Insurance Risk & Capital Emea: Vitality CRO's insights on Covid legacy

Published in: Risk management, Longevity - mortality, Corporate strategy, UK, People, Covid-19

Companies: Vitality

Vitality’s group chief risk officer (CRO) Kirsty Leece has stressed that insurers must adapt to customers’ changing healthcare and engagement needs following Covid-19.

Leece was speaking to InsuranceERM about emerging risks from the pandemic ahead of the Insurance Risk & Capital Emea virtual conference, which will take place on the 1st and 2nd of December.

She said: “As insurers we need to ensure we are meeting the changes in customer needs, such as the type of healthcare customers might want and need, and the ways we engage with them.

“In terms of healthcare, for example, there was a shift to increased virtual interaction, and people liked that development. In addition, since the pandemic, there has been an increased focus on supporting mental health and wellbeing by businesses and individuals.”

Following Covid-19’s emergence, CROs have highlighted people risk as a challenge in order to maintain workplace culture.

“We are in this environment now where we have the functionality for people to work effectively from home, but there are times, such as when training junior staff, or innovating, where it is really important to have face-to-face interaction,” commented Leece.

“I joined Vitality when the government was advising people to work from home, yet I managed to get to know everyone at Vitality and get fully embedded into the role. However, as we have returned to the office, it is great to meet people face to face.”

Asked how she expects Covid-19 to factor into mortality modelling, Leece said there is so much uncertainty around the issue, and insufficient data to adjust assumptions.

She added: “We are following the research around Covid and long Covid as it develops. One thing we have seen from the data around Covid is that the morbidity and mortality risk from Covid-19 are significantly lower if people are healthy and are vaccinated.”

Leece will join a panel discussion examining the long-term risks of the Covid legacy during the Insurance Risk & Capital Emea virtual conference from 1-2 December.

To register for the event, click here.

The agenda and full list of speakers can be found here.

Ronan McCaughey