Building simpler insurance products to better protect customers
The insurance industry response to COVID-19
Insurance plays an essential role globally for society – by providing financial relief to customers during challenging times, it helps people, businesses and economies recover from unexpected disasters. For many, this worked as intended during the COVID-19 pandemic. However, in some instances there has been confusion.
This report sets out three key recommendations that the global insurance industry should implement to respond to the challenges that COVID-19 has presented. Alongside these global industry recommendations, the report also outlines the affirmative actions Lloyd’s is taking on its own.
By simplifying insurance product design and delivery, Lloyd’s and the global insurance industry will ensure it remains relevant and trusted by customers, creating a braver, more resilient world.
Foreword and Overview
The COVID-19 pandemic has set in motion irreversible societal change, calling for new insurance solutions and greater protection for customers’ short, medium, and long-term needs.
Lloyd's recommendations
The insurance industry must work to simplify its products and promote greater understanding of the cover it is providing.