Tag Archives: productivity

How to Improve Productivity With Fun

It’s about 1:00 pm on a Friday as I step back into the office to the sound of foosball. Laughter is coming from the lunch room. Instructions to the latest board game are being explained, and friendly competitions are reignited.

In the quest for success, as in life, it is important to stop and enjoy the moments along the way. We spend a lot of our lives at work. When we bring play into our day, it can energize us and encourage us to give more of ourselves to tasks. Having fun doesn’t just have to be designated for after hours; why not bring it into the workplace, too?
A study by Bright Horizons revealed that 89% of employees with high levels of well-being reported high job satisfaction. Nearly two-thirds of those employees identified consistently putting in extra effort at work.

This isn’t surprising. What is surprising is that more leadership is not capitalizing on the economic value of fun.

Two years ago, we lost a key employee due to cancer. She was a wonderful person, who was not only good at her job but did much around the office for our staff, our culture and our morale. She grew vegetables for us, surprised us with catered lunches and took tea towels home to be washed. She was always there for us. Shortly after her passing, our corporate culture came off the tracks.

It has taken a while to get our mojo back. Leadership listened to our staff for input and engagement. We have made some changes and adapted and tried to ensure that all employees are not only good at their job but are a good cultural fit for our team. We want collaborative and innovative colleagues that reflect our values, and we wanted to bring back the fun to increase productivity.

See also: 3 Ways to Boost Agency Productivity  

Here are a few ways you can bring more fun (and productivity) into the office:

1. Have lunch together

Nothing bonds people like sharing a meal, no matter the circumstances. A 20-year-old design firm in Berlin called Studio 7.5 has a rule that all its employees must have a meal together every single work day. The meal is shared on a communal table. This is proven to bond even the greatest of strangers, who will always open up and relax over a meal or drink.

If staff at my company aren’t playing a game, they’re often having lunch or stepping out for a walk. This goes a long way to balancing work and play as well as building relationships.

2. Decorate your office space

Whether you are a startup entrepreneur or a big technology firm, find ways to decorate your office space to promote a positive, collaborative corporate culture. Use colors that represent your brand, and design meeting rooms that support creative ideas and brainstorming. Whiteboard walls, digital media and comfortable lounge chairs will facilitate coming together to share and create.

If there is a holiday or event, get your team together and make decorating an activity. Take photos and share them on social media so that your team can celebrate the experiences they are making together outside of the daily grind. Baby and wedding showers, Christmas, Easter and even Valentine’s Day are opportunities to brighten up the office with decorations that everyone can enjoy. We have staff from all over the world and welcome celebrating their special holidays, too.

3. Hold staff events

Having a unique culture that makes your office stand out will promote staff members feeling like they are part of something bigger than themselves. Plan team-building events such as escape room games, rock climbing or a cooking class where teams can rely on each other to reach success and have fun doing it – we do!
Lunch-and-learns are another great way to have fun and advance knowledge of employees in areas they may not otherwise have access to. This shows employees you’re invested in their success, which can pay dividends in terms of employee loyalty.

4. Prioritize fun

With tight deadlines and tasks competing for attention, it’s not always easy to prioritize fun. Get events on the schedule and build excitement with emails and at staff meetings. Have veteran staff speak up about how much fun everyone will have at office events. Invest in an air hockey table, lounge space or a weekly game lunch. Getting everyone to relax and enjoy a little downtime during the day will be team builders in themselves.

See also: How to Make Insurance Fun

So get out, have fun and make memories together. They will be the glue that bonds you together during challenging times and makes you more likely to become successful as a company and a team.

It’s Time to Act on Connected Insurance

It is not a secret that I’m an insurtech enthusiastic; I have shared my view about the need for any insurance player (insurer, reinsurer, distributors, etc.) to become an insurtech-player during the next several years. This will mean: organizations where technology will prevail as the key enabler for the achievement of the strategic goals.

It was only 12 months ago when I published my four Ps to assess the potential of each insurtech initiative. My approach is based on four axes related to the fundamentals of the insurance business:

  1. Productivity: Impact on client acquisition, cross-selling or additional fee collection for services;
  2. Proximity: What an insurtech approach can do to enlarge the relationship frequency, by creating numerous touch-points during the customer journey — a proven way to increase the customer’s satisfaction;
  3. Profitability: What can be done to improve the loss ratio or cut costs without an increase in volumes; and
  4. Persistence: Increasing the renewal rate, and, thus, stabilizing the insurance portfolio.

The insurtech ecosystem has shown terrific growth in the last 20 months, after many VCs complained about the absence of insurtech startups. The updated Venture Scanner’s map shows more than 1,000 initiatives, with more than $17.5 billion invested. The needs for a pragmatic approach, the ability to prioritize the initiatives and a stronger focus on innovation have become more and more relevant.

See also: 10 Trends at Heart of Insurtech Revolution  

I strongly believe in the effectiveness of the aforementioned four axes to evaluate a business. In the last few months, I followed this view to make investment and career choices.

Several months ago, I invested in Neosurance, an insurtech startup currently accelerated by Plug & Play in Silicon Valley, and I’m supporting the company as a strategic adviser. This company developed a platform to enable incumbents to sell the right product with the right message at the right time to the right person. By using artificial intelligence, Neosurance aims to become a virtual insurance agent with the ability to learn and improve how it sells. I fell in love with its model because of its productivity angle, the first of the four Ps.

Let’s consider all the non-compulsory insurance coverages. The large part of the purchases have been — and still are — centered on a salesman’s ability to stimulate awareness and to show a solution. In a world that is getting increasingly more digital and is becoming less about human interaction, I’m skeptical about the ability to cover the risks with the current approaches of online distribution, comparison websites and on-demand apps. All three of these approaches require a rational act and a lot of attention. But many customers look like more to Homer Simpson than to Mr. Spock.

Those are the reasons I’m optimistic about Neosurance’s business model. On one hand, its B2B2C model aims to be present where and when it matters most for the customer. And, its “push” approach is able to preserve underwriting discipline, which is the only way to continue in the middle term and distribute a product that keeps a promise to the customers. My investment choice was based on the business model evaluation, the company’s pipeline and the quality of its team. I hope to be able make more investments.

Connected Insurance Observatory from Matteo Carbone

I also decided it was time for a job change at the end of 2016. After 11 years, I left my career with Bain & Company, where I advised the main insurers and reinsurers on the European market. I had focused my activity on the insurtech trend, because I’m passionate about connected insurance. In the last several years, I have advised more than 50 players on this topic — from insurers to reinsurers and from service providers to investors. I consider the use of sensors for collecting data on the state of an insurable risk and the use of telematics for remote management of the data collected to be a new insurance paradigm. For years, many of the use cases we have seen globally have only somewhat used the potential of this technology to support an insurer and achieve his or her strategic goals.

My belief could be well understood by observing the best practices of auto insurance telematics and their performance regarding the other three Ps:

  • Let’s start with the proximity angle. Insurers have provided telematics-based services that have reinvented a driver’s journey. More and more players are focusing on this opportunity to create an ecosystem of partners to deliver their suite of services. Discovery Insure is one of the best at doing this because it is able to reward clients with a free coffee or smoothie for each 100 kilometers they drive without speeding or braking hard. Is there a way for you to be closer to your client?
  • The Italian market shows the potential benefits in terms of persistency. There are more than 6.5 million cars with a device connected to an insurance provider in Italy, and the telematics penetration reached 19% in the last three months of 2016. On average, the churn rate on the insurance telematics portfolio is just 11%, which is lower than the 14% churn rate on the non-telematics portfolio.
  • Last — but definitely not least — is the profitability side. The Italian telematics portfolio shows a claims frequency that, risk-adjusted, was 20% lower in comparison with the non-telematics portfolio, as I mentioned in a paper last year. The best practices were able to achieve an additional 7% average claims cost reduction by acting as soon as a claim happened and by reconstructing the claims dynamic. These savings let insurers provide an up-front discount to the clients. This makes the product attractive and achieves higher profitability.

See also: Insurtech: Unstoppable Momentum  

My day job is now to run an international think tank focused on connected insurance. More than 25 companies have joined the European chapter since the beginning of the year, and eight players have joined the North American chapter since March. This initiative is developing the most specialized knowledge on insurance IoT, which is based on a multi-client research. I personally deliver the contents through one-to-one workshops dedicated to each member. Throughout the rest of the year, I will host plenary meetings with all the players to discuss this innovation opportunity.

I felt honored and privileged last spring when former Iowa insurance commissioner Nick Gerhart invited me to present my four Ps at the Global Insurance Symposium 2017 in Des Moines, but I did not realize how this framework would so deeply influence my life decisions.

It is definitely an interesting time to be in the insurance sector.

My Employee Is a Victim! Now What?

The difference between a victim of identity theft who does have coverage and a victim who doesn’t is monumental, and the costs (time, money, health) affect not only the victim but also his productivity in the workplace. It is vital that an employer understands the necessity of an identity theft protection plan, and which types of services and features should be included, so employees have access to the resources they need for timely and sufficient assistance.

How does identity theft affect the victim?

Identity theft affects more and more people every minute; in fact, every two seconds someone becomes a victim. The financial consequences of this growing threat can’t be ignored:

  • Over the last couple years, roughly $45 billion has been lost because of identity theft.
  • Fraud ends up costing companies three times as much as what was initially stolen.

Thieves not only steal people’s information and money but their time, as well. Close to a third of identity theft victims spend a month or more trying to resolve the issues, and a lengthy recovery process takes a toll on victims’ health:

What does identity theft have to do with productivity?

Identity theft can distract victims and affect their levels of productivity at work.

If identity theft causes such severe stress, and the recovery process takes months to complete, imagine how many workers are distracted or absent because they’re dealing with fraud, and imagine what that’s doing to their company’s bottom line.

How can identity theft protection products help?

Catching identity theft before it gets out of hand, and getting quality support, can help cut costs. Say a thief steals someone’s personal information and tries to reset her bank password. If the victim has a protection plan that includes high-risk transaction monitoring, that feature would catch the transaction as it is occurring and could prevent it from going through. If the victim doesn’t have that kind of alert system, she may not even find out about the issue until the thief has already drained the account.

There are different kinds of monitoring available, and each type covers a different group of data points. The most common are credit monitoring (for credit-related activity) and identity monitoring (for personal information). Other features could include watching high-risk transactions, assistance with tax fraud and medical identity theft cases and data sweeps.

Assistance during the recovery process can also lessen distress and distraction. If victims have access to a Certified Identity Theft Risk Management Specialist (or someone with comparable experience) who can give them an immediate action plan and actually take on some of the recovery tasks, victims can recover more quickly, which means decreased absenteeism and financial losses.

Over the past year, 70% of companies suffered from fraud. The threat is real, and the consequences are deep, but they can be subdued if employees have a coverage plan with support for victims and protection against future attacks.

3 Ways to Boost Agency Productivity

In the not too distant past, consumers went to independent agents for all of their insurance needs – whether simple or complex – because insurance was often an elusive concept to the man on the street. At the same time, insurance coverage was considered something everyone must have, so when insurance-related questions came up, many consumers’ initial instinct was, “I have to talk to my agent.”

Over the past few years, this paradigm has shifted toward consumers being much more willing and able to build an understanding of their needs. This trend is broadly seen across nearly every industry and is accelerating in insurance. While the trusted relationship with an agent is often still crucial, insurance consumers today are researching, purchasing and interacting with the insurance industry in new ways, and increasingly on their own terms. In working with agencies and end consumers around the industry, we think the shifting behavior of consumers can be summarized in two key ways:

  • The Knowledgeable Consumer
    This consumer actively researches insurance online and consults his peer network prior to purchasing policies – either online or in person. How can you quickly and effectively service these consumers before they research other options or take their business elsewhere?
  • The Always-On Consumer
    This consumer wants information anytime, anywhere via any device, be it smartphone, tablet or desktop computer. These consumers don’t want to stop by your office for an auto ID card or certificate of insurance. How can you give them access to their insurance information when and where they want it?

One thing these two types of consumers have in common is the expectation for instant access to information. From an agent’s perspective, providing a mechanism for online service allows for an improved experience by allowing consumers the flexibility to interact with your agency when and how they want. And while there may still be a window of opportunity for this to be considered as a differentiator for the agency, the day is approaching where nearly every consumer will expect and demand it of the agency. Consumers who don’t get this immediate accessibility and flexibility will take their business elsewhere. Further, by pushing common transactions online, agencies can free resources to focus on higher-value service interactions with consumers.

As seen across nearly every industry, advanced technology should be a key element of the agency strategy to meet these business objectives and the evolving expectations of insurance consumers. Agencies and brokerages are able to become more productive with relative ease thanks to enhanced data, mobility, better communication and increased adoption of third-party apps and other tools.

As an agency considers its business strategy, I’ll suggest there are three key considerations when it comes to the role technology solutions can play:

  1. Standardize and Dissect Your Data
  • Standardized Workflows
    To the extent it makes sense for your business, workflow consistency can yield real productivity gains and help capture comprehensive and better customer risk and demographic information your agency can use to better market, account round and engage customers. By leveraging standardized workflows, agency owners are ensuring data entry is consistent across an agency – regardless of location. Additionally, standardized workflows reduce the number of workarounds conducted by staff – increasing productivity at the outset and reducing any potential time spent rectifying workarounds at the back-end. The result will be improved quality and completeness of the underlying data.
  • Business Intelligence
    Over time, agencies and brokerages generate an immense amount of data – yet it can be difficult to access, analyze and understand that data in meaningful ways. Business intelligence (BI) solutions are one way to help turn all of that data into information. For example, principals can identify which producers are using their time most efficiently and driving the most revenue for the business. Principals can also evaluate how effectively their business is cross-selling and quickly identify new market opportunities. While traditional reporting can take hours if not days, BI solutions present your information in immediate and visual ways that drive new insights, enabling you to make more effective decisions to improve productivity and business growth.
  1. Think Easy Access
  • Mobile Technology
    New mobile technology affords producers all of the benefits associated with management system access within an office, without having producers tethered to a desk. This allows them to be more productive and to respond to clients and prospects more quickly and in the manner that current and prospective customers want and expect. For smaller agencies, where employees wear multiple hats within the organization, giving your employees access to tools when they’re away from the office is critical.
  • Online Access
    Consider how your business can leverage the cloud to drive productivity gains. The ability for service staff to work from home via the cloud, when needed, supports work-life balance and allows business to go on regardless of unexpected events. 
  1. Time Is Money
  • Paper No More
    Evaluate ways to become an all-digital agency and eliminate paper. Agencies and brokerages should leverage electronic signature and delivery of client documents, which reduces the time and expense of mailing paper copies.
  • Carrier Information Exchange
    Productivity gains have increased over the years as carriers improved their interface and as agencies better understood how and where to enter data in carrier systems. The vast majority of agencies use personal lines policy detail download to reduce rekeying of data, saving, on average, 81 minutes a day per employee. In addition to download, using real-time for service and rating saves agency employees as much as an hour per day. Policy download yields daily time-savings of nearly an hour and a half per department employee for personal lines and nearly an hour for commercial lines. Take the time to automate communications with your carrier on the front end to save more time over the long term.
  • Online Client Self-Service
    As mentioned, today’s insurance consumer increasingly expects information anytime, anywhere. Agencies need to provide clients the ability to access policy and billing information on their terms, which helps strengthen relationships, ensures high retention rates and drives revenue gains. Self-service capability can increase staff productivity and decrease costs in commercial lines, as well as personal.

Technology will allow you to work faster and, in turn, will redefine the products and services you offer to your clients. While working faster is one thing, using technology to provide mobile access, enhanced communication and streamlined procedures to more quickly serve clients will also drive new business and customer retention.

For additional insights on how to use technology to bolster agency productivity, check out our eBook, “Working Smarter: Finding Agency Productivity Gains.”

Promoting Peace of Mind in Work Comp

An employee’s peace of mind is equal in concern with the physical injury when it comes to a worker’s comp claim. An upset employee can lose motivation, incur a bad attitude and rationalize the over-use or abuse of WC benefits. I am adamant that employee satisfaction is as key a factor in WC claim outcomes as it is in overall employee productivity and job performance.

It is not the adjuster’s primary role to manage an employee’s peace of mind at the start of a new report. While we expect good “bedside manner” from an adjuster, she must reserve a defensive position and be a “bad-cop” if necessary. An astute employer sees the opportunity in meeting an employee’s concerns at the time of an injury. It is like adding another critical brick to strengthen the foundation of employee satisfaction.

The immediate task can be simple. A little bit of confident communication goes a long way. Step one is to put yourself in the injured employee’s shoes and imagine being faced with an inability to work. It is not a comfortable feeling.

Quick Tip: Prepare a “Top-10” Information Sheet for Quick Use

Concept: Include a quick-reading “Frequently Asked Questions” checklist as part of an overall information packet for new WC claimants.

Suggested Top 10 and Recommended Answers:

1) Which doctor do I use? – Identify the preferred list, contracted clinic or emergency facility. Explain degrees of employee choice if any does exist in your jurisdiction.

2) What if I can’t do my job? – “If the doctor determines you cannot perform your job, we will try to match you with a temporary alternate assignment. If there is no ability for you to work, your wages will be paid as a WC benefit.”

3) How much will I be paid? – Provide the statutory calculation formula for the comp rate and specify that the employee’s specific rate will be determined by the claims adjuster within 48-72 hours.

4) When do I start getting checks? – Explain the jurisdictional waiting period.

5) How do medical bills get paid? – “All bills will be paid directly to the doctors/providers. You do not pay any bills for accepted and covered treatment.”

6) Do I need an attorney? – “We will help facilitate your benefits. An attorney is not necessary unless you face a disputed issue and want it to be heard by a judge. However, it is your option and right to consult an attorney at any time.”

7) What do I do next? – Explain any other internal steps and forms; explain that an adjuster will make contact and go over additional information. If you have a designated adjuster, provide a name and contact info.

8) What about my health benefits / 401k contributions, etc? – Explain your policies and the jurisdictional requirements that continue benefits during a WC claim

9) Will I lose my job or be fired? – Explain that filing a WC claim is not a basis for termination but also reserve the right for progressive discipline because of safety violations, attendance, job abandonment, fraud and any internal policies that might relate to WC situations.

10) What if I have other questions? – Provide a designated internal WC contact with an open-door policy.