Insurance Company Product Managers, CEOs, and COOs: Wake Up
By Dr. John Norris
Dr. John Norris is a former FDA COO and Harvard faculty member. He is a successful entrepreneur and expert in risk management for the "spread" of pathogens from bio attacks, whether nature-made or human-manufactured. And he has written over 120 articles and posts on this topic's different aspects and perspectives. On behalf of all people everywhere, Dr. Norris and his team have self-funded $1 million in cash and invested over $2 million in sweat equity to create the world’s best infectious disease-spread risk-management platform: VirusVigilant. Their mission is to save up to a million lives by the decade's end. They have their "fingers in the dike." But look to other "US and global patriots" to help prepare the US and the world for an eminent bio attack.
Introduction
In the complex world of insurance, the role of an "Insurance Product Manager" is pivotal. They are responsible for managing the ideation, creation, development, implementation, and evaluation of new insurance products. However, it is crucial for Insurance Company CEOs, COOs, and Product Managers to wake up and recognize the significant opportunity that lies within the realm of "infectious disease spread insurance," particularly in the wake of recent global events and the nature-made and human-manufactured potential bio attack threats that surround us worldwide. In this article, we will explore the importance of this emerging market and the potential benefits it can offer to insurance companies and their policyholders/named insureds.
The Current Landscape
The landscape of insurance is changing rapidly, and insurance companies must adapt or die to stay relevant in today's world. The ongoing COVID-19 pandemic, which has killed 1.2 million Americans and significantly harmed millions more--including their families, employers, and investors--has shed light on the vulnerabilities of government agencies, businesses, and individuals when it comes to infectious diseases--and their spread. As a result, there is a quickly growing demand for insurance coverage separately or bundled that specifically caters to this unique risk. Health insurers, liability insurers, and business interruption insurers: All Take Notice.
Politicians, government agency heads, and business executives (including CEOs and COOs of not-for-profit b businesses) are daily increasingly concerned about protecting their workforce and minimizing the impact of infectious disease spread (it is the "spread" that kills millions) on their operations. Insurance companies have an opportunity to provide tailored solutions that address these concerns and offer financial protection in the face of future pandemic, terrorist group, or hostile-nation bio attacks.
The Potential of Infectious Diseases Spread Insurance
Infectious disease spread insurance can provide a range of benefits to insurance companies and their policyholders/named insured. By offering coverage against infectious diseases, insurance companies can differentiate themselves in a crowded market and attract new customers. This type of insurance can also help businesses mitigate financial losses by providing compensation for business interruption, medical expenses, and potential liabilities related to infectious diseases.
Dr. Norris said, Furthermore, infectious disease insurance can play a significant role in restoring public confidence and ensuring the continuity of economic activities, which are good things for businesses, especially insurance companies and their policy holders/named insureds. Businesses that have adequate insurance coverage for infectious diseases are more likely to weather disruptions caused by pandemics or other bio attacks and recover more quickly. This aspect is particularly relevant in industries that heavily rely on public trust, such as hospitality, healthcare, and travel. The market there for insurers will be very rich. If they bundle their product with one of the top infectious disease-spread risk management companies, the market will be even richer in two ways, (1) they will sell more insurance, and (2) they will spend money on fewer claims because their policy holders/named insureds will suffer far less health or property damages.
It would be an understatement to say that the first ten insurance companies in each of the three categories—health, liability, and business interruption—have a rich opportunity. The opportunity is significant beyond rich. In the same way that cybersecurity insurance is "taking off," so will infectious disease insurance set records, especially if threats of a bio attack by a hostile nation, like Iran, or a proxy terrorist group like Hamas, Hezbollah, or Lebanon, increase in volume or viability.
The survival of countries and enterprises (including government agencies and businesses) depends on "preparedness." Appropriate levels of relevant insurance are the most important component of preparedness. When there is a viable threat of a bio attack by a hostile nation or its proxy, the demand for infectious disease insurance will "skyrocket."
Insurance Product Managers' Role in Capitalizing on the Opportunity
Insurance Product Managers hold a key position in insurance companies. They have the expertise and responsibility to identify emerging risks, develop innovative insurance products, and drive growth. The role of an Insurance Product Manager in the context of infectious disease insurance is critical. They need to stay updated on the latest scientific advancements, monitor global health trends, and assess the impact of infectious diseases on various industries. And they must stay on top of the new strategies, plans, programs, systems, tools, and other mechanisms now available to prevent, mitigate, and or control the spread once an outbreak occurs at any scale: enterprise, regional, national, or international. Again, it's the spread that kills millions.
Insurance Product Managers should collaborate with other stakeholders within the organization, including underwriters, actuaries, and risk management teams, to assess the potential risks and design comprehensive insurance policies that address the specific needs of businesses and individuals. In doing so, these managers need to evaluate different coverage options, determine pricing strategies, and develop effective marketing campaigns to promote these new insurance products.
Dr. Norris said, If an insurance product manager, CEO, and COO want to stay on top of the power curve and beat competitors to this gold mine, meetings and strategies should be set immediately. Experts in the field can help them do this expeditiously and inexpensively. Like with other new business areas, the fleet of foot will win this game. It is funny how fast others recognize "there is gold out there" once the news becomes public. So, smart companies will act fast but quietly.
Insurance Company CEOs and COOs must support and empower their Product Managers by allocating resources, providing training opportunities for their teams, and fostering a culture of innovation. By doing so, insurance companies can position themselves at the forefront of the infectious disease spread insurance market and seize the significant (1) revenue, (2) profit, (3) reputation, and (4) competitive opportunities it presents.
There is "gold in them their fields." But it must be mined. And mined soon.
Benefits for Policy Holders/Named Insureds Businesses and Individuals
The benefits of infectious disease spread insurance extend beyond insurance companies themselves. Businesses and individuals they cover can also experience substantial advantages by securing appropriate coverage. Here are some key benefits:
Financial Protection: Infectious disease insurance can provide fair and reasonable financial support for medical expenses, business interruption, and liability claims arising from infectious diseases contracted at work or at home when the pathogen is taken home by the worker. This coverage can help businesses avoid significant financial losses and ensure continuity of operations during times of crisis.
Risk Management: With infectious disease insurance, businesses can proactively manage the risks associated with pandemics or other bio attacks. By ensuring, they can publicly implement robust contingency plans, invest in health and safety measures, and demonstrate their commitment to safeguarding public health—both before and after an attack. Purchasing specifically protective insurance shows employees, families, investors, customers, and suppliers that they are fully prepared for another infectious disease spread attack and the crisis that follows and, therefore, are "serious players."
Peace of Mind: Having comprehensive infectious disease insurance coverage can provide peace of mind for business owners, employees, and customers. It demonstrates a commitment to resilience and protection, which can enhance the trust and reputation of the insured entity.
Competitive Advantage: Businesses that have infectious disease insurance coverage can gain a competitive edge. They can showcase their commitment to risk management, which can be a decisive factor for customers, suppliers, partners, and investors when they choose who they want to do business with.
Employee Retention and Attraction: Offering infectious disease insurance as part of employee benefits can enhance employee retention and attraction. In today's uncertain world, employees appreciate the security and support provided by comprehensive insurance coverage. More importantly, their spouses do, too. Studies show that spouses carry the most weight when these retention and attraction decisions are made. Plus, when a crisis hits, studies show that workers are far more concerned about the health and safety of their family and their coworkers than their own.
Challenges and Risks of This New Class of Insurance
While the potential benefits to insurance companies by offering infectious disease spread insurance are significant, there are challenges and risks that insurance companies and their CEOs, COOs, and Product Managers should be aware of:
Underwriting Complexity: Infectious disease insurance involves complex underwriting processes due to the dynamic nature of infectious diseases and their impact on different industries. Insurance companies need to invest in data analytics, modeling tools, and substantive and financial expert analysis to accurately assess the risks and determine appropriate coverage options they feel comfortable offering.
Uncertainty and Catastrophe Modeling: It is challenging to model the potential impact of infectious diseases on a large scale. Insurance companies need to continuously update their catastrophe models and scenario analyses to stay ahead of evolving threats and accurately estimate potential losses. Partnering with one of the top infectious disease spread risk management companies would offer great benefits here.
Regulatory Considerations: The regulatory landscape regarding infectious disease insurance is still evolving. Insurance companies need to navigate regulatory frameworks and ensure compliance with relevant laws and regulations to offer effective and legally sound insurance products. Partnering with an infectious disease spread risk management company that has health and insurance legal and regulatory expertise would be a significant advantage here.
Market Acceptance: The success of an infectious disease insurance product depends on market acceptance and adoption. Insurance companies need to educate businesses and individuals about the importance of this type of coverage and address potential skepticism or misinformation. Their best partners and initial policyholders/named insureds can help with this. In addition, a strong initial marketing campaign involving well-known infectious disease spread risk management experts will be essential.
Conclusion
Insurance companies, CEOs, COOs, and Product Managers cannot ignore the opportunities presented by infectious disease-spread insurance. The ongoing COVID-19 pandemic has highlighted the need for specialized coverage that addresses the unique risks associated with infectious diseases. By embracing this market, insurance companies can (1) boost their growth, revenue, and profits, (2) differentiate themselves from competitors, and(3) provide valuable financial protection to businesses and individuals. Insurers can play a critical role in preventing the collapse of local, regional, national, and or international economies. They can enrich themselves while playing a strong patriotic and heroic role--the best role they can take in business. "Do good while doing good."
Insurance Product Managers, in particular, play a crucial role in identifying market opportunities, developing innovative products, and driving growth. It is essential for Insurance Company CEOs and COOs to support these Product Managers and empower them to capitalize on the enormous potential of infectious disease insurance. It's a "goldmine waiting to be tapped."
By awakening to the opportunities and challenges posed by infectious disease insurance, insurance companies can not only safeguard their own future but also contribute to the resilience and well-being of the businesses and individuals they serve. The time to wake up is now. Take it on "not just as a part of loving your company--but as a part of loving your country." You will be glad you did.
A Public Service Announcement by Safely2Prosperity and Its Executive Chairman, Dr. John Norris
We are pleased to cover this well-hidden story of bio attack reckless unpreparedness as a public service for the sake of our readers and all the people of the US and the world. We aim to have informed, educated, and committed leaders in the US and worldwide at all levels of society. We hope they buy our solution because it is the best. But if not, they must purchase "a" solution. Three alternative solutions are almost as good as S2P's VirusVigilant.
Safely2Prosperity (S2P) provides a "comprehensive infectious-disease spread risk-management solution," VirusVigilant, for politicians, business executives, government-agency heads, and other nation leaders to protect their people, employees, families, investors/taxpayers, and others. S2P's VirusVigilant "Infectious Disease Safety Program" (like a now-ubiquitous "Fire Safety Program" but much more sophisticated and complex) combines a SaaS platform with customized risk management tools (AI is to be added soon) for overseeing add-on packages of vaccinations, testing, therapeutics, isolation (if infected), quarantining (if exposed), and tracking technologies, among many others, for up to 24 infectious diseases and their most significant variants.
These tools help such leaders meet their moral, ethical, and legal responsibilities while protecting and enhancing population, workforce, family, and investor/taxpayer safety and productivity. Thereby, VirusVigilant helps assure (it's not "insurance," but "assurance," for leaders, so "they can sleep at night") at 1,000 times less the cost (Yes, 1,000 times less) than health insurance, high levels of (1) business continuity, (2) revenue, (3) profits, (4) investor and insurer financial protection, and (5) the overall effectiveness and survival of the enterprise and its workers, families, and investors/taxpayers. With a focus on proactive measures, S2P offers a cost-effective, low-cost (as low as pennies per employee per month), intuitive solution for risk-managing infectious disease spread. "Again, It's the spread that kills millions."
Dr. John Norris is a former FDA COO and Harvard faculty member. He is also a successful entrepreneur recognized as an expert in preventing, mitigating, controlling, and otherwise risk-managing the "spread" of infectious diseases. He has often published on this or related topics in a wide variety of publications, including as editor-in-chief of two academic journals, one at Harvard (the most successful publication of its kind worldwide, which he founded at Harvard some 50 years ago) and the other at Cornell. And gave many presentations on the need for change in health and healthcare systems, including some 300 presentations worldwide. Also, he helped reform the "regulatory procedures" used by the Joint Commission (which "regulates" hospitals, clinics, and nursing homes and the services they provide) and the US FDA (which regulates drug and medical device developers and the products they develop). Finally, he is a successful businessperson and entrepreneur. He and his former teammates sold one of their last start-ups for almost $2 billion in today's dollars.
As the historically world-renowned diplomat Benjamin Franklin said as he signed the US Declaration of Independence from England (the first, most costly, and most dangerous step in forming the United States as a country, but a critical step): "Gentlemen [and Ladies], we must all hang together, or, most assuredly, we shall all hang separately." Thoughtful and aggressive "preparedness" is the first and most essential step in protecting our people and those of our allies from the devastation of a bio attack by a terrorist group, such as Hamas, or a hostile nation, such as Iran. Preparedness costs as little as 60 cents per employee per month (again, 1,000th the monthly cost of health insurance). Yet bio attack risk management might prove far more valuable to workers, families, and investors--and eventually in far more demand. Therefore, politicians and other leaders who desire to retain their jobs will want to ensure they are always in place. Any leader who fails to protect those for whom they are responsible from the damage of a bio attack is likely to be found as "reckless."
If you want to learn more about VirusVigilant, please get in touch with Dr. John Norris by text at 617-680-3127 or by email at John.Norris@Safely2Prosperity.com (mailto: John.Norris@Safely2Prosperity.com). S2P's website is safely2prosperity.com (http://safely2prosperity.com/).
© 2024 Safely2Prosperity LLC and Dr. John Norris, Executive Chairman. ALL RIGHTS RESERVED.
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