Surprising Ways How Remote Working Has Affected Insurance Jobs

TLTR: This article explores how insurance jobs have changed due to the ongoing pandemic and the advent of remote working in the industry.

While many lines of work, notably the service industries, have been hit hard by COVID-19, the insurance industry has been relatively lucky. Most insurance professionals have been able to telecommute.

According to a survey from the Insurance Journal, 78% of individuals with insurance jobs said that they have worked from home during the pandemic 50% of the time or more.

Working remotely has been a viable option for many folks for years now, but the pandemic has really given the practice a shot in the arm, so to speak. As it becomes more common, a picture of the general attitude toward telecommuting is coming into focus.

How People With Insurance Jobs Have Coped with Telecommuting

Working from home has given many who wanted a flexible working schedule a great alternative. But it’s not without its challenges. According to Statista, 47% of working employees have found it difficult to balance work and at-home distractions. Spouses, kids, pets, etc., may not always appreciate that even though you’re at home, you’re also at work. According to Buffer, other issues include adjusting to coworkers in other time zones and not being able to unplug.

But overall, the experience is rated as basically positive by most. Workers appreciate the time and money they save by not having to commute. And the flexibility of being able to do your job from virtually anywhere is remarkably convenient.

Also, a survey by Owl Labs showed that 86% of respondents found working from home has helped reduce their stress. Research shows lower stress levels lead to better work performance.

That is something to consider while working insurance jobs from home.

How Working Remotely Affects Productivity

How the work-from-home model affects efficiency and productivity is a top concern for businesses.

The career resource website Flex Jobs reports that businesses have seen increased productivity due to increased flexibility in employees’ work schedules. Surveys have also found that, although people miss seeing their coworkers, they’re also better able to concentrate on the task at hand. And, they are more efficient and productive as well.

According to the Insurance Journal survey, about 42% of respondents who telecommute said they work longer hours. While 8% said that they worked fewer hours.

Working from home also affects employee communication. Research shows that about 40% of workers have found that going remote results in more scheduled calls and meetings.

Looking to the Future of Insurance Jobs

Despite insurance agents being able to function via telecommuting and social media during the lockdown, it still experienced some business decline, mostly due to:

• Delayed payments
• Decreased amount of premiums
• Increase in direct claim costs
• Economic recession

These issues can be countered if the industry and its professionals adapt to a new tech-based working model which facilitates growth and innovation for insurance careers.

And if your business can benefit by adapting a remote-working model which cuts back on operational expenses, so much the better.

What’s Next For Insurance Jobs?

COVID-19 has pushed the industry towards the prevalent trend of telecommuting. How companies cope with this and adapt to it will make a significant difference to the future of the insurance industry.

How have you coped with remote working? Let us know in the comments below.

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