Insurance Industry Update Amidst the COVID-19 Pandemic
April 15, 2020
Our world is in a new normal right now, as everyone is doing their part to help flatten the curve and deal with the COVID-19 pandemic the best way they know how. Besides the grave effects on public health, the crisis is also causing suffering across businesses, economies, and industries.
On this episode of Deal Talk with 7MA, Mark Hug from Paradigm Partners International and former Insurance Commissioner for the State of Iowa Nick Gerhart share how the Insurance sector has been affected by the COVID-19 pandemic. They mention how this crisis has highlighted and attracted a growing interest in certain trends that previously existed even before the outbreak, including a variety of trends in technology like AI and wearables. (02:05) Hug and Gerhart further discuss how technology can be used by insurance companies, at a time when the industry is suffering a significant blow. (18:40)
In addition, they share different strategies that insurance companies can adopt, such as exploring new lest interest-sensitive products and riders to attach to existing plans. (14:43) Insurance providers should also look at their existing portfolio and see where they can make the necessary adjustments.(12:53)
For Hug and Gerhart, it’s important that insurance carriers put a greater emphasis now on being innovative, creative, and consumer-oriented not only during the outbreak, but even more so after this crisis comes to pass. (16:36)
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Deal Talk with 7MA, a bi-weekly podcast by 7 Mile Advisors that aims to give listeners a look behind the curtain of the middle-market Mergers & Acquisitions world. 7 Mile Advisors is a middle-market M&A firm based out of Charlotte, NC, that provides investment Banking services and advise on mergers, acquisitions, and private capital transactions around the globe.