Lockdown Response in Insurance

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How are the top brokerages of America responding to the COVID-19 Lockdown?

A month into this COVID-19 lockdown, it’s safe to assume that there are some companies reacting gracefully where others are not. It’s tough to decide whether this was an overreaction or our saving grace, but we are not here to debate that. We’re here to look at how organizations responded to the situation we find ourselves in now.

If you’ve been browsing your LinkedIn home page, you have seen activity skyrocket to make up for the lack of face to face interaction. Is it merely a distraction or could it be what the insurance industry needed to move forward into this tech-filled world?

  • USI Insurance releases daily memos, “Best Practices” for different verticals and Zoom Q&As.
  • Arthur J. Gallagher immediately jumped into “25 Days of the Gallagher Way”, virtual town halls, and Webinars.
  • Alliant Insurance Services is making podcasts, resource websites, and strategy memos.
  • Brown & Brown is having live streams, time-line fact sheets, and Zoom keynote presentations.
  • Aon Risk Services announced that 70% of its employees will see a 20% pay cut. The executives have agreed to take a temporary pay cut of 50% to help shoulder the burden.

Brokers have created YouTube channels, Instagram Live videos, and have given out personal contact information to better serve clients. They are sharing market knowledge, new policies, new coverages, and best personal practices. They are meeting with clients via Zoom, in parking lots and other open spaces.

While some brokerages are on hiring freezes, others are using this opportunity to seize great talent as well as moving forward with M&A. These same organizations are the ones adapting to this new normal and making sure their employees have everything they need to be successful.

How has your company responded?

Sources used:
https://www.insurancejournal.com/news/international/2020/04/27/566445.htm
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