Tim Hardcastle, CEO and founder of INSTANDA commented: “The measures implemented by the FCA this week are a hugely positive step for the insurance industry and regulators to co-ordinate support to the many families and small companies that even after extensive government support may still be struggling financially as a result of this pandemic.
“The primary challenge for insurers will be in how they can quickly adapt their systems and processes in order to meet the demands of these new measures in the most seamless and cost-effective way possible.
“The positive news is that there are a number of flexible digital solutions out there for insurers to enable them to bypass their outdated legacy systems and adapt at speed, whilst keeping operational costs to a minimum. This in turn will deliver real benefits to the end customer.
“The Covid-19 pandemic has brought to light the desperate need for digital transformation of the insurance sector and the FCA’s ruling is yet another example of this. Insurers must embrace technology and digitise their business as they seek to adapt to changing customer demands not just now, but also in the future.”