As the end of the financial year (EOFY) approaches, insurance professionals from all over Australia are finding themselves immersed in a whirlwind of increased workload and mounting pressure. With numerous large accounts up for renewal and a surge in client endorsements, the industry witnesses a slower turnaround time, leaving brokers and underwriters grappling with stress from both ends.

The EOFY rush stems from the fact that many larger companies align their insurance and other business expense accounts with the financial year-end. Nelly, a Service Executive at Aon says “This synchronicity leads to a surge in insurance renewals, with insurance brokerages witnessing up to 80% of their large accounts renewing at the same time. Clients also tend to make significant asset purchases before EOFY, resulting in a higher number of endorsements. Consequently, underwriters face an increased workload and longer turnaround times, compounding the pressure experienced by insurance professionals”.

To help you navigate this intensive busy season, I have put together my most important tips to help insurance professionals minimise burnout and maintain their well-being during this demanding period.

Perform a Job Analysis

Performing a job analysis and implementing changes such as eliminating, postponing, or delegating tasks can significantly assist in minimising burnout. By critically assessing your workload, you can identify areas of inefficiency or excessive demands that contribute to burnout.

Streamlining your responsibilities helps to reduce the overall workload and create a more manageable and balanced work environment. By eliminating unnecessary tasks, you can free up time and energy for more meaningful work. Postponing non-urgent tasks allows you to prioritise and focus on the most critical responsibilities, reducing overwhelm.

Prioritise Sleep

Prioritising sleep during the EOFY can significantly minimise burnout. The demanding nature of EOFY can lead to increased stress and pressure, making it crucial to prioritise rest. By getting seven to eight hours of quality sleep each night and maintaining a consistent sleep schedule, insurance professionals can recharge their bodies and minds.

Sufficient sleep improves cognitive function, enhances focus and productivity, and strengthens resilience in dealing with high workloads. It also helps regulate emotions and reduces the risk of mental health issues. By prioritising sleep, you can better manage stress, maintain your well-being, and minimise the likelihood of burnout during the challenging EOFY period.

Engage in Regular Exercise

Engaging in regular exercise during the EOFY can be a transformative practice to minimise burnout and maximise well-being. By intentionally incorporating physical activity into your daily routine, you open the door to a multitude of benefits.

Not only does exercise act as a powerful stress reliever by releasing endorphins and reducing anxiety, but it also boosts mood and enhances mental clarity. Engaging in activities in natural surroundings, such as parks or green spaces, adds an extra layer of rejuvenation and connection with nature. Whether it’s a brisk walk, a refreshing jog, or an invigorating workout, regular exercise empowers insurance professionals to recharge their energy levels, improve cognitive function, and cultivate resilience amidst the demanding EOFY period. This proactive approach to self-care fosters a healthier work-life balance, enhances productivity, and sets the stage for sustainable success.

Take Daily Timeouts

Although this may seem like a tough one, embracing daily timeouts during the EOFY for insurance professionals is a transformative practice that actively combats burnout and cultivates a vibrant sense of well-being. By intentionally carving out small pockets of time throughout the day to disconnect and recharge.

Engaging in activities such as brief meditation sessions, invigorating walks amidst nature, or indulging in deep breathing exercises not only provides a much-needed respite from the demands of work but also facilitates a profound sense of grounding and clarity, allowing you to navigate the EOFY period with unwavering energy and enthusiasm.

Pursue Hobbies and Connect with Loved Ones

Pursuing hobbies and connecting with loved ones during the high-stakes EOFY is a transformative practice that not only combats burnout but also ignites a sense of purpose and personal fulfilment.

Allowing dedicated time for activities that bring joy and passion outside of work is an essential act of self-care. Hobbies allow you to immerse yourself in activities you are passionate about, tapping into your creativity, and fostering a sense of accomplishment. Engaging in hobbies provides a much-needed respite from work-related stress, allowing for mental and emotional rejuvenation. It creates a space for self-expression, exploration, and personal growth, which are vital elements in maintaining a healthy work-life balance.

Seek Support

Seeking support during the EOFY for insurance professionals is a pivotal step in minimising burnout and fostering a healthy work environment. It is essential not to hesitate when feeling overwhelmed and in need of assistance. By reaching out to your manager or mentor, you open the channels of effective communication and create an opportunity to address your concerns and find practical solutions.

Seeking support showcases self-awareness and a proactive approach to managing your well-being. By expressing your needs and seeking assistance, you actively contribute to a supportive work culture that recognises the importance of mental and emotional well-being. This act of reaching out not only helps alleviate the burden of stress but also fosters an environment where individuals can collaborate, problem-solve, and find the necessary resources to navigate the demanding EOFY period successfully. By embracing support and effective communication, insurance professionals create a foundation for resilience, teamwork, and ultimately, the prevention of burnout.

While busy periods are an inevitable part of an insurance professional’s career, it is essential to prioritise self-care and prevent burnout. By performing a job analysis, getting enough sleep, engaging in regular exercise, taking daily timeouts, and investing time in hobbies and relationships, you can strike a healthier work-life balance.

Remember, if you consistently feel unsupported and overwhelmed by increasing workloads, it may be time to reassess your position and explore opportunities that better align with your goals. We are always here to discuss the employment market and help you make informed decisions about your career path.