The cyber (re)insurance space is constantly developing, and as COVID-19 alters the way businesses interact with technology and workers around the country slowly return to work after months of operating from home offices, the reinsurance market sees a number of emerging trends that present both potential challenges and opportunities.
While COVID-19 remains a threat worldwide, societies and businesses are weighing how best to restart economies and return to work safely without causing a resurgence of infection. Some governments are rolling out digital tools in attempts to control the spread of the disease, and businesses may find it desirable to pursue similar solutions lest their financials and market positioning weaken further, according to Kavitha Hariharan, Director at Marsh & McLennan Advantage, Ben Hoster, Director of Transformative Technologies at Marsh & McLennan Advantage and Jaclyn Yeo, Research Manager at Marsh & McLennan’s Asia-Pacific Risk Center. Guy Carpenter is a business of Marsh & McLennan.
According to a recent survey by Guy Carpenter-affiliate Mercer, more than half of the 300 organizations polled in the United States have or plan to implement a contact-tracing program for employees returning to the workplace, indicating growing business interest in these solutions to boost staff safety and confidence in returning to workplaces and to mitigate the risk of stop-start operations.
Digital Contact Tracing and Other Opportunities
Digital tools to track employees’ health offer many opportunities. Smartphones and wearable devices can assess employees’ exposure and transmission risk, facilitate contact tracing and rapidly isolate new cases and close contacts. Augmented-reality tools can help employees maintain safe distancing in high-traffic areas, including manufacturing shop floors and distribution warehouses. For example, Siemens’ flexible working mobile app provides touchless access to offices and information on occupancy levels to facilitate safe distancing and ensure efficient cleaning and disinfecting.
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.