While millions of people in other industries have been laid off and furloughed since anti-contagion policies and business shutdowns began in March, most property/casualty insurance professionals have been able to keep working – from home. Many insurance pros had the option to work remotely, an option not available to those working in many other industries.
During the coronavirus outbreak, 78% of employees in the industry say they have worked from home 50% or more of the time, according to results from Wells Media Group’s Property/Casualty Insurance Industry Coronavirus Survey that ran online from May 26 through June 12, 2020.
A majority 60% of all survey respondents have worked from home 100% of the time. Another 12% have been working from home 75% of the time and 6% said they have worked remotely 50% of the time.
While 60% industrywide have been working at home full-time during the pandemic, a higher percentage affiliated with carriers (70%) than from agencies and brokerages (51%) worked from home full-time.
While many enjoy the work-from-home experience, others — especially working parents with children at home — struggle with it, the survey found.
For 22% of the industry workforce surveyed, the transition to remote working was a non-event as they were doing it before the pandemic hit. About 18% of agency and brokerage respondents worked from home prior to the coronavirus outbreak.
There is some regional variation in the working from home experience. A higher percentage of associates in East states (66%) have been working from home full time during the outbreak, while in Texas/South Central region only 50% have been. The Southeast (28%) and West (25%) had the highest percentages working from home before the outbreak.
Survey respondents identified some of the good and bad effects on their work of working remotely.
For 42%, working from home has meant working longer hours, while for 40% it has meant working off-hours. Only 8% said they have worked fewer hours than when in the office.
Forty percent say they were prompted to learn a new technology or app, while 13% took on new roles and responsibilities.
A major change has been not having to commute to work. Almost one-third (30%) of respondents say they save an hour and 18% save two hours per day.
The 2020 Property/Casualty Insurance Industry Coronavirus Survey captured responses from 1,704 individuals representing a cross section of the industry: 54% work in agencies and brokerages; 31% work for insurers or reinsurers; 10% are vendors (technology, claims, legal, etc.) to the industry; and 5% work in other insurance-related organizations.
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