How are financial services companies faring during the pandemic? Are small and medium businesses getting back to their previous operating levels? What can banks do to help their customers avoid defaulting on home loans? And is the pandemic a significant opportunity for insurers – if they can modernise?
The answers are in the monthly roundup of our favourite blogs from the month, including from thryve’s partners:
The insurance industry might be under pressure from new competitors and shifting customer cultures. Yet there is also an enormous opportunity. According to Swiss Re Institute, the combined global under-insurance gap for mortality, health, and natural disaster risks amounts to $US$1.24 trillion. This is in part due to under-insurance, but also reflects how much state and company resources are stretched thin by the pandemic. But if insurers want to make hay, they need to modernise how they do things. The old playbook will not find many friends in this new world.
The debt crunch is coming. As economies around the globe wobble, the ripples are upsetting the consumer market. Banks have been very proactive in helping shore up some of that debt and help their customers. But how can they approach this in a way that is effective and sustainable? How can they be helpful and maintain their liquidity? This insightful blog from Salesforce offers useful advice.
Companies across the world are trying to navigate the effects of the pandemic and consequent lockdowns. A big question is whether companies can rise to their previous operational levels? The Canadian Federation of Independent Business asked small and medium businesses how they are faring: 64% of SMEs are open for business, 41% are fully staffed, 23% indicated they are back to normal sales volumes, 58% report fewer customers, and 48% say customers are spending less than before.
It is becoming clear that the financial services world was better prepared for the pandemic than many other sectors. Though FSI companies are facing many challenges, a survey by the Financial Services Club, Ravco Marketing and Salesforce discovered some interesting views: 51% of bankers think their response to the crisis has had a positive effect on their customer relationships, and 77% felt their crisis management plans made them well prepared for COVID-19. Towards the future, 83% support remote working, and 76% expect to reduce their office space.