The Last Word
Giving Back
Insurers have found creative ways to reward their employees and give back to their workforces during the COVID-19 pandemic.
- Lori Chordas
- December 2020
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COVID-19 has changed the face of workplaces around the world, forcing employees to adapt to new ways of doing their jobs.
As a token of gratitude for the commitment and adaptability of staff during these challenging times, several insurers are giving back to their workforces in unique ways.
This summer Odyssey Group thanked its employees by giving them a special one-off bonus, funded by the company's unused travel and entertainment budget.
Brian Young, president and CEO of the reinsurance and specialty insurance provider, announced the bonuses during a virtual town hall held during the height of the outbreak. He also used the virtual platform to reassure the company's global employees that their jobs would be preserved, and to recognize their resiliency and collective efforts in maintaining high service levels during this taxing time.
“We think of our employees as family,” Young said. “Despite the challenges everyone faced—the struggles related to the virus—our staff rose to the occasion by quickly adapting to the remote work environment and taking advantage of new technologies. ... Throughout the pandemic our service levels were not impacted. We didn't miss a beat. This was simply our way of saying 'thank you.'”
The staff of U.K.-based auto and home insurer Admiral Group plc also was recognized for its service and dedication—not just during the pandemic, but throughout the years—with a personal gift from CEO David Stevens and his wife, Heather.
Their £10 million (US$13 million) gift was divided among the company's roughly 11,000 global employees, with full-timers receiving £1,000 and other staff being rewarded £500. Stevens, who is set to retire early next year, said the gifts were a way of thanking employees for making his 29 years with the organization, and almost five years as group CEO, “so special.”
Those hardworking, dedicated staff members, he said, have taken Admiral from a startup in 1991 to the Financial Times Stock Exchange 100 Index of the largest capitalized U.K. companies.
Progressive Insurance also has found some novel ways to support its employees and local communities, including enabling staff to donate vacation days to coworkers in need, and establishing the Progressive Employee Relief Fund, which provides grants of up to $2,500 to employees facing unforeseen personal hardships, said company spokesman Jeff Sibel. The program is largely funded by employee donations and support from Progressive.
This summer the insurer also gave back to the state of Ohio, which was hit hard by high demands on the state's unemployment compensation system caused by shuttered businesses and a stifled economy fueled by the pandemic.
From May to August, nearly 100 Progressive claims employees assisted local unemployment offices by processing pandemic-related unemployment assistance claims, addressing claimants' inquiries and providing onboarding support to the state while the offices increased their staff, Sibel said. Progressive employees helped process more than 270,000 PUA claims issues during that time.
