As we prepare to get out of the imposed lockdown, there are a few things that we need to remember. Businesses are still struggling to recover from its after-effects. The lockdown led to a massive economic disruption with hundreds of businesses forced to shut down. The continued safety measures have made working from home and digital operations the new normal. The changing business structure has posed a lot of impositions on people.
1. Auto industry – down, but not out
Pandemic disruption will wipe $100 billion off the auto industry’s profits, McKinsey predicts, with sales expected to drop by 20 to 30% in 2020. But automakers were already facing disruptions before COVID – including driverless cars, automated factories and ridesharing – and the industry can bounce back, it says.
2. Insurance industry – merger partners at a premium
Insurance and fintech have been among the most responsive to customers during the COVID-19 crisis. They were the first to launch products focused on the pandemic.
For example, one Chinese insurance released an array of such products that covered nearly 15 million people after only a few months on the market. The pandemic has resulted in a long run profit for the sector
3. Education – learning to adapt
In education, the pandemic has amplified existing challenges around inclusion, inequalities and drop-out rates. For example, lower-income students are 55% more likely to delay graduation due to the COVID-19 crisis than their higher-income peers, McKinsey warns.
With remote and online learning here to stay, institutions have a “once-in-a-generation chance” to reconfigure their use of physical and virtual space.
Conclusion
There are a lot of sectors that will change significantly after this pandemic. Like the education sector. This will happen in terms of syllabus and medium of communication. Another sector that has benefited from this pandemic is the insurance sector. Right from the beginning people have become even cautious about their health. This has resulted in a huge profit for the insurance company. Finally the pandemic has taken a tole on a lot of business streams but getting used to it is what we should focus on.