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What you need to know about training in the insurance industry

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John Sherman
2017-02-21

For those in the insurance industry, you’d be well aware that constant training is crucial for running your business successfully. Everything from the products you sell to how your staff deal with customers, even processes and regulations set by external bodies need to be taught and continually updated.

So when it comes time to implement training in the insurance industry, the most modern approach is with eLearning. When you consider the relevant and up to date information that eLearning can offer, it seems a perfect fit for this industry and those who work within it.

When dealing with a unique sector such as the insurance industry, you need to ensure your training has been perfected to meet the industry’s changing needs. Every aspect of your business, from the products you sell to how your staff deal with customers and how your business stays compliant with regulations set by external bodies, demands continual training. Your training must be able to adapt quickly so that your business can run successfully in the shifting industry landscape.

With its ease of delivery and speed of update, eLearning offers a variety of benefits that make it a perfect training solution for the insurance industry and those who work within it.

It Allows You To Remain Relevant

Considering the banking and finance industries were among the first to implement technology based learning, it’s no surprise that they still rely predominantly on this type of training today. When working with insurance specifically, the many government rules and regulations, as well as industry standards, are constantly updated.

Unlike traditional training methods which often teach outdated information in stuffy classroom scenarios, these technology-based industries can have recent and relevant information delivered straight to their staff with eLearning. So, what type of training can eLearning be used for in the insurance industry?

eLearning Covers All Aspects of Training

Like many companies in the banking and finance industries, businesses in the insurance industry can deliver almost all of their training and teaching through an eLearning system. Just a few examples of how eLearning can be useful for insurance companies include:

  • Compliance training

Considering all of the regulatory bodies that govern this industry, it’s crucial that staff stay updated with the latest information. With eLearning, you’re able to deliver the most recent and accurate information on both company compliance and national and international regulations. As an added bonus, staff can be automatically notified when they’re due to complete training to maintain their certification.

  • Software training

Software is a huge part of the insurance industry, as different companies incorporate unique tech solutions throughout their operations. eLearning makes it easy to provide initial software training during employee onboarding as well as deliver any ongoing training needed to upskill staff in order to keep up with software updates.

  • Sales and soft skills

An insurance company is only as good as its best salespeople. Luckily, eLearning is able to deliver modern and relevant sales training that can allow your staff to work to the best of their ability. Other soft skills relevant to the role can also be taught with eLearning, and staff are often appreciative for the chance to expand their knowledge base.

  • Products and processes

Insurance companies generate most of their revenue from their products, making it critical that employees fully understand their company’s business offerings. eLearning allows you to deliver employee training at any level, all from the same system. New recruits can be taught about your full range of products during their orientation and existing staff can be updated whenever new products become available or new offers arise.

There is truly no limit to what you can achieve for your staff and company when you implement eLearning, whether you want to utilize just a few of its possibilities or all of them. By giving your staff access to the best training in the industry, you can ensure you’re competing just as strongly as the top players.

This Method of Training Keeps You Competitive

With thousands of companies offering insurance to meet all types of needs, it’s difficult to remain competitive in the US insurance market. By implementing eLearning and getting rid of tired, old training methods, you’re able to utilize innovative technologies to give your company the best chance for success in this overcrowded market.

For example, eLearning allows businesses to use automation to keep a closer eye on how their staff may be performing administrative processes. Automatic auditing simplifies the process of evaluating your employee training to help you determine the ways you need to tailor your program to stay competitive in the insurance industry.

Why eLearning Works

With freedom to learn where and when it suits your employees best, eLearning is one of the simplest ways to increase employee engagement. Unlike traditional training methods, many eLearning platforms and courses allow employees to access training at any time, and in shorter spurts, to improve retention and enable successful training programs.

The usefulness of eLearning has also been proven in many other commercial and professional industries, not just the insurance industry. As the way we learn and communicate makes a shift towards more digital-based systems, it makes sense that our education and training does too.

According to Forbes, every dollar invested in eLearning results in a $30 increase in productivity. So, whether you want to use eLearning for your software, processes, compliance, there’s never been a better time to consider this modern approach to workplace training. 

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