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Posted on: May 7, 2020

Richton Park Trustee Brian Coleman Featured in "Best Practices From Top Executives"

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Our very own, Trustee Brian Coleman was featured in "Business Continuity During COVID-19: Best Practices From Top Executives," written by Leor Melamedov! Melamedov features the Insurance portion of the article:

Insurance

Insurance companies during the coronavirus have a tremendous opportunity to reduce bulky paperwork and burdensome in-person sales meetings. Many insurance companies now have staff working remotely and are using videoconferencing and phone calls to communicate with customers. It is likely that even after the pandemic passes, insurance agents will find they are more productive with their time and can reach more clients by serving and selling to them remotely.

The insurance executives we spoke to were, unsurprisingly given their industry, highly attuned to issues of risk and safety. They have drawn up detailed plans to minimize employee and customer exposure to the virus, while assuring customers that they are still operating.

There are also growing numbers of business interruption insurance claims and coronavirus-related health insurance claims. Insurance policies often don’t cover these types of unforeseen losses due to pandemics, partially because they need to maintain a significant surplus to cover an increase in natural disasters.

Despite the limitations on insurers’ ability to cover losses related to the coronavirus, insurers are adapting to the new normal brought about by the pandemic, and seeking other ways to support their customers remotely and safely during these challenging times.

The VP of Global Risk Management at this insurance company puts safety measures and effective communication first:

A first step to any organization maintaining its business during the COVID-19 situation has to begin with ensuring the safety of its employees. This may require the employer to procure products to protect the staff (PPE) if they are required to have public contact or it could involve sending the staff home to work remotely.

Remember that the public may not recognize that the business is still operating, which falls on key marketing efforts to educate the customers on the best way to continue to use the services or purchase products from the organization. An active marketing campaign and strong outreach to customers is warranted during these times.

Our organization has taken several steps to maintain our BC during the COVID-19 situation:

  1. We have been preparing for the potential pandemic for many years and our strategy included a solid work from home model for all office workers. This entailed providing laptops and other tools to make the home a potential work space.
  2. We identified those key business functions that required office space while making sure that there was limited traffic in their area. We utilized a rotation program in the beginning to minimize the number of staff in the building at any one time.
  3. We prioritized communication with employees and customers. Communication is critical during this event. It is OK to admit that not all the answers are known. Leveraging various information sources and monitoring announcements from the CDC and WHO organizations should provide ample awareness in the proper approach to reduce the risk and flatten the curve.

-Brian Coleman, VP Global Risk Management at Combined Insurance (a Chubb Company)

See the Original Article Here
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