Insurance Industry During COVID-19 Pandemic: A Case of ASKI MBA Insurance Program

Abstract

This study described the effects of the COVID-19 pandemic on the ASKI MBA Insurance program and showed how the company adapted and managed the challenges the pandemic brought. Using a purposive sampling design, the researchers carefully conducted surveys and interviews on 10 (ten) ASKI MBA employees coming from various departments. Collected data were analyzed using the descriptive method. Results of the study revealed that ASKI MBA decreased sales from 11.078 million in the year 2019 to 2.128 million in 2020 resulting in a decrease in income by the end of 2020 of almost 8.95 million. The findings also gave us an idea of how many policies were produced amid the pandemic, 10,921. This amounts to 21.22% of the total 51,455 policies in force during the pandemic. Given the total number, information also displayed that there were 301 COVID-19 insurance claims. This number represents 0.58% of the total insurance volume. Because of the restrictions in the different areas of operations, ASKI MBA started to transition and adapt to digitization. This involves the online payment of insurance premiums, assessment of claims documents, and delivery of benefits. ASKI MBA will most certainly need to sustain its operational resilience and solvency management plans for some time. This should go hand in hand while fulfilling potentially complicated and evolving clients' expectations while providing critical services to policyholders.