Patrick Kelahan is a Building Consultant/Forensic Market Strategist for H2M architects + engineers and founder of the Insurance Elephant. He is an Insurtech observer, columnist, and a passionate defender of customer experience in insurance. We caught up with Patrick to ask a few questions about how the coronavirus pandemic is impacting P&C insurance companies and Insurtechs, and what comes next for the industry “AC” (After COVID).
Patrick, on a recent Daily Update webinar with Dr. Robin Kiera, you discussed how P&C insurers are under growing pressure to pay business interruption insurance claims resulting from the COVID-19 pandemic. You stressed that if insurers don’t find a creative solution on their own, regulators will attempt to enforce one on the industry. What kinds of out-of-the-box thinking are you seeing from insurers in response to the coronavirus crisis?
Sadly, there has not been a lot of unique thinking or actions from insurers regarding COVID-19 prompted business interruptions. The whole concept is complex, and each carrier has different exposures to, and customers affected by, what could be related economic losses from the outbreak. The very complexity of the issue might prompt carriers to step in with some FAQs or communications, even if to address a need for expressed empathy – these are customers the carrier wants to retain, aren’t they?