In order to help companies coping with the impact of COVID-19 and to prepare for the future or the ‘new normal’ as it gets referred to, RoadSafetyUAE reached out to a range of Top Executives in our eco-system for their views.
We sincerely want to thank the participating companies and their Top Executives for sharing their valuable views!
Frederik Bisbjerg
Chief Strategy & Business Acceleration Officer, Noor Takaful | Ethical Insurance
Q: In what ways has your business been impacted by COVID-19?
A: We digitized almost immediately. Digitization was old news for many forward-thinking companies but for everyone else, it is the new ‘normal’. At Noor Takaful, we started our digital journey two years ago and we put business continuity plans in place. These were regularly updated and practiced, so as society was mandated to quarantine and work remotely, we transitioned into virtual meetings with ease and optimized our online services. To bring even more value to our clients, we developed new products that can be purchased online and delivered right to your door.
As these are unprecedented times, many people aren’t sure what the lasting impact to society and business will be. One thing is certain: Even as the pandemic dies down and life returns back to the ‘new-normal’, our customer buying behaviours will change – they will still expect a seamless, quick and convenient buying experience online.
Q: Where do you see your business in 12 months’ time?
A: We are anticipating a stronger presence in the market. As a direct result of the uncertainty Covid-19 has caused, we have witnessed a surge in insurance purchases.
We see our business shifting and moving completely to digital as people begin to feel the ease of purchasing insurance products online. We are seeing increased efficiency, less friction and quicker reaction times through our improved digital processes. This will lead to the development of new insurance products, faster than before.
Q: What are the major changes (internal & external) you foresee for the ‘new normal’ post COVID-19?
A: I anticipate price reductions from some industry players as a result of unhealthy cash-flow. This will be a detrimental move to the overall insurance industry.
Despite digital transformation being a prerequisite long before the Covid-19 pandemic, businesses around the world are being forced to become virtually competent almost overnight, or risk disruption. This will accelerate digital trends even further away from the legacy ways of conducting business. In light of this transition, it’s crucial to have business continuity plans that could go in effect as early as Q3.
Digital transformation has triggered a need for new skills and competencies, especially in technology, as jobs become automated or are issued to self-employed individuals and freelancers. Many will have to re-educate and up-skill to get re-employed or to keep their jobs in what is considered the ‘new normal’.
Q: In which ways will you adjust your business?
A: We are adjusting our business model and redesigning business processes in order to stay ahead and functional. Processes are digitized to be less time consuming and obstacle-free, to remain agile and flexible.
We are refining performance expectations of employees and up-skilling them with the latest technology. This will be crucial in order to follow the market trends and be financially stable, even in a reduced-price market scenario.
