Another example of an ever changing industry that needs to keep pace with developments influenced by the current economic environment. Variables and updates that keep actuaries and statisticians at the top of their game are filtered down through the insurance industry which necessitates ongoing and updated information and training across the industry.
The Insurance sector continues to grow, driven by the demand and desire for protection and security, and the Learning and Development professionals in this sector need to have the training tools that address both the external variables as well the challenges that are intrinsic to the industry.
The industry can broadly be divided into two areas: Insurers who provide protection for the risks clients face and Insurance brokers who provide their expertise to ensure that their clients receive the best cover for the risks they face.
Product Training Needs
In addition to having two distinct target audiences, the training needs of the Insurance sector are multi-faceted. The Industry-specific product training requirements for sales agents and reps on the ground include industry skills training, as well as regulatory and technical training. In addition, Board and senior management training is required to enhance and strengthen their risk-based decision making skills.
Training Challenges
Typically there is an increase in the demand for insurance products in tandem with the increase in population, infrastructure, and wealth. This means that insurers are continually updating and implementing new products to suit potential clients. Training needs to be product specific and provide insurance reps with the correct, up-to-date and most useful information. While competition in this industry is fierce, there are several challenges that need to be addressed by effective training
Being in a regulated industry mandates that the required training happen across the organization, and within the stipulated time. It also requires that attestation of completion and records for the same are maintained meticulously. Similar to Finance and Healthcare, the need to ensure that the updates reach all users is very high
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Not only does the learning strategy need to have a provision for speedy updates, it also needs to ensure that these reach the users and are applied on the job. In the Insurance sector there is a high volume of information which needs to be distributed to a geographically dispersed workforce. Online product and regulatory training ensures that this can happen.
Using Innovative Product Training Strategies
To successfully offset the training challenges and create an agile, responsive and effective workforce it’s essential to move beyond the traditional approach to training.
• Shift from instructor-led training to eLearning and mobile Learning
This refocusing is absolutely essential to mitigate the challenges of being regulated and having a geographically dispersed work-force. It is also the only answer to ensure that updates and changes happen swiftly and reach the agents and reps on time. The availability and advances within mobile learning, enables learners to use the online Product Training on the device of their choice (tablets and/or smartphones) leading to better completion rates and higher retention.
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• Learning is and should be a continuum
Formal training happens for finite hours in a year and is rarely enough to help learners gain the required mastery. Instead, a holistic approach that uses a learning path that allows learners to create their own learning journey will lead to the required goals, faster and with a much higher retention rate.
• Use learner-centric rather than content-centric approaches
The learning strategy must focus on learner-centric approaches that create immersive learning experiences. This will ensure that the learners walk away with a feeling of time well spent and a sense of accomplishment at the end of the session.
For all types of Learners: TechScholar Online Training
The TechScholar training campuses are able to deliver materials through videos, images, audio files, and text ensuring retention by learners in different areas and different skill sets. With eLearning from TechScholar, users can learn at their own pace, using the methodology that works best for them.
Techscholar Product Training for Insurance Professionals
Talk to us today about setting up your product training for insurance professionals. A Techscholar campus provides easy access, the ability to create personal accounts, customized content and an innovative reporting tools for your company.
