Decisions about returning to offices, working from “not here,” or a hybrid are happening among many employers, including in the individual life space. Last month, I hosted an Individual Life Insurance Special Interest Group with my colleague Rob McIsaac to discuss critical issues for the industry going into the back half of 2021. Insights from participants and the featured panelists Dave Voelker and Muthu Arumugham drove the discussion around returning to offices and the future of digital transformations.
As one participant pointed out, companies may be feeling that “could doesn’t mean should” when it comes to work travel, conferences, and other external meetings. But, for some folks who have not been to branch offices or their company’s space in months, restrictions have loosened up enough to allow workers to spend time back in their desks.
Return to Travel?
Holding back on some travel has benefits to the bottom line. As we pointed out, for those who don’t miss the travel, the industry has learned to do many things effectively virtually—and this works better for companies from an expense standpoint. One group that has been eager to get back on the road is sales and distribution. Some sales teams are returning to travel and happy to be doing so!
Along those lines, Novarica’s 400 under 40 studies showcase some of the ways that younger distributors are efficiently managing sales remotely. For simple products, remote sales can be quicker than logging time on the road, but one participant noted that certain higher-end, white-glove clientele require trust and relationship building that might be best done face to face.
One outcome of the abrupt shift to working from home was that many companies now have contingency plans for other emergencies like significant weather events where people can’t make it to an office environment. Similarly, whenever budgets get tight, travel is often restricted, so plans for meeting virtually are excellent to have.
In a final note from IT teams, Muthu pointed out that a large, simultaneous push to return to offices may require significant support as workers reboot mothballed environments. Both Dave and I emphasized compassion for workers whose lives were altered quickly by the pandemic. It was easier to move people home from offices than it is to bring them back, especially with many remaining uncertainties around necessities like childcare.
For more information on returning to the office, see Novarica’s “RTO” Research Council study.
Distribution Technology Takes Center Stage
An exciting conversation emerged between carrier and distributor participants in this session. During the pandemic, digital transformation for many companies focused on enabling continuity of service remotely through e-signatures and e-delivery and self-service capabilities.
Dave discussed the way the pandemic proved “necessity is the mother of invention.” Companies may have worried that effective transformations couldn’t happen outside the office, but many teams succeeded and set workplace standards for delivering functional, if incremental, innovations. Muthu added that the idea of minimal viable products became a norm as companies quickly pushed out capabilities and products.
On minimal viable products, one participant in the distribution space pointed out that carriers may view each new digital capability as a case study to learn more about policyholder needs. Still, rapid carrier changes can prove disruptive for downstream distributors. Carriers and distributors should strive to be well aligned on what customer interactions drive positive experiences.
In that regard, the participants discussed what data needs best serve distributors and customers—and what frequency of data upload would provide the best service to policyholders. The question ultimately is, does good service require speed or more transparency? There’s often a demand for faster processes from carriers, but operational transparency might fill in the gaps where customers and distributors feel a lag.
For more discussions like these, you can find details and registration on our events page.
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