In June
2020, the majority of insurance companies had their ‘Work From Home’ (WFH) arrangements
in full effect with no sign of employees returning to offices any time soon.
Fast-forward four months to October, HR Executives and Senior Line Managers are
reporting that their shift to a virtual environment due to COVID-19  has
been successful in many parts of their business including underwriting and
claims which is now leading them to explore further ways to collaborate and
innovate, particularly through digitization.

Companies
are now weighing up when is the right time for re-opening the office, balancing
short-term requirements to return employees safely, but also thinking of the
long term as well. No-one seems to be in a rush with early 2021, mid-2021 or
“staying virtual” being the most common responses in New York, Chicago and
Atlanta. However, one high profile insurer started phasing workers back to
their Manhattan office in early September, despite ongoing issues with public
transport, elevator capacity restrictions and alterations to communal areas
across office floors. Some very loyal and committed staff have expressed their
disappointment with the lack of flexibility and I’ve subsequently fielded
multiple calls about alternative career options with carriers offering WFH, or
a combination that offers office/home flexible work arrangements

Underwriters
are reporting that submission response levels have not been impacted by WFH, in
fact many are reporting an increase in productivity and output. Top talent are
now actively re-evaluating their current circumstances and benchmarking this
with ex-colleagues or friends across the industry to see what flexible
arrangements will be on offer elsewhere in 2021.

In the past
two weeks (on four separate occasions), highly qualified insurance
professionals have initially expressed interest in a career move, only to
quickly withdraw after being advised the position is office based (no WFH).
These “in demand” individuals are now recalibrating what’s important in their
next career move and flexibility has rapidly moved up the list of requirements.

Hanover is
regularly advising clients of the shifts in candidate sentiment and working
together to rewrite the narrative heading into 2021 to attract ‘best in class’
insurance talent. All plans are still fluid and various office re-opening plans
might be disrupted particularly if there is a virus resurgence, but flexibility
is now a key factor on the minds of highly skilled individuals.

Whilst a
small percentage of jobs do need to be office-based for the majority of time, a
number of US-based and international insurance companies were quick to identify
the shift in work preferences and have already been using this as a point of
difference to attached talent they typically wouldn’t have had access to
previously. Others insurers are adamant that a return to pre-pandemic “full
time office based work” will apply in 2021, but if the current level of
enquiries are anything to go by, do so at your peril.