We are living in unprecedented times. COVID-19 is a disease caused by a new strain of coronavirus. 'CO' stands for corona, 'VI' for virus, and 'D' for disease. Formerly, this disease was referred to as '2019 novel coronavirus' or '2019-nCoV.' For more information on how the COVID-19 pandemic has impacted the insurance industry visit https://www.scic.com/covid-19-conversations/... More has disrupted our daily lives worldwide. How we work and socialize is now unfamiliar and uncertain.
But the insurance industry can’t directly handle the response or fix what’s happening with the new coronavirus. In fact, insurance is just a piece of the larger risk management process. And prolonged risk management techniques are essential. With that in mind, what should we, as insurance professionals, be talking about?
On a Nat Alliance Now podcast, host Paul Martin, CPCU, sits down with Kyle Drawdy, director of risk management at Northeast Florida Education Consortium, and Kelly Surles, personal lines expert at National Alliance, to discuss risk management in the age of the new coronavirus.
Even as insurance professionals seek to inform clients, a handful of risk management solutions are already taking effect. Martin, Drawdy and Surles share a few that will likely hold more importance as we continue to navigate this pandemic together.
One is avoidance. We’ve already seen entire school systems and universities closing to avoid the spread of the virus among students and teachers. But Drawdy asks about the everyday heroes working on the front lines — those at risk in such places as hospitals, pharmacies and grocery stores.
The insightful discussion touches on the importance of social distancing; when the crisis will really hit; and what other countries are doing to successfully control the spread — and why it’s working. Hear questions that risk management professionals must ask themselves, and receive practical insight into how you can mitigate the risk in your own daily life at home.
Nearly every business worldwide is innovating and adapting to a new reality. “Now is the time for us, as agents and risk managers, to set ourselves apart and be there for our customers, to be that person on the other end of the line offering support,” Surles says.
And how long will this last? The podcast participants share a few estimates and advice for staying optimistic.
“I can’t think of anywhere in our history where we’ve had so much adversity and challenges put upon us, but I also think that as a country, as individuals, we can come out of this stronger and better for it,” Drawdy says.
As you wrap your head around what’s happening and consider the best risk management approach, make time to listen to this Nat Alliance Now podcast.