A Transformative View for the RRG Industry
Today we are witnessing a historic chapter in human civilization, one of profound transformation for all our lives. While spiritually acknowledging the tragic loss of life and worldwide effects of this disease, let’s explore together what the pandemic’s implications are for the RRG industry, including uncovering some transformative possibilities that may exist.
The rapid worldwide expansion of COVID-19 has occurred as a result of the globalization of travel, trade, and population migration, among other factors. That’s the bad news. The good news is that our ability to address the pandemic has been enhanced by enormous advances in communications (including social media), technology, and medicine, also to name a few.
But there is so much more to the story: We are witnessing a cultural revolution. Parents are at home, eating meals and connecting with their spouses and children every day to an extent many have never done before.
Co-workers are learning the art of intuitive and empathetic cooperation. Businesses are being applauded for their efforts to expedite the movement and delivery of goods and services. Religious organizations around the country are contributing to food and blood banks. A great percentage of the public is, uncharacteristically, following directives from state and federal officials to slow down the pandemic.
Regardless of whether you believe there is a spiritual aspect to this transformative environment, it certainly seems many people are getting more spiritually in touch with each other, supporting one another as never before. That’s essential if we are to survive this war, and a war is exactly what it is.
Which brings me to my core proposition regarding NRRA: The virus is bound to have a profound impact on all businesses in America, and that surely includes companies in the RRG industry. I want to be clear about one thing: NRRA will do everything in its power to assist our members. We’ll stand with you! We ask that you stand with us by helping us develop a strategy to deal with the crisis effectively.
We have already started with the appointment of our Government Affairs Committee (GAC) COVID-19 Task Force, which will be digesting the various states’ legislative initiatives directed at the insurance industry. This will assist NRRA members in addressing new laws that may be preempted by the Liability Risk Retention Act (LRRA).
Even prior to COVID-19, NRRA was working on a digital communications platform aimed at drawing interested people and companies to our industry. When in place, the platform will help RRGs and their service providers attract more business and earn greater profits.
If properly presented and executed, the risk retention group model can represent a viable path to growing businesses in ways they never thought of before. Because you are a member of NRRA, businesses and service professionals looking for creative insurance solutions can find your company through us.
Currently, NRRA is expanding its social media outreach. Part of this will include a monthly blog calendar open to both members and non-members alike for their input. We are also creating a platform for sponsored content, among other features. Overall, we’re exploring opportunities for virtual communications and other technology strategies as they increasingly become mainstream due to the current crisis.
We want to hear from our members about their insights regarding COVID-19 — especially their views on the potential economic impact on our industry and how they plan to deal with the threat. Please share your thoughts with us by e-mailing them to joe@riskretention.org. Let’s help one another!
Yes, the coronavirus pandemic poses a serious challenge to RRGs. It also can offer an excellent opportunity to examine how our industry has been doing things all these years — and, even more important, an incentive for devising new, innovative, more effective ways to conduct business. NRRA is determined to play a major role in that recalibration.
We need your insights and ideas to do so.