COVID-19 pandemic has affected many industries around the globe. It is challenging the health and economic stability of every country. One of the most hardly hit by the novel coronavirus is the insurance business. And, the whole world expects that the virus will be here for some time. Thus, insurance companies in Australia are expected to encounter high financial costs and few losses.

Nevertheless, businesses are trying to handle the problem carefully. Insurance companies are trying to ensure that they continue to provide the services that their clientele expects from them. These companies are undertaking significant steps to guarantee continued services to Australians.

Business Continuity Plan

Insurance companies have been prepared with incident management and business continuity plans. Ensuring that these plans are in place will enable them to cope up with the threats of the pandemic. Further, management and various committees regularly meet to discuss the ongoing situation each day. With all other businesses closed, except for the health and food industries, Australian insurance companies make the best effort to ensure that they will remain business as usual.

Although claimants may find some difficulties in the current condition, top management of insurance corporations aims to look for the best means on how they can support their clients. They find ways to get information and alternative measures to provide timely services, despite the setbacks. 

However, operating in times of a worldwide pandemic is never easy. Customers may sometimes experience some issues like telecommunication problems due to the volume of calls. Thus, these insurance companies are also asking for a bit of patience and understanding from customers. But, their clients are ensured that they are doing their best to get the continuity plans going sooner than expected. The Australian insurance businesses have been preparing for the pandemic disruptions, taking cues on other foreign companies’ strategies and global best practices.

New and Safe Working Environment

Aside from thinking about their customers, business companies also need to look after their internal and other clientele. It includes employees, advisers, and business partners. Insurance companies in Australia have adopted an alternative way of working to ensure continued service delivery. Due to the mandated social distancing, almost all transactions and meetings are done remotely. Employees work from home, and business partners meet with company officers through teleconferencing. While internal and external communications are made using a telephone, email, and the internet.

Companies have to make sure that their personnel is equipped with the necessary skills and equipment to be able to perform their tasks remotely. Strengthening the Information Technology capabilities has been undertaken to answer the remote working requirements. They also need to employ applications for messaging and videoconferencing for this new setup to succeed.

These corporations have proactively taken measures to limit free public movement. Possibilities of including services like teleconsultations with psychologists and physicians are being worked on by providers. These telehealth sessions are an assurance that customers can access health treatments while staying safe at home.

Likewise, companies are taking precautionary measures to keep the critical teams who need to come to and work at the office safe and working in a protected environment. With this new and safe working environment, insurance businesses are confident that they will be able to provide the much-needed health fund services to all their clients with minimal disruptions. 

Continued Insurance Coverage

All of these measures have been taken upon by insurance companies in Australia to make sure that policyholders will be able to access their plans amid COVID-19. Clients only need to meet the eligibility requirements for any coverage they want to apply. Insurance companies are working closely with their business partners to ensure that their health fund members will get the services they need in times of crisis. Thus, policyholders also need to contact their insurers to discuss their policy coverage options.

The insurance industry, though also hardly hit by the pandemic, understands how members of their community have been affected by underemployment, job loss, and fewer sources of income. There are ways to ease up the burden of Australian citizens through temporary premium waivers or discounts. Other types of support are also being extended by insurance corporations to lighten up the load from their members during this time of economic and financial hardship.

Moreover, if policyholders want to get additional insurance coverage related to COVID-19, standard procedures will be followed by insurance companies. Insurance companies may take into account the travel history of applicants to overseas regions and countries. Remember that assessments need to be done to all applicants before any insurance policy is granted. Though, the insurance business will ensure that you will be aware and well-informed about the available options for you to come up with a guided decision.

Insurance companies ensure Australian policyholders that the pandemic which COVID-19 brings will not affect their existing policy coverage. The insurance industry is committed to providing continued insurance protection to its members. During this time of uncertainties, Australian insurers are aware of their vital role in the health system. They are stepping up to answer the needs of all their members directly and indirectly affected by the virus. It is prudent to speak with your insurers at this point to fully understand how your policy can respond in case of losses caused by COVID-19. These insurers and brokers will be ready to talk to you and assist you in your queries.

Matrix Insurance is a leading insurance broker in Australia that provides unique insurance solutions to its clients.