Opinions on the success of teleworking vary between C-suite. While CIOs have a generally positive view, COOs and CHROs are more skeptical.
With the arrival of COVID-19 in North America and social distance measures to curb the spread of the pandemic, many in the insurance force stopped working from the office. In fact, 100 percent of the C-suite executives we surveyed in the insurance industry have implemented telecommuting from home in some form.
Increases in Productivity and Efficiency
This sudden transition to telework has stress-tested continuity in company planning. In general, insurers have hailed it as a huge success, with most people feeling good about how quickly they were able to adapt.
Many say that telework even seems to correlate with better productivity and efficiency. More than 50 percent of the Chief Information Officer (CIOs) reported gains in productivity and / or efficiency, while about 25 percent of the Chief Operations Officer (COO) reported increases in metrics with the transition to teleworking.
Areas in insurance business that were already digitized before the pandemic experienced the greatest gains in productivity and / or efficiency.
Disagreements in the C-Suite
Despite this jubilant news, our research found that opinion varied widely across the C-Suite on whether organizations and employees were prepared for teleworking. Although 82 percent of CIOs believed that their companies were ready when the crisis began and 74 percent of COOs agreed that their employees had the necessary tools and technology to work remotely, only 64 percent of managers for human resources who believed that their companies were willing to distribute a remote workforce.
CHRO also revealed other concerns. More than half (55 percent) said that employees reported increases in anxiety and depression and 73 percent said that their employees felt a greater degree of pressure due to the pandemic.
Is telework sustainable for insurance workers in the "never normal" long term?
At our round table with insurance companies this week, participants agreed that they can work remotely now, but they questioned whether they Although productivity and / or efficiency seem to be increasing in the new environment, the development of human capital trends suggests that these gains may come at a cost.
If you asked us today about remote work is sustainable, we would have to say, "No." Now is not the time to take it for granted. Insurance companies that want to increase workforce morale and build a competitive advantage to ensure future success have work to do.
In the following posts, we will take a closer look at why CHRO has the right to be concerned, how insurance companies that have already embraced the cloud are moving forward and how you can use the cloud to improve your data and analytics features can be a winning strategy.
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