Harvard Case - Marsh USA Inc.: Challenges of Pandemic Insurance in a COVID-19 World
"Marsh USA Inc.: Challenges of Pandemic Insurance in a COVID-19 World" Harvard business case study is written by Arpita Agnihotri, Saurabh Bhattacharya. It deals with the challenges in the field of Strategy. The case study is 11 page(s) long and it was first published on : Feb 17, 2021
At Fern Fort University, we recommend Marsh USA Inc. adopt a multi-pronged strategy to navigate the challenges of pandemic insurance in the post-COVID-19 world. This strategy involves innovating product offerings, leveraging technology and analytics, strengthening client relationships, and advocating for favorable government policies. This approach will allow Marsh to solidify its position as a leading insurance broker, capitalize on emerging market opportunities, and contribute to a more resilient and sustainable insurance industry.
2. Background
The case study focuses on Marsh USA Inc., a leading insurance broker, grappling with the unprecedented challenges posed by the COVID-19 pandemic. The pandemic exposed vulnerabilities in traditional insurance models, particularly in the areas of business interruption and pandemic-related risk. Marsh faces the challenge of adapting its offerings to meet evolving client needs while navigating regulatory uncertainty and the potential for increased claims.
The main protagonists of the case study are:
- Marsh USA Inc.: A leading insurance broker seeking to navigate the evolving landscape of pandemic insurance.
- Clients: Businesses and individuals seeking insurance protection against pandemic-related risks.
- Insurers: Providers of insurance policies, facing increased claims and potential financial strain.
- Regulators: Government bodies responsible for setting insurance regulations and overseeing the industry.
3. Analysis of the Case Study
To analyze the case, we can employ a combination of frameworks:
- Porter's Five Forces: This framework helps assess the competitive landscape of the insurance industry. The pandemic has intensified the rivalry among brokers, increased the bargaining power of clients seeking comprehensive coverage, and introduced new entrants specializing in pandemic risk.
- Value Chain Analysis: This framework helps understand the activities Marsh undertakes to create value for its clients. The pandemic has disrupted the traditional value chain, requiring Marsh to adapt its services to incorporate pandemic-related risk assessment, mitigation strategies, and claims management.
- SWOT Analysis: This framework provides a comprehensive overview of Marsh's strengths, weaknesses, opportunities, and threats. Strengths include its strong brand reputation, global reach, and expertise in risk management. Weaknesses include potential reliance on traditional insurance models and the need to adapt to changing client needs. Opportunities lie in developing innovative insurance products, leveraging technology, and expanding into emerging markets. Threats include increased competition, regulatory uncertainty, and potential financial strain from increased claims.
4. Recommendations
Marsh should implement the following recommendations:
1. Innovate Product Offerings:
- Develop pandemic-specific insurance products that address the unique risks faced by businesses and individuals.
- Offer flexible and customizable policies to cater to diverse client needs and risk profiles.
- Bundle pandemic coverage with existing insurance products to create comprehensive solutions.
- Explore parametric insurance that triggers payouts based on pre-defined pandemic-related events.
2. Leverage Technology and Analytics:
- Invest in data analytics and predictive modeling to assess pandemic risk and develop customized solutions.
- Utilize AI and machine learning to automate processes, improve efficiency, and personalize client interactions.
- Develop digital platforms for seamless policy management, claims processing, and client communication.
- Embrace digital transformation to enhance operational efficiency and improve customer experience.
3. Strengthen Client Relationships:
- Provide proactive risk management advice to help clients mitigate pandemic-related risks.
- Offer comprehensive risk assessment and mitigation strategies tailored to specific industries and business models.
- Develop educational resources to inform clients about pandemic risks and insurance options.
- Build strong partnerships with clients to foster trust and long-term relationships.
4. Advocate for Favorable Government Policies:
- Engage with regulators to advocate for clear and consistent pandemic insurance regulations.
- Support initiatives that promote industry-wide standards for pandemic risk assessment and coverage.
- Promote public-private partnerships to develop innovative solutions for pandemic risk management.
- Contribute to the development of pandemic preparedness plans to mitigate future risks.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Marsh's core competencies in risk management and insurance brokerage align with the need to develop innovative pandemic insurance solutions. This strategy is consistent with Marsh's mission to provide clients with comprehensive risk management and insurance solutions.
- External customers and internal clients: The recommendations address the evolving needs of both external customers (businesses and individuals) and internal clients (insurance providers). By offering innovative products, leveraging technology, and strengthening relationships, Marsh can meet the needs of all stakeholders.
- Competitors: The recommendations aim to differentiate Marsh from competitors by offering unique and comprehensive pandemic insurance solutions. This approach will help Marsh maintain its competitive advantage in the evolving insurance market.
- Attractiveness: The recommendations are expected to enhance Marsh's financial performance by increasing revenue, improving efficiency, and mitigating potential risks. The adoption of technology and analytics will drive operational efficiency and customer satisfaction, leading to increased profitability.
6. Conclusion
By embracing innovation, technology, and client-centricity, Marsh USA Inc. can navigate the challenges of pandemic insurance in a post-COVID-19 world. This strategy will allow Marsh to solidify its position as a leading insurance broker, capitalize on emerging market opportunities, and contribute to a more resilient and sustainable insurance industry.
7. Discussion
Alternative approaches include focusing solely on traditional insurance models, relying on government intervention for pandemic risk mitigation, or withdrawing from the pandemic insurance market altogether. However, these options present significant risks and limitations.
The key assumptions underlying these recommendations include:
- Continued demand for pandemic insurance: Businesses and individuals will continue to seek protection against pandemic-related risks.
- Technological advancements: Technology will continue to play a crucial role in risk assessment, product development, and client engagement.
- Government support: Governments will continue to play a role in regulating the insurance industry and promoting pandemic preparedness.
8. Next Steps
Marsh should implement these recommendations in a phased approach, starting with:
- Developing a comprehensive strategy: This should involve defining specific goals, timelines, and resource allocation for each recommendation.
- Pilot testing innovative products: This will allow Marsh to gather feedback and refine its offerings before launching them on a larger scale.
- Investing in technology and analytics: This includes acquiring necessary software, training staff, and developing data-driven decision-making processes.
- Building strategic partnerships: This involves collaborating with technology providers, insurers, and government agencies to develop comprehensive solutions.
By taking these steps, Marsh can position itself as a leader in the evolving world of pandemic insurance, ensuring its continued success and contributing to a more resilient and sustainable future.
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Case Description
In 2018, Marsh USA Inc. (Marsh), an insurance company based in New York, launched an innovative pandemic insurance product called PathogenRX. However, until the outbreak of the COVID-19 pandemic in 2020, there was no demand for the product. During the pandemic, some US businesses attempted to claim benefits for business interruption losses from their insurers but were denied because their policies did not cover pandemic losses. Unlike other catastrophic events, pandemics seemed to be uninsurable. In May 2020, industry experts estimated that US small businesses could lose up to US$431 billion due to the COVID-19 pandemic. Marsh's chief executive officer wrote a letter to the United States Congress and president requesting that a state-backed pandemic insurance plan be developed to help cover extremely high potential claim amounts. The federal government could act as a reinsurer and prevent the US insurance industry from collapsing due to increasing claims from US businesses. However, there were several lingering questions: What challenges could be faced in selling pandemic insurance and how could these be resolved? Was it preferable to partner with a government or a private reinsurance partner? How could pandemic insurance modelling be improved to better forecast potential premiums and claims?
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