How the Pandemic Changed Employment (And How That’s Here to Stay)

No one needs to be told how rough 2020 was. But perhaps organizations — agencies, brokerages, and insurers in particular — need a reminder on just how much their worlds have shifted for the better since the pandemic.

That’s right — for the better.

Not everything about 2020 negatively impacted organizations. In fact, much of what happened to the way we work shifted in ways the insurance industry might not have been so inclined toward prior to the pandemic. Nearly overnight, workers were setting up home offices. Employers were figuring out video conferencing and remote hiring. Customer service was happening from kitchen tables. Claims, underwriting, adjusting all happened remotely. In just a few short days, the industry adapted.

That’s great news for an industry that has been reluctant to embrace remote work models. Not that the shift was easy. A Deloitte Center for Financial Services global outlook study reveals that 48% of insurance executives surveyed say the pandemic showed them how unprepared their businesses were to weather an economic storm.

Yet the need for the industry to be up and running was and remains a critical one. A PwC survey shows that 37% of respondents were concerned about their retirement plans and 15% were more likely to purchase life insurance due to the impact of COVID-19. Buyers, it seems, are there. If there were ever a time for the industry to brace for the next wave, this was it.

Fortunately, most employees had relatively little trouble catching that wave. Little wonder: it’s a wave that’s been growing for a while, and one that data suggests will continue to grow. Global Workplace Analytics experts predict that by 2025, 70% of the workforce will work remotely at least five days a month. While many insurers are busy examining how and when to return to offices, many employees are signaling that the new work model suits them just fine. According to a 2020 Gallup poll, 51% of workers are actively looking for or are open to a new job. Likewise, 51% of workers surveyed say they would switch to a job that allowed them flextime.

For those employees who are already working remotely, how their employers respond to ongoing remote work could be a game-changer for them. A national survey by MakeMyMove found that 58% of remote workers (35 million employees) are likely or somewhat likely to look for a new position with remote work flexibility if their employers don’t extend the benefit once the pandemic ends.

In an environment of talent shortages and a general lack of interest in insurance as a career, that puts insurance organizations in a tough spot. However, there is good news: insurance and financial services industries are well-poised for remote work. McKinsey Global Institute data show that above all other industries, financial and insurance has the highest potential for successful remote work with no loss in productivity — three-quarters of the activities in the industry can be done remotely.

Hire & Be Hired in a Remote World

The key to attracting employees, then, is to adopt some form of a remote work model. Be it a hybrid model or a fully remote operation, remote work options could be the differentiator between attracting talent and having large gaps in the talent pool.

Employers. Fortunately, attracting employees to a remote model is easy. Where the changes happen is within your hiring process. The good news is that hiring remotely will be similar to your in-house method, but with a few tweaks. When looking to hire remotely, look for candidates that possess a few essential soft skills. It should be a given that your next remote employee is comfortable with technology. Before hiring anyone for a remote position, make sure they are adept at navigating the technology, and that they understand how to use it effectively.

That comfort level can be assessed in a video interview. Phone interviews should be used for the initial, blind interview (to help remove any hiring biases). However, candidates should be given a video interview, as well. That interview can help you determine a few things — the candidate’s comfort level with technology, their body language, and the quality of their workspace. A workspace should be as distraction-free as possible (assuming other household members will be present).

Also, look for the employee’s ability to work with minimal supervision. Can they demonstrate how they manage time effectively? How do they handle special projects — do they need plenty of oversight, or can they operate independently? A remote employee should be comfortable working fairly independently, but also be able to collaborate remotely with other team members.

Job Seekers. For job seekers, demonstrating previous experience in a remote setting is a must. Unlike in-house positions, employers are looking for specific attributes that demonstrate your ability to thrive in a remote setting. Employers want to know when you’ve worked in a remote capacity, what the projects you handled were, what challenges you had to overcome and how you succeeded.

That includes any successes you’ve had working on remote teams. Any collaborative work you did in a remote setting should be mentioned on your resume and repeated in your interview. Employers look for your ability to work across various departments successfully.

They also look for employees who can take the lead with minimal supervision. Employers need to know that their next hire can be trusted to get the job done without being reminded of deadlines.

That said, a remote worker needs to be communicative and transparent with what they are doing. Demonstrate your skill in communicating your activities to both supervisors and teams. Highlight all collaboration efforts and results.

Other attributes employers are looking for in their next remote worker include:

• Resourcefulness: Can you be trusted to locate the information or resources you need? Will you engage with team members to locate the information, and at what point will you reach out to your supervisor?
• Lessons learned: Employers want to know your weaknesses because team success depends on allocating work to the right people. Let the hiring manager know those skills that are not your strong suit.

Benefits for Employers and Employees

As employers and employees in the insurance industry become more comfortable with remote work, the benefits are easier to find. Remote workers are more productive than when working onsite. Both workers and employers notice increases in productivity — several studies show productivity increases ranging from 15% to 45% in remote workforces at several large companies.

Also, communication improves. When employers and employees are working remotely, the value of each interaction increases. File sharing, email communications and remote meetings are streamlined to make the most use of time.

When communication is better, employees are happier. Flexible work arrangements, including those that allow for flexible hours, improves retention. And why wouldn’t they be? They save time and money on commuting, they are able to capture a better work-life balance, and they feel valued by their employer.

Those employers too are reaping benefits. With fewer employees going to the office, the ability to downsize or eliminate office space can be a big cost saver from reduced utility costs, supplies and equipment. Another cost savings: that of replacing key talent. Remote work models reduce employee turnover and improve employee engagement and satisfaction. Plus, remote employees have fewer sick days, saving even more in health care costs from both an employer and employee perspective.

As the world leans into remote work models, the insurance industry can help lead the way. We’re already well-positioned as an industry to capitalize on a more flexible, responsive business model. Adopting a remote work arrangement can strengthen in-house operations, delivering an experience that boosts productivity, empowers your employees, and improves your organization’s ability to thrive.