Could Remote Work Be the Secret to Massive Profit in Your Business?

Is your company one of the many that have adopted this trend? Remote work has gained huge traction in the last few years. Ever since the pandemic, we have seen a rise in companies that support working from home and hybrid opportunities. 

But what are the benefits for your business? This arrangement brings a win-win situation for everyone. Employees can adapt to their workday, while customers get an improved user experience and better service. 

The benefits of remote work

Many companies are hopping on this trend, as the benefits have already been shown. Working from home increases your effectiveness and productivity. Employees who work from home spend 1.4 working days per month more than the ones in the office.

Employers like you might be worried that working from home might result in taking longer breaks. However, this is the secret to unlocking productivity potential.

The American Psychological Association stated that working from home is crucial for employee satisfaction, but only if implemented properly. 

Practices such as enhancing engagement, securing their home workplace, building connections with colleagues, and providing support are important for this to work.

The challenges of remote work

Even though remote work brings many benefits for businesses, there are still challenges associated with it. First we have security as a major concern, while task management and remote collaboration are also big issues. 

When we are talking about online safety, you should implement proper online safety measures to keep the processes secure. In addition, you should complete training and informative sessions for your employees to prevent cyber attacks. 

When the proper security measures have been taken, the company can provide an excellent customer experience. 

Are you struggling to set up a collaborative environment that will connect the employees? Establishing proper communication is another challenge that companies face regarding remote work. 

However, this can be easily overcome by providing support and encouraging employees to ask others for help.

With so many digital platforms available, communication can be easily established for the whole company. Instant messaging apps help your employees stay in touch, while cloud sharing enables real-time collaboration.

How remote work can benefit on the example of the insurance industry

The insurance industry, along with the financial and other business services, is already ahead of the curve in leveraging remote and hybrid work. This trend is likely benefiting the industry now and will continue to do so in various ways.

Reduced Workers Compensation Insurance Claims

This benefit is twofold for the insurance industry. For individual insurance carriers, agencies, brokerages, MGAs, MGUs, and other business entities, a remote or hybrid workforce can lead to fewer workers’ compensation claims since employees aren’t onsite to experience injuries and accidents. 

For insurance carriers that underwrite workers’ compensation claims, the benefit is even greater. When more companies adopt remote and hybrid workforces, the number of workers’ compensation claims decreases, potentially improving loss ratios and increasing profitability for these carriers.

Increasing Employee Satisfaction, Leading to Customer Satisfaction

Insurance agents work directly with current and potential clients, so it’s correlation between employee satisfaction and customer experience. 

As a result, when you offer remote work and flexible office schedules it significantly boosts employee satisfaction, which in turn enhances job performance and leads to better CX in insurance industry.

Improving Diversity, Equity, and Inclusion

When you offer remote work options, it’s also great for people who are not able to work full time in office.

For example:

• people with disabilities;
• parents who manage parental responsibilities; 
• people who care about parents or relatives;
• other persons who need to stay part time at home.

Deloitte and Workplace Intelligence study recently showed that individuals with caregiving responsibilities, who are often women, were 1.3 times more likely to consider leaving their company if remote work options were eliminated.

Remote work has bright changes across many industries, and the majority of the employees expect to work from home. Still, companies need to fight common issues such as cybersecurity and communication. 

With advanced technology, you can overcome problems and find a solution that works for your business.

Digitization in insurance provides a better customer experience thanks to its convenience and transparency.  You can expect an increase in sales and overall business efficiency.