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Emerging in a ‘new’ world- Coming through the crisis ‘stronger’ than before

Date: 09 May 2020

As the world is emerging from COVID-19 pandemic, the insurers are strategically focusing now on turnings in their aftermath about what will be the competitive landscape and what it will be looking like, what will be effects of this pandemic circumstances on their business, and steps and strategies that can help their business to come out in front. Focusing on five key priorities will help the entities and businesses to be stronger and more resilient in this post- catastrophic world.

With the reopening of economy, governments have begun to tentatively easing restrictions and as a business leader you will need to focus on the other key issues. The foremost issue for every organization to emphasize on is operations: how to well-prepare the businesses for returning to work in this ‘new normal’ scenario. Though this will be a new and intricate challenge, but the management leaders of your organization should be able to resolve it in the near term. The further and undeniably trickier thing as a business leader you need to do is to purposefully determine what are the mid- to long term insinuations of this crisis and equipping your team to develop strategic plans to respond accordingly.

Extensive scenario analysis and discretionary planning will be required in exploring these issues. And the answers of these issues will solely dependent on the nature of the business. However, despite of the shape of the recuperation and the line of business, there are five intervening strategic priorities that can facilitate the business to emerge stronger than before from this crisis:
  • Realigning the cost structure and sharpening the productivity
  • Proficiently preparing the workforce for the ‘new normal’
  • Carving out new revenue streams
  • Reinforcing capital and resource efficiencies
  • Supercharging digital transformations to create a digital enterprise

These are not the new priorities; any good business strategy should have incorporated some or all of them already at the time of strategic restructuring. However, pandemic situation and economic turmoil has ramped up the exigency of these competitive intervening strategies.

Every crisis helps to crave out competitive reinvention and differentiation opportunities. Present scenarios’ strategy juggles around with providing a mechanism for accelerating operational transformation, a catalyst for developing innovative business models and developing deep-rooted connections with customers.

We strongly believe that these five intervening strategic priorities will help the businesses to instigate a valuable starting point for capitalizing new potential opportunities.

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