#insurtech #digitalization

As a tech company in times of the corona virus

The corona virus is currently omnipresent on all channels and media. Everyone from employees to employers is affected and the economy is also suffering massively. Although the federal government and the states have promised to provide aid programs in the billions for small and solo self-employed people, many are having to close down their businesses and give up their activities. Those whose orders and sales have completely collapsed are particularly hard hit. Various events and trade fairs have been cancelled, flights have been canceled, the stock exchanges are on a low dive and millions are in lockdown. It remains to be seen how long this situation will continue and what the consequences will be. The effects in the current and coming year are immense.

How sum.cumo supports its crew

At sum.cumo, we try to deal with the current situation as best we can and provide our employees with the best possible support according to the circumstances. Daily updates by e-mail and in the company chat have long been standard.
In addition, the Work & Home task force was set up with the aim of protecting the health of employees and their families while maintaining their ability to work. This measure also includes support in the company's own channel, a specially set up Corona e-mail address and a FAQ to summarise the most important information as well as a checklist for working in the home office.

Customer meetings as well as internal meetings are now only conducted via remote conference service Zoom. The sum.cumo house bar also works this way: online, of course. The need for a joint coffee break, mutual exchange or a beer after work can thus be satisfied without personal contact.
For parents, the elimination of childcare in the home office presents a completely new challenge. In order to ensure that concentrated work can still be guaranteed to a certain extent, there is at least one approach to support. A half-hour zoom session was set up for the smallest crew members at lunchtime. Here, a member of the crew reads an exciting story or sings together with the participants, leaving parents a short time to reorganize, swing the cooking spoon or start the laundry.

The crisis as an opportunity?

It is clear that an InsurTech like sum.cumo with many years of digital experience can react better to current circumstances than less tech-savvy companies. Some platforms even speak of a kind of fire accelerator for the InsurTechs through the corona crisis. To what extent this crisis can be perceived as an opportunity and what influence it will have on the digital transformation process of the insurance industry remains to be seen. What is certain is that the lead of digital over traditional insurance business models has never been as clear as during the crisis and that digitization will gain momentum among all market participants.