The entire world is under the cloud of the outbreak of the unforeseen and ongoing Covid-19 pandemic. Prestige Assurance Plc is no exception to it. However, being a going concern we have our Business Continuity Plan to tackle the situation. The plan incorporates how to cater for the workforce being unable to report to work for a period of time, effects on our business, social organizations and global at large.
OBJECTIVE
The main objective is to enable us as a company react effectively and return to business following a disaster or pandemic such as COVID-19.
PLAN OF ACTION
The steps taken to develop a working plan of action includes the followings;
i. Identify threats or risks
ii. Conduct an impact analysis
iii. Adopt mitigation controls
iv. Text, maintain, audit and improve the plan.
THREATS/RISKS
The threats brought about by COVID-19 could be summarized as threat to people (Human capital), infrastructures, information, technology and channels of distribution (Brokers, Agents and Direct link).
IMPACT ANALYSIS OF COVID-19 ON OUR COMPANY
1. Reducedlaboursupplyasaresultoflockdowns,fearofinfection,sicknesses and absenteeism
2. Reduced business patronage due to inability to meet customers' demand during the lockdowns.
3. Interruptioninthechannelsofdistribution:mostofthelinksinthechannels of distribution still operate without modern technology which makes communication ineffective.
4. Change in demand: Some lines of business practically dropped because there was no demand during the lockdown and this may continue for a long period of time for instance travel insurance, Marine, Aviation and
Goods-in-Transit which will definitely affect implementation of our 2020 budget.
5. Disruptions in service such as communication, banking, medical services and so on. This will increase our expenditure since these might come at a high cost to the company.
6. Loss of investable funds and investment income
7.Increase in claims notification.
MITIGATION CONTROLS
The company has constituted a Management Pandemic Committee headed by the Managing Director and also established a line of action to be followed on resumption and thereafter. The actions are as follows;
(A). Identification of staff that possess multiple skills.
(B). Rotation of workforce to ensure social distancing.
(c). Decontamination of premises before resumption.
(D). Daily taking temperature of personnel and maintain record of it. (E). Ensure that there is no entrance beyond designated point in the premises.
(F). Increase access to work remotely by staff.
1. Continue to implement online portals with our various channel of distribution to improve business relationship between the company and its customers.
2. Allocate resources to development of technology to facilitate working remotely by staff.
3. Make plans to identify, develop and obtain approval for two new products which will be of huge demand during the pandemic and thereafter to bridge the gap in changes in demand and loss of revenue.
4. Engagement of seasoned professionals and strengthen of our in-house Unit for processing of claims.
5. Adopt the strategy of investment diversification to maximise investment income and hedge against currency fluctuation.
There will be periodic review on implementation, maintenance and audit the effectiveness of the plan for further improvement as we go into an unpredictable future.
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