Is this how much FinTech companies’ productivity has dropped because of the coronavirus?

COVID-19 has forced many FinTech and InsurTech entrepreneurs to change how they run their business. But how has it changed their productivity?

That was something Florian Graillot, founding partner of InsurTech venture capital firm astoryaVC, wanted to find out when he tweeted, “Hey [InsurTech and FinTech] network, how would you size your current level of activity, despite remote work [compared to a regular day at ?]”

Graillot also added a poll where FinTech and InsurTech stakeholder could say if they experienced a productivity drop of 25%, 50%, 75% or 100% because of the pandemic forcing them to change their working habits.

Of the 241 people who heard the call, 45.2% said that they had experienced a 25% drop, 27.4% said they had experienced a 50% drop, 15.4% said they felt like their productivity had decreased by 75% and the remaining 12% said that they weren’t able to do anything.

However, several of industry stakeholders noted a slight flaw in the Twitter survey: there was no indicator for if productivity had actually increased because people were working from home.

“[Surprised] that you don’t offer 50 or 100% up – that’s a least how a lot of [people] working in banking feel right now,” one Twitter user said.

“Where is the 0% down? I always work from home,” tweeted Alex Jiménez, chief strategy officer at Extractable, the digital strategy firm.

FinTech podcaster and expert Jim Marous added, “I have heard several who say they are more productive at home due to elimination of many conference room meetings.”

Others pointed out that working remotely enabled them to slash the time they spent commuting, meaning they had more time to work.

It should also be noted that some industry experts believe that the coronavirus crisis could prove a huge opportunity for InsurTech startups as it has laid bare the limitations of established insurers’ current systems. This could mean that incumbents could soon be willing to invest in InsurTech startups.

Copyright © 2020 FinTech Global

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