Will COVID-19 Be The Tipping Point For Digital Transformation?

Countless articles about the implications of COVID-19 on the insurance industry are circulating in the digital universe. Many aspects of the industry will be affected, but the ultimate impact depends on the length and magnitude of the virus crisis, something that is difficult to predict.

However, one thing that is clear and will become more firmly entrenched as the reality of what is happening sinks in, and the weeks go by — digital capabilities are paramount for this day and age.

The work from home movement, voluntary or mandatory quarantining, retail store closures, and limits on public gatherings all serve to significantly increase our dependence on digital capabilities.

More and more of the population are shifting their commerce online, using home delivery, and expanding their usage of social media and digital tools for communication.

The more that people and businesses get used to operating remotely via digital tools, the more it will be expected — even after the virus is contained. The genie is out of the bottle, and it will be hard to put it back.