DELOITTE: The coronavirus pandemic has presented governments globally with unprecedented challenges, requiring a rapid response from both a public health and an economic perspective.
Typically, initial priorities have been to protect companies, employment and income among individual citizens in order to prop up economies. However, as longer term schemes are readied, programs can be designed with greater nuance and precision, with improved management, monitoring and adaptability ensuring success across delivery channels.
User experience has been at the heart of recent progress in how financial services are delivered. Open banking allows account holders to share financial data securely with, and initiate payments through, a range of useful apps and personalised services. Since its launch in 2018 expectations of what can be delivered have heightened.
While open banking has already transformed what banks and financial technology companies can offer, customers now expect more: they want a powerful experience that puts them at the centre and reflects their entire financial life.
Media companies have an enormous opportunity to capitalize on the intangible assets they create. For conglomerates, ongoing management and critical assessment of their complex intangible assets - against established and disruptive rivals - is essential to ensure necessary protection and monetization.
Pandemic-related budget cuts, amid ever-increasing expectations from buyers, are forcing organisations to urgently re-examine how they run customer service. Process mining is enabling companies across the globe to highlight hidden inefficiencies in the ways they operate, and empower rapid improvement.
Technology companies have an enormous opportunity to capitalize on the many intangible assets they create. These include intellectual property (IP) rights such as patents, copyrights, trademarks and trade secrets, as well as other assets including data, brand reputation, strategies, and customer and business relationships.
As technology companies develop new products and services, however, these processes and intangible asset portfolios require close assessment and management.
Organisations often struggle to balance the development of new products and features with maintaining the reliability of their systems. Heightened demand for digital services during the coronavirus pandemic means businesses must urgently assess the consequences on their IT systems of any such changes, so that they can protect continuity and empower sales growth.
The insurance industry could face a public relations disaster if it maintains an across-the-board stance of rejecting claims under business interruption policies during the coronavirus pandemic. The situation appears to be worsening thanks to the actions of several firms that have clear terms including pandemic coverage, but which are nevertheless refusing to pay apparently valid claims.
Digital channels have long been reshaping our human connections, but the coronavirus crisis means businesses are suddenly faced with a new reality: a near-total reliance on online communications. This is prompting a deeper and nuanced social-first approach.
The coronavirus crisis has created an acutely uncertain environment for businesses. Many are using physical assets to access the working capital needed to survive. But what about businesses whose rapid growth is driven by intangible assets?
Cars are becoming increasingly autonomous, with manufacturers moving ever closer towards fully driverless vehicles. For the insurance industry, the potential ramifications are transformational.
In view of this change, insurers clearly need to address some questions. First, who will be accountable in the case of accidents involving driverless vehicles? And will anyone need car insurance when they are not actually drivers of their vehicles?
A selection of articles, reports and other content.