Important Message Regarding COVID-19
With the safety and well-being of our customers, associates and communities foremost in mind, we are diligently assessing the evolving nature of the coronavirus (COVID-19). At the same time, our priority continues to be the excellent service you have come to expect from us. Rest assured that The Lafayette Life Insurance Company is fully functional, and plans for the continuity of our operations are in place should normal business practices be disrupted.
Incident committees within Lafayette Life and our parent company, Western & Southern Financial Group, are actively gathering and interpreting data as it becomes available. We have identified all mission-critical functions throughout the company as well as the resources required to ensure these functions can be sustained throughout prolonged periods of alternate work conditions.
In accordance with guidance from medical professionals, national and world health organizations, and government authorities, we are taking steps to keep our clients and associates safe while maintaining day-to-day activities.
Our strategy includes:
- Reviewing backup plans for all functions and prioritizing client service activities
- Restricting travel as well as large in-person gatherings
- Using virtual collaboration tools
- Limiting traffic by vendors and others to our offices
- Surveying vendors for their response plans
- Implementing social distancing measures
- Encouraging our associates to practice good health habits and stay home if unwell
- Enhancing housekeeping measures at our facilities
- Testing existing continuity measures
- Increasing communication to promote a coordinated response throughout the company
Our financial strength and stability allow us to fulfill our commitments to our clients, most critically during times of economic uncertainty. In fact, our balance sheet has never been better. With a capital-to-asset ratio of 18.6% - more than double that of the 15 largest publicly traded life insurers – we believe we are better positioned than any of our competitors to handle this challenge.
While the current environment remains extremely fluid, we are diligently attending to the business of managing risk and sustaining operational continuity. We remain positive on the long-term outlook for the U.S. economy and believe the fallout from the coronavirus will be temporary.
We want to thank those taking steps to stop the spread of the virus and caring for those affected.
Please watch for further communication from Lafayette Life as updates become available, and please do not hesitate to contact us with questions or concerns.
President & CEO
The Lafayette Life Insurance Company