Covid-19 needs to be the disrupter that makes life insurers challenge the status quo and the ‘grudge purchase’ tagIn the past few weeks history has seemingly moved past us all. At no stage did we anticipate that a single moment in our time that would so significantly shift our focus as a society and leave us debating where we fit in this so called “new normal”.
While it is easy to fall into the doomsday camp during this pandemic, we should instead be focusing on where we can adapt and evolve to better enhance the much-needed journey for change the sector needs.Think about it: death, illness and disability are disruptions we try to anticipate and provide for.
This is why a pandemic such as Covid-19 matters for the life sector. Not responding with the right spirit is what the meteor actually looks like. This is our responsibility — and, quite frankly, our duty. So while the Covid-19 pandemic continues to cause spikes in mortality, illness and unemployment, and creates inherent uncertainty, there is an argument to be made about the value of life insurance as clients have a heightened level of awareness around their mortality. Now more than ever, life insurers must prove themselves as a valuable asset and not a grudge purchase.