Here’s How Marsh Saw the Pandemic as an Opportunity for Transformation

The ongoing COVID-19 crisis has sent waves of disruption through every industry on the planet and many brands around the world are still figuring out their place in the post pandemic world.

However, while the pandemic has certainly brought its fair share of challenges to global industry, it has not been without opportunity either. Whether that means brands discovering new arenas in which they can ply their trade, pivoting to another sector entirely, or simply taking this time as an opportunity for restructuring and solidifying their brand identity on a transformed planet.

As a global leader in professional services with operations in insurance broking and risk management, Marsh has been on its own pandemic driven transformation journey, and now the New York-based firm is optimistic about the future.

Marsh

During the worst of the COVID-19 crisis, Mash witness increased interaction with its brand all over the globe as its clients sought advice and guidance on how to best manage risk and insurance during such a world changing event. This led Marsh to reconsider how it could best engage on these matters and transact given its own virtual and digital capabilities.

"2020 was a year like no other," said Chief Executive Officer of UK Corporate business at Marsh, Alistair Fraser-Hawkins. "For us it brought risk to the forefront of conversations with clients at boardroom level. Many companies now look at not just the risks they can see but at those intangible risks that perhaps historically we would have thought are exceedingly rare and would have limited impact. We've also seen that risk isn't just a local issue – it could be a global issue and organizations can be affected by risks across the world."

Marsh has stated how proud it is of the manner in which its people adjusted to the crisis and worked hard to continue bringing its professional service to clients during a time of great uncertainty. However, Marsh also attributes a substantial portion of its COVID success to its focus on digital transformation even before the pandemic.

Already at an advanced stage before anyone even heard the word coronavirus, Marsh found it needed to accelerate its digital transformation to better meet the challenges presented by the crisis. For example, Marsh already had emergency plans in place which would allow its employees to work from home should some manner of global crisis prevent normal commuting and/or office work – something it was able to quickly put into place once the extent of the COVID-19 situation became apparent.

"Our colleagues have been phenomenal throughout the pandemic," added Fraser-Hawkins. "Seeing them work from home and juggle challenges such as home-schooling, while continuing to look after our clients was inspiring. I think the hybrid model that we're adapting going forward means we have the ability to make better work-life choices and support all our colleagues in creating powerful working environments."

Data Security

One issue with the COVID-19 pandemic is that it has caused many businesses to put other issues on the back burner – something Marsh is hyper aware of and has been working to make sure doesn’t occur.

Data security is still an enormous concern in industry – especially in a company such as Marsh which relies so heavily on digital technology and big data to serve its clients. In fact, a survey of existing and potential clients carried out by Marsh has discovered that concerns around data security and privacy are still number one (72%) among tech firms, with risks associated with the COVID-19 crisis coming in at number eight (44%).

Other concerns which came in higher than the pandemic as sources of concern among firms included digital business interruption (54%), information technology resilience (53%), contingent business interruption (52%), director and officer liability (47%), technology errors and omissions (47%), and intellectual property risk (47%).

This means, despite the challenges of the pandemic, it’s critical that companies not lose focus on the other challenges evident in the world of business today. The COVID-19 crisis may be stealing all the headlines right now, but that doesn’t mean all the other issues associated with running a global business have simply evaporated. Brands that what to succeed in the post pandemic world need to make sure they have a handle on these other concerns, or they may find themselves up the proverbial creek without a paddle, once SARS-COV-2 is safely in the rear-view mirror.

Final Thoughts

The COVID-19 crisis certainly has been a time defined by both challenge and opportunity and those brands which have been able to pivot from regular operation most effectively to crisis mode and back again – all the while keeping a keen eye on the other challenges of global business – are the ones which are going to come out of this crisis in the best condition.

You can hear Marsh Head of Digital International Division, Kevin Charpentier, speak at Digital Insurance Summit 2022, taking place in May at the Renaissance Chicago, IL.

Download the agenda today for more information and insights.