Heath Ritenour on Changes to be Implemented in the Insurance Industry
It is no doubt that the wake of COVID-19 led to adverse effects on the global economy as most businesses were forced to shut down. One of the industries that felt and continue to feel the impact of the pandemic is the insurance industry. For policyholders to hold their end of the bargain, they need to have an unaffected income stream. However, since the pandemic, most people were forced to shut down or have reduced income, which would affect their insurance premiums in the long run. Besides, auto policyholders had fewer insurance claims since most states ceased unnecessary movements, meaningless driving.
However, as most people are dwelling on the negative impact of the pandemic, Heath Ritenour, the chairman and chief executive officer of the Insurance Office of America, insists on focusing on the positive aspects of the pandemic. The pandemic made most business people look for innovative solutions to run their businesses efficiently. Unlike the past where insurance companies were resistant to adapting to new technologies, they have now been forced to consider such technology and identify what can work. In an interview, Heath Ritenour recalls some of the changes that will persist after the pandemic in the insurance industry.
Heath Ritenour states that more insurance agents are expected to work from home. Insurance companies were forced to reduce the number of personnel interactions to contain the virus. However, to keep operating, they opted to have their staff work from home. Heath Ritenour further states that moving to have most of the staff operating from home will minimize costs such as utilities and rent. When policyholders need to access insurance services, they should be making early appointments. It is necessary since office walk-ins will no longer apply. Also, insurance companies need to develop technologies that can be comprehended by their staff and policyholders in general so that instead of physical meetings, they can alternatively switch to video calls.