Insurers in the USA are facing unprecedented challenges as the COVID-19 pandemic disrupts major operations throughout the business world and disrupts lives. Customers, employees, companies, everyone is equally affected by this sudden shutdown of services and operations. With major lockdowns in place in all the countries, a lot of policyholders are finding it troublesome to even obtain basic necessities in the face of this crisis.
With a majority of people being laid off of their jobs, what is becoming even more difficult is to manage finances and especially payments associated with insurance and financial institutions. In light of these events, the nation’s insurance providers continue to work actively on immediate forward-looking solutions that will enable its customers and communities to recover from COVID-19. Let’s have a look at these solutions:
Instant customer solutions:
Insurers are offering payment relief and coverages which are expansive in nature. Many insurance providers have updated their websites where they are listing out all the available options to policyholders. Another way through which insurance providers are offering solutions to the crisis is to not lay off their employees. Employees are still working towards providing the best of services to customers all across the nation.
Working with the government:
On March 31, 2020, over 30 insurance providers formed an alliance and requested the creation of a federal recovery fund to provide liquidity to businesses hard-hit by COVID-19 pandemic. The Business and Employee Continuity Fund initiate[d by the government aims to facilitate the distribution of federal funds and liquidity to businesses that have been impacted by the pandemic and business interruptions that have taken place.
Facing challenges and providing support:
The U.S P&C insurers, with their years of expanding growth, are financially stable to deliver on the promises made to their customers. But in the wake of the pandemic, the industry is facing quite a lot of challenges. Despite the operational challenges, insurers are supporting communities in unprecedented ways. For instance, Metlife Foundation is providing parking lots to local hospitals at St. Louis for sustaining operations and has also donated $1 million to food banks across the U.S to help them deal with the increased demand for their services in lieu of the coronavirus.
Insurer Prudential also helped by7 donating over 150,000 n95 respirators and masks and helping bolster the limited supply that communities are facing.
Globally, institutions and individuals have come together to support each other in this time of crisis and going forward, we hope to see continued solidarity among civilians and communities.