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:
- Building on the existing leading practice.
- Investing in product design/delivery innovations.
- 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.