Insurance Companies adopt ‘Work from Home’ as cost-saving strategy
Insurance operators have been compelled by the COVID -19 pandemic to adopt ‘work from home’ and earn as you work payment model as a cost-saving strategy.
Investigation has shown that as a result of technology at their disposal that some the insurance firms’ workforces are in offices, majority of them work from their respective homes, while others alternate their working days.
However, a source who craves anonymity disclosed that the strategy the employers calculate the daily pay of each worker and multiply it by few number of days they came to office and then pays the workers.
It was gathered that some employers said they would continue with this working model for some time that has significantly reduced the amount of money operating firms spend on salaries and wages.
It will be recalled that AIICO Insurance recently announced that it has extended its ‘Work from Home’ policy to allow more of its employees work from home till January 2021.
The firm claims that the shutdown of third mainland bridge, heavy traffic jam on major roads in Lagos and impact of theCOVID-19 are the reasons for their decision.
The company, in a recent statement, said currently, about 50 per cent of its staff work from home, while others enjoy the flexibility of running weekly rotation as a social distancing measure.
On his part, the Managing Director, Anchor Insurance, Mr. Augustine Ebose, noted that in real terms, businesses, insurance firms inclusive are presently much more concerned about survival than any other thing.
Ebose lamented that the COVID-19 has devastated businesses that some operating firms are yet to collect premium from policies sold before the outbreak of the virus.
He narrated that in real terms, selling new policies during the lock down was difficult, adding that his own firm achieved impressive performance before the lock down.
He expressed his confidence that the post pandemic holds great positive packages for businesses that are proactive.