IERP® Monthly Newsletter Issue 30 December 2021 | Page 37

36 The IERP® Monthly Newsletter December 2021

Dr Dass added, “One of these is reform; another concerns matters related to the supply chain, and how to manage, going forward. Imagine the worst-case scenario and go with that,” he advised. The insurance industry, on the other hand, was having to deal with different problems, said Jeannie. Customers were looking for increased flexibility; more people were underinsured with the rise of the gig economy, and insurers were being pushed to do more online, spurring partnerships with other industries. But for some countries, the outlook could be quite positive.

 

Dr Dass said Brunei, for instance, could benefit from good oil prices which were projected to be between US$70-US$72, possibly touching even US$100 a barrel next year. Overall, Southeast Asian countries were expected to improve. Despite this positive outlook, however, boards still needed to give clear direction on the value proposition of the company in the next two years. They will have to look at what the company will become; whether WFH is viable, or if a hybrid model will be better; possibly even the remodelling of physical space to accommodate alternating teams.

He reminded participants to be mindful of what was happening inside and outside their respective industries and countries; revisit their strategies regularly; and cultivate flexibility and agility while taking a pragmatic approach. The speakers urged resilience and capacity-building, reiterating that hybrid ways of working were here to stay. Despite the possibility of other crises, a lot of things had gone back to normal; what may have changed were the design, recovery and handling of the situation.