Schedule a Free Consultation

facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
COVID-19's Impact on the Insurance Industry Thumbnail

COVID-19's Impact on the Insurance Industry

With COVID-19 affecting almost every industry and part of our everyday life, we’ve all had to make changes to our daily lives. Whether that means a business shifting to more of an online presence or individuals wearing masks whenever leaving the home, our norms have greatly shifted.

It doesn’t come as a surprise that the insurance industry has also evolved, especially in the context of a pandemic that directly impacts our health and safety. Many sects of insurance have recalibrated their processes and coverage details to accommodate our current state, and some of these changes could likely be longlasting. Below we go through possible long-term impacts of the pandemic on the insurance industry.

Impact #1: Increase in Technology 

Given that keeping a distance is essential, insurance companies have adopted technological avenues for things that previously may have been done in person. For example, many health insurance providers are covering telehealth services for doctor appointments, counseling services and more.1 Some life insurance policies are waiving the medical exam requirement and are opting to take a look at an individual’s data instead. 

In addition, e-applications, e-policy delivery and other technological innovations are being implemented more frequently across the board.2 State marketplaces, such as Oregon and Colorado, have also made sure consumers are connected with online assisters who can help them enroll in coverage.3

Impact #2: Greater Accessibility

With more technology, connecting with and finding insurance policies becomes easier. Online processes, such as e-applications and e-policy delivery, make it more seamless to join a plan or make adjustments as necessary.

Some insurance organizations are taking it a step further by broadcasting their voices and trying to reach the uninsured. Several state marketplaces have equipped state labor or employment security departments with health insurance enrollment information to those filing for unemployment insurance. Others, such as those in New York, Connecticut and D.C. have sought to reach out to those at risk of losing coverage from a job loss. New York started a full campaign, and Connecticut and D.C. have reached out specifically to organizations who have or are planning to layoff employees.3

Impact #3: Security Is in Question

Some have pointed to an increase in the safety of information due to the possibility of insurance providers implementing cybersecurity measures.2 On the other hand, however, COVID-19 seems to have set off a tidal wave of scammers across all industries, including the insurance industry and, more specifically, the health care industry. Consumer-facing scams and fraud have been on the rise and are preying on the fear of many individuals and families. The US Attorney General and the Department of Health and Human Services have sent memos and alerts to look out for frauds and bad actors.4

The impact of increased technology on security and safety overall is still to be seen, but it will likely be top of mind for insurers who will need to implement increased security measures. 

While the long-term impact is only based on speculation at this point, many industries will likely be changed, for better or for worse, as a result of COVID-19. One of the most important takeaways, however, is to remain vigilant about potential scams and look into the details of your specific insurance plans to understand what changes have been made as a result of the pandemic. 

Click here to schedule a call with a BWC advisor today.


The information presented in this article is obtained from or based on sources believed to be reliable. BWC does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes or from the use of information presented in this article. The article does not purport to contain all the information that an interested party may desire and, in fact, provides only a limited view. Information presented does not constitute an offer to sell or a solicitation of an offer to buy any security.

All investments involve risk, including loss of principal invested. Past Performance does not guarantee future performance. Individual client accounts and performance vary. BWC does not provide tax advice.

About Beirne Wealth Consulting Services, LLC –

Beirne Wealth Consulting Services, LLC (“BWC”) is a privately owned, SEC Registered Investment Advisor with offices in Connecticut and Pennsylvania. BWC provides independent, fee-based investment management services and customized financial planning solutions. Our institutional business provides consulting expertise to defined benefit and defined contribution plans, endowments, foundations and non-profit organizations. Our private clients include high net-worth individuals and prominent families, many of whom bring complex wealth management challenges and multigenerational planning needs. For more information, please visit or give us a call today at 888-231-6372.

*Registration does not imply a level of skill or training.

© 2020 Beirne Wealth Consulting Services, LLC (BWC). All rights reserved. Reproduction or Use without permission is prohibited.