Keeping Brokers’ Businesses Running During the Covid-19 Crisis
Wed Apr 1 2020
Insurance Business magazine ran a webinar on 26th March 2020 which outlined some recommendations on how to keep your business running to the fullest in the current difficult climate.
TIPS FOR HANDLING WORKING FROM HOME
- Daily check in calls: To assist in keeping spirits high and to allow your workers to highlight any issues they have been having, and for these to be solved within the team.
- Stick to your Daily Schedule: Get dressed as you usually would and taking intermittent breaks for walks/conversations etc in order to allow you to recharge for the next few hours.
- Communication is Key: Utilise a wide variety of communication mediums (phone, video chat, conference calls, group chats) in order to keep everyone involved and feeling in the loop. People get very tired of constantly seeing emails and switching this up will ensure that the business continues to work effectively during this time.
- Importance of Transparency: Keeping your employees – and clients – in the dark will only be detrimental to your business now and in the future.
- Crisis Groups: Groups set up in order to get a sense of what areas of the business are struggling with the current climate and to try and rectify these in whatever way possible.
- Danger of Phishing and Fraud emails: Important to make your employees aware of this and teaching them the best ways in which to identify and dispose of these emails.
BURDEN IMPOSED ON BROKERS
- Broker-Client Relationship: As most small business owners will not have a plethora of advisors at their disposal, they will rely heavily on their Financial Advisor to answer their questions and uncertainties. This service will be pivotal for the broker-client relationship moving forward.
- Potential for E&O exposure: Brokers should not shy away from providing an answer, but to not be afraid to tell clients that they do not know for sure and stress that this is their advice and not gospel.
IMPACT ON THE CRISIS ON INSURANCE INDUSTRY & BROKERAGES
- Drastic changes in office layouts: Return to more segregated office layouts as opposed to open floorplan.
- More people working from home: This experience has illustrated the ability for the industry to continue functioning while workers are at home, and this will lead to the number of employees who will continue to work remotely increasing.
- Innovation from Insurers: New technology and apparatus to facilitate the heightened number of people who will be working from home after the crisis is over.
- Get the Word Out: Let the clients know that you are open for business and that all aspects of your usual day to day running of things remain operational despite them now being done digitally rather than face to face.
- Moving Forward: This event will be remembered by clients and the public for an extremely long time, and the way that Brokers – and insurers – handle it will have a huge impact on their future success. Empathy, understanding and assistance are of utmost importance in the current climate and they will lead to increased success down the road.
Reference: Insurance Business magazine – 26th March 2020 webinar ‘Coronavirus: Keeping Brokers’ Businesses Running’