Insurance office work under pressure: Time for a three-day week

📊 Insurance News Analysis: Our editorial team has analyzed recent developments from insurancebusinessmag.com in the Insurance sector. This report covers key insights related to car insurance, life insurance, health insurance and emerging industry trends that professionals should monitor closely.

New developments in Insurance are drawing attention from industry experts. By Daniel Wood
As post-pandemic work patterns evolve, hybrid arrangements are facing renewed scrutiny from company leaders concerned about productivity. Sources indicate that major US firms such as JP Morgan and Walmart – along with some insurance companies – have implemented mandatory full-time office policies.

In Australia, while some insurers and brokers are following suit, many have adopted a more flexible approach, with three days in the office and two days at home emerging as an informal industry standard. Evidence suggests that however, questions remain about whether insurance leaders will soon push for a full return to the office and what impact such a shift might have on talent retention and operational efficiency. According to reports that within the insurance sector, the debate over hybrid work is far from settled.

Sources indicate that for many, the flexibility of working from home has become a key factor in job satisfaction and productivity. “In our business, I think two days from home seems to be working really well for us at this stage,” said Schalk Van Der Merwe (pictured, left), CEO of Ominsure. “We have no plans to change that or amend it.”
He acknowledged, however, that this flexibility comes with a need for increased oversight. For example, he constantly monitors productivity which adds to workloads.

Evidence suggests that genevieve Mathews (pictured centre), client director with WTW Finex, stated her firm has a policy of three days at the office. She stated hybrid work has practical benefits – especially in an era of open-plan offices. “I actually appreciate my days when I work from home,” said Mathews. “Those two days I tend to set aside for my phone calls, my renewal report writing, like the stuff that I need quiet time.”
She points out that the hybrid model allows employees to tailor their environment to the task at hand, boosting efficiency for focused work.

Data shows that matthews also warned of the risks associated with rigid office mandates. Read next: Hybrid work: Productivity may be up, but engagement is down
“You’re not going to retain talent,” she said. “Some of the insurers and brokers that are mandating five days in the office – I think they’ll struggle getting the talent.” Her comments reflect a wider cultural trend that accepts hybrid work arrangements and expects them to be part of job offers. Insurance companies insisting on full-time office attendance will likely find themselves at a disadvantage in the competition for skilled staff.

Data shows that many family focused brokerages are happily settling into a three days at work, two days at home pattern.“We’ve set it into a 3-2 pattern pretty easily and I enjoy it,” stated Nick Beswick (pictured, right), head of professional indemnity in Australia and New Zealand for Newline Australia Insurance. “I wouldn’t go back to five days a week.”
However, Beswick also identified challenges unique to remote work, particularly when it comes to collaboration. “The problem that I do have with working from home is that sometimes people see working from home almost like house arrest, like they can’t leave the building,” said Beswick.

He said some insurance professionals seem to think they can’t have face to face meetings with colleagues when they work from home. “Get out of your pyjamas and go and see them!” said Beswick. Data shows that read  next: Is remote working a broker career move?

He stated it can also be difficult gathering teams for discussions because everyone can be in different locations. This reduces opportunities for spontaneous collaboration that are important for career development and camaraderie. Client meetings can present another challenge in this era of working from home. “Insurers want to dial in because they work from home that day – are you kidding me?” Matthews said.

“But you do have to be flexible.” However, she said flexibility should not come at the expense of client service or team cohesion. Her company addresses this by designating a core team day in the office, with additional days chosen as needed, but always prioritising business requirements. Sources indicate that “If there is a meeting that is scheduled on a Wednesday, you come in, even if you usually work from home on that day,” stated Matthews. Data shows that “You’ve got to do the right thing and do your job.”

These developments reflect broader trends shaping the Insurance industry as organizations adapt to evolving market conditions.

— Based on reporting from insurancebusinessmag.com

💡 Key Industry Insights

Risk assessment methodologies are evolving with the integration of data analytics and AI technologies.

Specifically regarding life insurance, market observers note continuing evolution in service delivery, pricing models, and customer engagement strategies that merit close attention from industry stakeholders.

Market Impact: These developments in car insurance may significantly influence market dynamics. Industry experts recommend monitoring these trends closely for strategic planning purposes.

Analysis Note: This comprehensive overview synthesizes current market intelligence from insurancebusinessmag.com regarding life insurance and related sectors. Stay informed about ongoing developments in this rapidly evolving landscape.