Aug 23, 2023

The Impact of the COVID–19 pandemic on the life, disability, and health business

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Executive Summary
Morten Unneberg, CEO, Insurope

The United Nations’ World Health Organization (WHO) declared in May the end of the pandemic as a public health emergency, but the pandemic’s impact will forever leave an indelible mark—on our lives, economies, and behaviors. This has led to a cascade of changes in various aspects of society and business that have long awaited transformation.

From fragile care infrastructures to inadequate mental health support, the far-reaching effects of the pandemic have exposed societal vulnerabilities that demand attention.

The pandemic’s unexpected silver lining lies in its revelation of the intricate interconnection between work and personal life. The toll of inflexible workplace cultures, fostering burnout among employees, has reached a new height. Such issues have prompted reform across the board. Employers have been reevaluating their employee benefits packages to accommodate these shifting dynamics. Consequently, the insurance landscape is undergoing a profound evolution as it seeks to meet new expectations and demands from clients grappling with the realities of a post-pandemic world.

In response to these seismic shifts, global Multinational pooling network, Insurope, conducted a comprehensive survey among its Network Members, who operate locally in 83 countries and territories worldwide.

The findings paint a vivid picture of how the industry was impacted and is recalibrating itself to align with the needs of a transformed world. A plethora of innovative changes have been put into place, including the integration of digital solutions, telemedicine offerings, Wellbeing solutions, and a heightened flexibility in insurance plans.

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