Lloyd’s of London recently revealed they’ll be conducting a review into the way insurance products are designed and sold as a result of the coronavirus pandemic and societal changes experienced around the world. In a recent report, ‘Building simpler insurance products to better protect customers,’ they detail three key recommendations needed to overcome the challenges of COVID-19:

  1. Building on the existing leading practice.
  2. Investing in product design/delivery innovations.
  3. Involving customers directly in product design.

Hailios, in part through our participation in Lloyd’s Lab, is working hard on new delivery mechanisms through our sensor technologies—reducing the need for on-site personnel during pandemics. Post-COVID, Hailios sensors will continue to offer advantages by reducing the need for travel and site assessment.