The Push to Digitize Insurance Amid COVID-19

Some of the ways brokers and TPAs are working with clients remotely include:

• Offering to hop on quick phone calls — or even better, video calls — with clients to talk through any concerns
• Sending weekly updates explaining how new regulations might impact clients
• Hosting webinars and Q&A sessions to share updates and best practices as a community

Clients and prospective clients likely have more time to learn about how they can improve their business operations, but they need help. Finding new ways to serve clients during this time will demonstrate why the relationship is so valuable.

2. Consumers expect digital options, now more than ever.

If it wasn’t clear before it will certainly be clear now that consumers not only prefer but expect digital solutions. Now that virtually the entire country is experiencing some form of shelter-in-place, brokers and TPAs have been forced to find digital methods for conducting business. Even when restrictions are lifted, many consumers will remain wary of unnecessary face-to-face meetings for the foreseeable future.

Some of the tools you can use to serve clients digitally include:

• Self-service portals for both agents and clients
• Mobile apps for client services and claims
• Fast, responsive customer support available through multiple channels, including call centers, email and chatbots

3. Cybersecurity concerns remain.

Part of the resistance to digitize healthcare has centered on concerns about patient privacy. The rapid and unplanned shift to moving insurance operations to almost entirely digital has naturally garnered well-founded concerns about cybersecurity. Even our routine team meetings aren’t immune to hackers.

Insurance agencies and TPAs need to be concerned about protecting both their customers’ personal data as well as their own internal data. This will require vetting software to ensure the utmost adherence to security protocols as well as fully utilizing security features like encryption, password protection, two-step verification and more.

The Future

Virtually every business is now looking at an entirely different plan for 2020 than it was a couple of months ago. Some projects may be scrapped entirely, while others will be accelerated. Insurance industry stakeholders who planned to eventually tackle digitization projects now need to move rapidly.

While companies have been making drastic changes to adapt in the short-term, leaders need to also consider their mid- and long-term plans. What tools do you need to continue doing business and serving your clients? How are you prepared for an economic recession? What projects can you fast-track to help your business adapt to consumer needs?

It’s impossible to tell what the long-term impact of the COVID-19 pandemic will be. One unexpected benefit will be that the insurance industry will come out of this in a better position to serve customers — especially when they need it most.

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Terry Rowinski is the president and chief executive officer of Health Payment Systems, Milwaukee, a health care biling and payments technology company.