17th October 2021

Guidewire research shows lack of insurance customer awareness regarding Work from Home coverage
Trend

Guidewire Software has released new insights from its "Love, Hate or Indifferent" insurance customer attitudes study. The new findings focus on the number of insurance customers uncertain as to whether they are insured when working from home. Further, many have mixed feelings about insurance staff working remotely themselves.
While one in three home workers surveyed by Guidewire had installed company hardware in their homes, two thirds(66%) of employees did not know if their home insurance policy covered them for damages which may be experienced while working remotely. When it came to considering the insurance risks, although most did not have a comprehensive understanding of what insurance services were provided to them, 66% of survey respondents believed that employers should be the ones to provide them with insurance protection while working from home. The vast majority(92%) of customers felt that their insurance company should be doing more to explain what is and is not covered in their policies when working remotely.
Clearly, the COVID-19 restrictions meant that more insurance workers were working remotely. More than two thirds(68%) of customers were comfortable with insurance companies allowing their staff to work from home. However, one in five(19%) said they would be unwilling to buy an insurance policy from a company who will let their staff work remotely once people are allowed back in the office on a more permanent basis. There seems to be a need for insurers to do more to reassure some customers that remote working is secure. For example, one in three(36%) said they were concerned about insurance staff accessing their personal data in their home.
Laurent Fontaine, group vp, Sales, EMEA, Guidewire Software, comments “Insurance companies should understand how COVID-19 has impacted their customers, and should adapt their policies for these changed needs. Working from home will continue as part of a hybrid work pattern for both their customers and employees for the foreseeable future. There is room here for innovative products in accordance with the new working model, supported by clear and transparent communication by insurers.”

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