How COVID-19 is changing the insurance industry

By Nicole Fracasso, OSCPA communications intern

Every business is being hit differently by the coronavirus, but – like accounting – the insurance industry has remained essential and very busy said Al Rubosky, sales executive and group benefits consultant at Oswald Companies.

“One of the top expenses for almost every organization is their health care and benefits package, positioning the insurance industry as a key player in aiding businesses throughout the pandemic,” Rubosky said.

Rubosky, who works with companies throughout Ohio, works predominately with clients to help them get the most value out of their health care and benefits packages by reducing risk and controlling cost. He partners with them to implement strategies to better manage their health plan and the large expense associated with it, which is key for both the employer and employees. Because Oswald works within a variety of industries, the situation is unique to each client.

“We look at our role as being business partners and consultants to our clients,” he said. “Every organization we work with has different needs and different cultures. For example, we have a client in the restaurant business, who has had to completely change the way they do business, versus a manufacturer who is still operating as close to normal as possible.””

From a medical insurance perspective there are certainly a gambit of things folks are having to consider, including layoffs and furloughs, he said.

Organizations must decide if these employees will remain on the current healthcare program.

In addition, Rubosky is also preparing his clients for the future.

“We are proactively preparing clients for 2021 and 2022 through COVID-19 financial impact modeling to ensure they’re financially sound, but also bringing valuable benefits to the table that are going to retain employees and attract new ones,” he said.

One way Rubosky sees COVID-19 impacting the future of insurance is through the use of telemedicine, he said. Because of social distancing guidelines, people are getting more accustomed to meeting with their doctor virtually for non-emergencies. This will only increase as technology continues to improve.

“The forced utilization of telemedicine is going to bring it forward much quicker than it might have,” he said. “And it’s going to become something that’s much more acceptable in the future.”

The insurance industry is ever-changing, and the work they do not only influences the business, but the employee’s and their families as well.

“My favorite part about the insurance industry is helping people and businesses. The work we do directly impacts their bottom line,” Rubosky said. “If our team provides the right consultation and advice that fits within their culture and goals, we can help them get to where they want to be as a company.”

Rubosky may be reached via LinkedIn or email.

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