Almost all businesses were affected by the novel coronavirus pandemic as well as economic shutdowns. The insurance sector experienced some instant and extended changes. The car policyholders did not forward many claims since they spent more time at home, therefore, driving less.
The policyholders were concerned because they could not afford their premiums. However, this triggered evolution, straightforwardness, and innovation. Heath Ritenour, the executive director and chairperson of IOA assesses the positive impacts that have happened in the sector for the last one and a half years.
Health Ritenour believes that more energy should be dedicated to the industry, and execute innovation to ensure the process is streamlined, augment success, and even provide unique customer service.
This pandemic has gotten insurance ventures and experts thinking about the progress and even things that should be changed. Heath highlights certain changes that would outlast the crisis and upbeat the sector accordingly in the future.
More insurance agents have their working shifts altered and interrupted and are now based at home. It seemed a hit on the insurance industry, but this made the agents more accessible and reachable by the customers. At the same time, the companies save on communication, travel, and utilities.
If this persists, the office rents could be reduced. Heath Ritenour advocated for the altered working models, and his claims have been vindicated because the shifts are more efficient. Heath Ritenour is committed to actualizing the models in his insurance company and beyond.
Insurance agents used to take more than one hour to interact with customers to finalize the application. Heath Ritenour believes that the application process is now streamlined. The online platform uses the customer information available in the public domain to ensure the application happens instantly. Clients need to assess the information, and this lowers the time required to finalize the application considerably.