Impact of COVID-19 on Business-Key Takeaways

Impact of COVID-19 on Business-Key Takeaways

The impact of COVID-19 on trade in various sectors, directly or indirectly, affects the number of industries that are struggling.

Economic and epidemiological developments in India and around the world in times of crisis, all eyes focus on the insurance sector. The pandemic has posed questions for each aspect of the business model.

Impact-of-COVID-19-on-Business

The COVID-19 (coronavirus) pandemic has disrupted daily life as we know it, roiled financial markets and instilled fear and uncertainty in many, challenging leaders in government and business to allay concerns and respond to the crisis.

Organisations are taking various precautionary measures with respect to the ongoing COVID-19 situation, forces many companies, and entire industries, to rethink and transform their global supply chain model.

Key areas that are being imp
acted by Covid-19 disruption


Key-areas-impacted-by-COVID-19-disruption

Key decisions being evaluated to counter business disruption

  • Streamline the value and supply chain.
  • Stabilise technology infrastructure.
  • Optimise costs: Balance short term cost concerns with medium term resilience and rebound.
  • Prioritise employee well-being and communication.
  • Collaborate with other companies to service clients.
  • Monitor global and regional developments to update BCP with the key learnings.
  • Boost employee morale and engagement through meaningful work re-design and policies.
  • Adopt and Innovate practices to improve virtual working.


Impact of COVID-19 on Business

Impact of COVID-19 on Busines

Business impact on different sectors

The global economy is undergoing another recession as the novel coronavirus epidemic has forced businesses around the world to suspend operations.

The next 12 months will be difficult. Many businesses will struggle, sectors like automobile, land and banking are facing a difficult time in front of them.

But as with the economic adversities of the past, new industries will bring with it hope of recovery.

Business impact on different sectors

Insurance, employee health and wellness

Physical

Understanding and managing one's health during this crisis is the most important factor that is directly and indirectly affected, so attention to health is a top priority.

Although the situation is difficult, peak performance is one of the most challenging factors to successfully return to reception.

Emotional

Being self-aware, being resilient to managing stress, pervasive anxiety, fear and stress are all natural and normal reactions to a changing and uncertain situation that everyone does finds themselves in.

Coping with life crises and maintaining stability and positivity are remarkable powers of strength and cooperation which we as humans also consider fortunate. And we should try to focus on this crisis as individuals, family and community members, friends and colleagues to respond most effectively.

Social

Being connected with others by accepting diversity
Being inclusive and collaborative
Adapting to change

Financial

Ability to manage budget- Monitor, control, and record all finances, learn how to efficiently manage and reduce expenses.


Protection against risks - When you are thinking about your finances, you need to consider how to protect you against all the most serious risks to you and your family.


Insurance

Ask all relevant questions before purchasing insurance. Which covers and focuses on a specific need of the buyer as a person's life and property are surrounded by the risk of death, disability or destruction.

  • Is hospitalisation pertaining to COVID 19 covered?
  • Have you renewed your retail insurance policies?
  • Do I have the list of hospitals that offer cashless close to my home?
  • Are employees aware of the terms of Health insurance?
  • Are employees aware of their Term Life sum assured?

 

Don’t get stuck to permanent solutions for temporary problems

Give yourself time and space. Work on you React deliberately rather than impulsively. Talk about it Keep your mind open. Be ready to open your eyes and see through the eyes of others. be kind to yourself. Be ready to change. Be ready to ask for help.

Stabilise and Improve Work Infrastructure to support business operations once lockdown ends.
Address short-term cash flow challenges and focus on immediate cost optimisation opportunities.
Create action plans to support fast scalability of business once normalcy returns.
Dedicate time and resources to work on improving BCP and risk mitigation strategies.
Evaluate areas to realign work and streamline business operation to thrive in the new normal.




Reference:
IRDAI/HLT/REG/CIR/054/03/2020
Willis Towers Watson India.
COVID-19 Readiness Pulse Survey report.

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