must identify how they can support their customers. This may lead to providing new and innovative products and services.
Although we cannot predict the future, it is safe to say our world is changing rapidly. The only way to survive is to adapt. Like any other business, insurance will not be the same.