The pandemic forced openness to a change in mindset, and this flexibility was a prerequisite for the bright spots that ensued. In the post-pandemic world, as insurers rethink their work model, they will be confronted with a crucial choice: whether to keep that openness to change or revert to old ways of thinking.
Here are three silver linings we’ve seen in the insurance industry.
1. Increased access to executives and breaking of silos
Across the industry, executive teams and other teams within organizations are collaborating more closely than ever, meeting more frequently, and making quicker decisions. As the pandemic took hold, document-sharing systems and other collaboration tools were rolled out quickly across enterprises, with IT, legal, communications and HR departments working together to a degree not seen before. Policies such as procuring headsets and chairs so that people could have comfortable home office setups were enacted swiftly. Of employees working remotely, 40% say they have received the most employer support in the form of digital tools and software, while 39% cite line manager check-ins with employees.1 It will be important for insurers to maintain these levels of connectivity and collaboration rather than allowing them to be anomalies of the pandemic.
2. Innovation realized in shorter time spans
A pre-pandemic innovation session was as much about the physical space and gathering of people in one location as it was about innovation itself. Some insurers had even moved to rescind their work-from-home policies and push their people into collaboration spaces. All of that has given way to a more pragmatic approach. Now, though a certain amount of lead time still exists, multiple innovation sessions can occur in a shorter period. This is an imperative, as the ability to continue innovating quickly is key to meeting high and changing customer expectations. Research has found that remote workers not only are more highly engaged, but also more likely than their office colleagues to consider their workplaces innovative.2
3. Better engagement across geographies
Teams are collaborating much more in the virtual environment, which has levelled the playing field across offices — and research backs up the benefits. One study found that employees who work from home averaged an extra productive day a week, had 50% reduced role attrition, took shorter breaks, had fewer sick days and took less time off.3 Another study found that full-time employees working from home have been “optimistic adapters” – meaning they’ve demonstrated strong psychological capacity based on feeling in control of their future, and have dealt better with being locked down than other workers. And 43% of employees in that same survey said they have enjoyed a better work-life balance.4