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How to Impart Good Compliance Training to the Staff of Insurance Firms

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How to Impart Good Compliance Training to the Staff of Insurance Firms

Compliance training is very important for insurance staff. This is because if an insurance company violates the applicable rules and norms, then it could face serious problems. So, how do you deliver compliance training, and which learning format is ideal?

The Towards Maturity Benchmark Survey stated that about 98% of organizations prefer technology-based compliance training. This is because eLearning is cost-effective and can be used to reach wide audiences. It also helps maintain learners’ records, keep track of the their performance and so on. Now, let’s see a few instructional strategies to deliver effective online compliance training.

1. Have a Curriculum: Curriculum-based learning will be more effective than learning through standalone courses as it covers all topics, right from the basics to advance concepts. A curriculum can have short modules. For instance, we can have a module which introduces the learner to compliance issues and another short module on licensing requirements of insurers. We can also include a module on unethical sales practices. Dividing the course into various modules is more effective because the cognitive load on the learner is reduced. Moreover,the learner will know what is going to be covered in the online training program.

2. Use Case-studies: Case-studies are ideal tools to train the employees on compliance issues. They enable them to understand the nuances of laws and regulatory norms effectively, and this helps prevent their violation. For instance, you can include a case-study of a company that has violated the provisions of Life Insurance Act 1995 – C2014C00510 and as a result, was penalized. The case-study helps your learners clearly understand the norms and consequences of their violations. This will be very useful to prevent similar violations in your organization.

3. Provide a checklist of dos and don’ts: It is advisable to provide clear instructions on what the learners should do and what they shouldn’t, regarding compliance to statutes and regulations. For instance, while imparting training to the members of your legal team on the provisions of Insurance Act 1973 – C2014C00564, you can provide a checklist of the things to avoid. The legal staff members can use the checklist as a reference whenever they are in doubt.

These tips go a long way in the making of good online compliance courses to train the personnel of insurance companies. What do you think?

Editor’s Note: This post was originally published in May 2015 and has appeared in Learning Technology category whereas now it is updated in Training solutions category.

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