“I spend around £35m on property in a year,” he said. “I’d much rather invest that in people than expensive offices.”
Sir Martin Sorrell
Work-from-home (WFH) is proving an effective and efficient working model. 360Globalnet's digital claims management platform 360Siteview has always enabled remote working. Covid-19 driven WFH for large claims teams has been drama-free and seamless.
Why go back to floors and floors of claims adjusters, fraud teams, supply chain management and broker teams when orchestration, collaboration and communication works effectively in WFH mode?
Shoring up reserves is a priority for insurers and this is one large expense that stands out like a sore thumb.
Add the fact that digitally transforming the whole claims journey allows insurers to reduce FTE numbers by up to 70% (over time) and there is a powerful argument that claims management work will change forever.
“The notion of putting 7,000 people in a building may be a thing of the past,” said Jes Staley of Barclays. “Maybe we don't need all the offices that we currently have around the world,” mused Mondelez’s Dirk van de Put, while Sergio Ermotti said UBS was already thinking about moving out of expensive city-centre offices. A PwC survey this week found that a quarter of chief financial officers were already thinking of cutting back on real estate, while the Site Selectors Guild, whose members help companies locate new buildings, said half of US office searches had been put on hold since the crisis hit.