Productive ways to enhance insurance broker agency business amid of COVID-19 outbreak

The IRDAI (Insurance Regulatory Development Authority of India), in a circular issued earlier this month, said Covid19 treatment would be covered like any other illness under products where hospitalization is covered. For all policies covering the disease, the regulator also directed the companies to cover the cost of admissible expenses, including treatment during quarantine period.

Like we all know, insurance sector has been severely hit by the world’s biggest pandemic COVID-19. It isn’t’ become a disaster yet for the insurance broker agency businesses. But this corona virus pandemic is having a really complicated impact on the insurance sector, internationally and locally.

It is expected that the insurers will be significantly affected because of the convey of claims for death and other health contingencies. Insurance companies are supposed to engage during these times of financial trauma by helping other companies and households to manage risks and losses. So being a life saver, insurance broker agencies have to find prolific ways to enhance their businesses.

Let’s see some of the productive ways to enhance insurance broker agency business amid of COVID-19 outbreak.

Handling internal and external communication


This a significant moment for you to showcase your corporate culture. It is the way that you and your agency responds during this un-predictable time will eventually shape everyone far into the future. Most of the insurance broker agencies have their own business continuity plans. Now it’s the time to make sure it is happening intact. Cross verify you emergency communication willingness to all your clientele and stake holders. Inform matters to your stakeholders diplomatically. This is the time to support each other for a better corporate future

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Effective client management


Show case how you can stand up for the customer when a need arises. Search and implement ways that you can deal your potential customers. Try setting up an internal customer care so that they can get themselves clear about all the issues and concerns they face during these difficult periods. Let them know that you are also concerned and loyal to the business engagements that you had. Try to tie a knot of long term trust and customer satisfaction.

Review your business paraphernalia


This can also be considered as a best time to conduct a phishing exercise now to reveal gaps and limitations in your software that is being used. Update your work-from-home policy with respect to the feedbacks obtained from your employees who are managing their tasks from different remote locations. Find alternate solution for video conferencing after considering the risk and security features. Also try to set up mitigation programs for those who are in need.

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Review your business paraphernalia


Make you employees know that you are prioritizing their personal safety in accordance with the chance in the work pattern that happens due to the pandemic. One way of enhancing insurance broker agency business is by understanding and coping up with the reality. Because some of the employees are dealing with medical issues, family income disruption, childcare challenges etc. Also there are chances of getting stressed due to the quarantine, isolation of their family members or neighbors. These may sometimes lead to discard their work responsibilities and reduce productivity. If an employer can understand the reality and keep up the pace with them in these difficult times, these employees will repay their regards in terms of continues employee engagement in office matters.