General Insurance Article - The Covid19 Risk Outlook report

The world’s response to the Covid-19 has precipitated a total transformation of the workplace. Virtual working requires a fundamentally new digital operating model. And many industries have gone from digitising the relationship between firm and customer, to digitising the relationship between employer and employee.

 The Covid-19 Risk Outlook report published by the World Economic Forum, in collaboration with Zurich, demonstrates that there is a real opportunity for all industries to move away from prescribed, standardised approaches.

 • Rapid reskilling: With pandemic related unemployment an increasing threat, retraining and reskilling is an obvious solution. The quick adoption of new, advanced technology will therefore allow for easier retraining. It is also likely to lead to an acceleration in the creation of new and evolved roles.
 • Leaders adopt new competences: It is imperative that corporate culture and leadership skills pivot to focus more on empathy and employee wellbeing as transformation and disruptions continue to make themselves known
 • Wellbeing: The pandemic lockdown is putting increasing pressure on employees that tests their wellbeing and private lives. Increases is instances of anxiety and depression create an opportunity for all organistions to expand mental health - provisions like counselling[1] will become more and more important.

 Sarah Kirby, Group Head of Organisation Design & HR Strategy at Zurich Insurance Company Ltd concludes: “The world’s response to the Covid-19 has resulted in the most rapid transformation of the workplace – commonplace working from home being the most obvious shift.

 “As we’ve gone from digitising the relationship between firm and customer to digitising that of employer and employee we have been catapulted forward some five-to-10 years by fast-tracking automation and innovation trends.

 “Companies that sensibly capitalise on post-Covid opportunities will find themselves in a good place to retain their talent and attract people when the situation reaches normality.

 “It cannot be understated that businesses that do not change will be left behind, exposing their employees to increased risk of financial and physical distress, facing potentially unnecessary layoffs and closures.”

 Full report

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