In the Automotive business segment, the performance of CCN declined, due to COVID-19-related effects. Operating performance from Transport/Logistic business segment showed strong recovery due to positive economic circumstances. The Travel business segment is still impacted due to continued travel restriction measures, imposed by most countries worldwide.
During the first quarter of 2021 the performance growth further improved and continued the positive performance of the fourth quarter of 2020, showing the resilience in the different Lines of Business.
According to CCN, COVID-19 is forcing disruption on every business, industry and person on the planet. The insurance industry received one of the most significant blows due to the losses associated with payouts relating to the pandemic. The Lloyds of London market forecast estimated that the coronavirus could cost the global insurance industry USD 107 billion in underwriting losses. Even as things start to settle in 2021, CCN expects the industry will continue to change and adapt to the new normal.
Despite the chaos, the pandemic has highlighted the sheer importance of digital transformation. Many financial organizations were humbled by their lack of digital process, while consumers gained newfound digital prowess. The insurers that lead from here on will be those that transform to enable digital ecosystems that place insurance at the heart of how consumers manage their financial lives.
In 2021, CCN expects insurers will focus on this and invest in their ability to keep up with the needs of their customers. CCN is committed and ready to assist the insurance markets to engage in new CX strategies. Also, CCN has recently developed a full digital platform for survey request for any type of (insured) damage. (https://www.claimscorpnetwork.com/request-a-survey)
"The pandemic continues to be a challenge for all industries. The remaining part of this year won't be any less challenging, but the performance during the first quarter makes us confident that we will see a stable and solid performance also for the remainder of 2021," said Cees WERFF, Chief Executive Officer of CCN Group.
Source: CCN press release