Survey reveals limited remote working capability in insurance

A total of 68% said their companies had invested in some form of new technology and 53% reported that they had been forced to reduce head count in order to save budget during the period.

Charles Hanna, senior industry manager, insurance solutions, Europe and Africa at Hyland Software, said: "The fact that companies are seeking to increase service lines at a time when they are also reducing headcount means that they are clearly feeling the pressure, and must act to improve efficiencies in order to be able to deliver these efficiencies."

"Many firms with an international remit are focusing on achieving substantial expansion. Yet, at present, competition in the industry is such that, unless product lines and offerings are also increased, their growth potential will be limited."

IT spend
The survey reported that 83% of insurance professionals said it was crucial to operate faster than three of four years ago with 67% claiming they were able to recall and amend policies in a single day.

Despite the challenging economic picture, 58% of respondents reported that, in the last five years, their firms had increased their investment in technology with a further 21% having retained their existing level of spending on IT.

Remote working
Regarding remote working just 36% claimed to be able to use their IT system to update their records in real-time, a further 29% said that the system was updated when the employee returned home or to the office and 14% reported that their system was updated via telephone or email conversations with office-based staff.