Clear majority of advisers favour remote working post Covid

Flexible and remote working will remain a key focus of insurance and financial advice businesses as the UK exits lockdown, according to a survey of Chartered Insurance Institute and Personal Finance Society members in March.

This revealed the operational changes caused by measures to slow the spread of Covid-19 will stay centre stage for insurance and financial advisers even as restrictions begin to lift.

A third of the 611 insurance and financial advice professionals surveyed stated they would continue to focus on their digital transformation.

While 6% of the sample felt driving greater cost efficiency would dominate their time as the UK Government's four-step roadmap out of lockdown proceeds.

When asked which operational change caused by the Covid-19 pandemic will remain a key focus for your business as we exit lockdown, the vast majority, six out of 10 insurance and personal finance professionals,  said remote and flexible working would be a focal point.

Keith Richards, chief executive of the Personal Finance Society and chief membership officer of the Chartered Insurance Institute, said: "As restrictions start to lift, insurance and personal finance professionals are clearly reflecting on what operational changes introduced or accelerated to slow the spread of coronavirus will be key to their success in the future.

"Many organisations changed the way they worked to protect their employees and continue to support their customers and clients throughout lockdown. Business bosses and practice principles are now wisely considering which changes need to be further embedded or adapted to remain resilient for whatever the future may hold.

Richards added that businesses are checking they are capable of delivering the new digital experiences consumers now expect plus remote and flexible working where this is in the best interests of both clients and staff.

"The ‘new normal' way of working is unlikely to look like the pre-pandemic world did as we are all using technology for both personal and business in ways that are likely to keep evolving", he said.