As the human and economic costs of COVID-19 continue to mount, reinsurers are working with healthcare executives on how to mitigate the impacts of the virus on the sector. The (re)insurance industry, policyholders and governments throughout the world must come together on an approach that offers relief to those who need it now and develop a plan to implement mitigation strategies and a response mechanism for future pandemic events.
COVID-19 has forced health systems to dramatically step up the pace of decision making and organizational agility practically overnight. Decisions that may have previously taken weeks or months to execute suddenly needed to be completed in mere hours. The volume and scope of daily decisions multiplied several times over, often forcing traditionally siloed units to come together in uncommon ways, according to Oliver Wyman Health & Life Sciences colleagues Bryce Bach, Principal, Ran Strul, Principal and Bruce Hamory, MD, Partner and Chief Medical Officer, among others. Oliver Wyman is an affiliate of Guy Carpenter.
Now, as people look to what the next half of 2020 may bring, leaders face a long road ahead with monumental challenges, including maintaining surge preparations, safely delivering COVID and non-COVID care in parallel and recovering from a financial crater in their budgets. Many health system leaders remain hopeful their recently gained agility will be sustained and used as a competitive advantage to navigate challenging times ahead.
In the following article, Oliver Wyman considers four operating model lessons from the early crisis and consider how leaders might sustain and build on their newfound agility.
The COVID-19 pandemic is a public health emergency and at Guy Carpenter we feel the gravity of our role in helping clients respond to the insurance implications for their businesses and customers.