Novarica kicked off its final 2020 Virtual Panel discussion last week, focused on the topic of Work From Home (WFH) in 2021 and beyond. I was joined by Novarica VP Deb Zawisza, Cam Crosbie from Equitable Life of Canada, Bonnie Wasgatt from F&G Life, and Alan Mercaldo from Builders Mutual to discuss the transition to 2021 and the continuation of remote work during the COVID-19 pandemic.
We also explored longer term implications for how work will be organized once the pandemic begins to fade in our collective rear-view mirror, when the demographic shifts in labor markets for both the US and Canada will be seen in even starker relief than they are today.
As always, our panelists delivered a lively conversation. We began by discussing company culture and how it will directly influence when and how insurers return to the office. Bonnie Wasgatt said her company asked themselves, “Who do we want to be?” when deciding if they wanted to return to the office, a subject they had not really explored in depth prior to the arrival of COVID-19. She acknowledged that the company would not be returning to the way it was before the pandemic. Her team plans on implementing the lessons they learned during the crisis, specifically the ones related to employee engagement.
Culture has always been a way for companies to differentiate themselves and retain talent, but cultures will need to adapt to the emerging reality for many employees. A recurring message from the panelists was that ignoring the change in employee expectations is not a recipe for success. Cam Crosbie added a great point, noting, “If we try to hang on to a culture that we built over 100 years, we may end up hurting ourselves.” While senior leaders may feel that working in the office is a critical pillar of their company culture, not offering flexible, remote options may limit an insurer’s access to key resources needed for the future.
Additionally, retaining talent may also become a concern for insurers. The hiring market is evolving, and candidates may have more options due to remote work in the future, even if they live in locations that previously limited their job market. That being said, Alan Mercaldo pointed out that as long as you supply the appropriate technology assets to IT people, they will remain excited, even if they are working remotely. This also led to a clarification that while we have said “work from home” since the outset of the pandemic, increasingly that has actually meant “work from not here.” Reversing that pattern may be much more difficult than implementing it in the first place.
It appears that while most insurers will be returning to the office in some form, many are developing a hybrid model, offering employees some combination of remote and on-site options. We discussed the challenges that insurers may face in these settings. For example, how do employees in a conference room engage with those that are virtual? There are also several operational adaptations that insurers will need to develop to succeed as remote, or partially remote, organizations. Insurers that do decide to offer location flexibility to their employees may need to implement policies that set boundaries, such as in-office minimums. They may also need to think about where some of the savings in corporate real estate footprints should be reinvested to optimize future-state hybrid models.
While companies are excited to return to some sort of normal, identifying the lingering effects of the pandemic is critical. For example, insurers tackled some large digital barriers early in the pandemic. A new question emerges as companies consider what innovation efforts look like when employees work remote and as threats which created a bias for action nine months ago become more muted. Many challenges and opportunities will emerge in 2021; going back to the way it was in 2019 is improbable given the amount of change that has occurred already. Insurers who consistently review the connections and communities that exist within their organizations will have a better chance of successfully navigating 2021 and applying important lessons learned during the pandemic.
As we near the holidays and the end of 2020, we are reflecting on nearly a year of virtual Town Hall events with our insurer community. We have enjoyed seeing these sessions evolve, and we appreciate the opportunity it has given us to connect with our Council members all over the country. Novarica looks forward to continuing these events in 2021 and further developing this community channel, starting with a Virtual Panel on Emerging Technology on January 19th at 1:00 pm EST.
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