The Paradigm (Pandemic) Shift
By: Vesuvio Labs
Tags: Covid 19, Digital Transformation, Insurance, WFH, Insurtech

The Paradigm (Pandemic) Shift

How do we build a resilient and robust, but remote, business system for the finance and insurance industry’s workforce? VESUVIO LABS Apr 23, 2020·3 min read

The COVID-19 pandemic is forcing a rapid evolution of business infrastructure and processes as most industries experience a seismic shift to online and remote interactions.

Many have been caught out, with little or no continuity in their systems and processes; and as a result, many are losing business, downsizing their resources, and end consumers are left short of options. In order to survive, and to come out of this period stronger, they need to reorientate their proposition to validate their value to the market.

Over the past few weeks, we have witnessed individuals and businesses alike frantically requiring the retained access to essential funding, loan services and flexible debt repayments, whilst venting their frustrations at choppy claims processes.

Many service providers have found responding to these challenges, well, challenging.

Photo by Christopher Johnson on Unsplash

Business Continuity.

Much of the financial, accounting and insurance industries still manually process large sums of paper, PDFs and images. These are often stored in multiple locations and most certainly, not structured. They thus rely on workers on-site to read, match and manually enter that data to transform it into a digital system/database. Whilst that practice was already time-consuming, inefficient and erroneous, it’s now becoming a hurdle to the organisation’s business continuity. While some workforces can continue to work remotely, most will require a significant leap in the organisation’s process resilience and its communication tools.

Mitigation of risk.

Many have overlooked the wider operational, liquidity, credit, insurance and market risks. A few have had in place the necessary data or document records to facilitate real-time forecasting and creating contingency models which are needed in the event of disrupted suppliers, systems and displaced staff.

Rapid and effective deployment.

COVID-19 will be one of many disruptions. It may also be a ‘black swan’ event that has ultimately altered our economic and political landscape. In any case, the industry has responded not nearly as quickly as it should have done. The market players will continue to need a robust and flexible system to swiftly adapt to the compatibility between regulatory frameworks and be able to create, calibrate and deploy good products to market.

Photo by Jan Gottweiss on Unsplash

Build on the slopes of Vesuvio

We have a solution with the ability to rapidly deploy a secure, fully configurable platform on the Azure cloud, which enables businesses to quickly digitalise business offerings, automate manual processes, support effective remote working and create intuitive interaction with customers. It’s Squarespace but for finance and insurance.

We have successfully completed POCs for a number of our corporate clients and startups. With a highly experienced team of data scientists, technical delivery managers and engineers, we are confident in delivering an MVP within 8 weeks.

We are always looking for industry partners, big or small. If you wish to scale your business operations from a decommissioned legacy system and adopting a future-ready and intuitive platform, we would love to hear from you.