A study of the impact of COVID-19 on insurance brokers

Abstract

The impact of COVID-19 has been felt globally by every individual and business. Recent literature and studies have shown that this disease has changed the way operations are being carried out across virtually all business sectors, with the impacts continuing to be felt and expected to persist in the near future. The insurance industry was not spared from this economic disaster and in such sensitive times, they also had to start looking into alternative measures to survive under such conditions. The principal aim of this dissertation is to understand what measures and initiatives did the main brokerage companies within the Maltese insurance industry look into, when trying to adapt to new methods of practices while also safeguarding the well-being of their employees. Moreover, through the obtained data, one can also investigate the changes that have occurred within insurance products and services because of COVID-19. Data will be gathered by the means of interviews with the leading brokerage companies established in Malta and will analysed the Thematic analysis approach. In essence, this study looks into how the main two departments of insurance – Corporate and Personal lines, were affected but from the point of view of insurance brokers. One can conclude that insurance brokerage companies in Malta invested heavily in technological advancements in order to keep operating and survive during such sensitive time. They also adapted to a remote environment to safeguard the well-being of their employees within both the corporate and the personal lines departments while also keep operating efficiently.