The economic uncertainty that evolved out of the pandemic has caused many workplaces across the world to adapt to new work models for the very first time. Insurance firms are no exception. With policyholders facing the brunt of the financial aftermath, regulators and legislators expect insurance companies to be more present, planned and proactive.
Technology has facilitated this transition to a great extent. Many carriers have had to shift their entire operations, remote. At the same time, they have been fielding calls about changing coverage, answering questions about business interruption policies, and continuing to pay claims for life. The core of their work - risk analysis and crisis planning - that required agents to appraise customers of instruments face-to-face changed drastically through lockdowns.
Firm-Up Digital Transformation
We are in an age of technological boom, wherein the demand for trained professionals far outstrips the supply. Organizations could hire experts, but that is an expensive process. A more viable option is to retrain the existing workforce. Upskilling employees will give a much-needed boost to morale, thus helping with employee retention. It will also save the cost of onboarding and hiring new talent. Ever since the pandemic disrupted working habits, upskilling took precedence over hiring new employees. It moved beyond being a HR trend, to being a workplace necessity. Insurance companies have employed remote technologies by introducing new apps for employees and customers to smoothen the digital transition. However, many companies have also put off investing in new technology such as consumer data analytics, mobile apps, websites, and call centres due to fears about employee resistance. It's clear that a piecemeal approach to technology adoption won't be enough to enable companies to succeed in a world where virtual operations are increasingly becoming the norm. We can expect InsurTech partnerships in upcoming times for better business transactions and agile processing.
Prepare For A Virtual Future
Changes in demography, customer expectations, and competitive pressures propelled the drive toward automation and digitization before the current crisis. In the current scenario, many insurers are relying on virtual conferences and meetings, and many have discovered that telework performs better in most cases. As a result, we believe that remote work will continue to be the norm for many businesses in the future. In fact, virtual interactions may present new opportunities for customer service, sales, and relationship building as a consequence of the permanent hybridization of certain job functions. We have reached a stage where, rather than being a lovely "add-on," organizations must now search for obligatory employee wellbeing initiatives. HR departments are attempting to collect employee feedback as firms expand, to understand better how the company can improve the employee experience. Employees are encouraged to share their grievances and are being helped with comprehensive resources in recent HRM developments. Some insurance firms have gone a notch ahead and are also extending grief support programs to their customers during these uncertain times.
Recalibrate Leadership For Cultural Diversity
Every employee, across job functions and levels, contributes to the success of every company. The year 2020 has aided businesses in refocusing on their leadership. Organizations that encourage open communication and develop a trusting culture are more likely to succeed. With the pandemic, talent is becoming more and more geographically dispersed and the gig economy is on the rise. Leadership in such times is not always easy, especially when holistic wellness is challenged. But technology can facilitate easier access to leaders and cultivate one-on-one relationships which are now critical to identifying the competency of the workforce. The need for top-down communication has become as important as ground-up communication to ensure that all employees are being valued through an open and honest communication framework.
As companies examine whether employees really want to return to the office and how successful a hybrid model is going to be, current trends will continue to influence business ideas into the future. Companies that will adapt to newer technologies across the employee journey will be able to deliver an experience that places mental, financial, and physical well-being at the core of HR. Adoption of technology for these reasons will soon expand to also become a business priority for most companies. HR technology can facilitate creating a culture of diversity and inclusiveness instead of dehumanizing the current workforce. This is where humans need to be skilled to lead with empathy and deploy technology not just for data but also for what it entails for every individual.