Dear partners and colleagues,
We hope you are safe and healthy.
As the global pandemic, COVID-19, continues to spread, sending countries and businesses into a state of panic, we realize that we do not have a frame of reference, to help us navigate. When we look back at previous economic crises and compare them to the current situation, we find that we are operating in a period of complete uncertainty.
Whilst we cannot provision for what is to come, we can act fast, as individuals and businesses, to contain the spread of the disease and the exponential impact it is having on our respective companies.
As insurers, identifying market risks and working on strategies to mitigate them, is built into our DNA. Global transformations have exposed our companies to risks throughout the years. But this is the first time, as insurers, partners, reinsurers and clients, that we are all working to navigate through the same type of crisis on a global scale.
In this regard, we would like to share with you what we have done as a company, to safeguard our teams and business and our diverse client portfolio. We hope this action plan may provide you with valuable insights, and make you feel that we are all operating as one, at this stage.
On a company level
To ensure the safety and health of our teams, we have been operating remotely for the past 2 weeks. Our team members have been empowered and counseled to be able to work effectively from their homes. This move contributes to the containment of the disease, and protects the potential spread of the virus.
However, seeing that we are in a client servicing industry, we put into place stringent business continuity plans and optimized lines of communication, to continue to carry our business as usual. All meetings have been shifted to online platforms and our team is on high alert, to respond to any requests, queries and provide support to clients, partners and reinsurers.
As a result of these two actions, as well as the shared crisis, we find that the team synergy has greatly increased, and each team member understands the vital role each of them plays, to keep the company afloat and delivering on its responsibilities.
On a national level
LCI as a trade credit insurance company and LCI Services as an expert servicing arm in credit management, have a national responsibility. In this regard, we have taken it upon ourselves, in coordination with the Lebanese government and Association des Compagnies d’Assurances au Liban (ACAL), to contribute to combating the spread of COVID-19, by donating to a relief fund. The funds that have been pooled in by various insurance companies, will ensure that COVID-19 testing is covered and the respiratory care needed for urgent cases is provided to all.
Adapt, showcase agility
In these trying times, we are here to support you. Our teams are continually exploring ideas on how to become more agile and adapt our business models to overcome the current crisis, as we believe the world will certainly not be the same after this global crisis. The sharing of information, best practices and tools to help us all overcome difficult period, is a shared responsibility and we look forward to hearing about your experiences.
On this note, we hope that you stay safe and healthy.
Sincerely,
Karim Nasrallah
General Manager, LCI