Insurance companies play a key role in the economy of Australia by facilitating credit and risk management services and pushing economic growth. But According to KPMG’s General Insurance Industry Review 2015, Australian insurers produced an insurance profit of just $3,735 million, down 23.6% from the 5-year high of the previous 12 months.
What might be the reasons for such low profits? There are many reasons in which the lack of trained staff stands out.
The success of insurance companies mainly depends on their workforce. Hence they need to enhance the skills of their workforce. For this, training their employees is important. But what are the areas on which the workforce of insurance companies should be trained? And how can insurance companies impart first rate training to their staff?
Well, let us see the three major training needs of insurance companies and how eLearning can meet these training needs.
Train workforce on complex software
There is a huge complexity of operations and products in the insurance sector. To stay ahead, companies in this sector need to analyze and deal with the dynamic business environment. Insurance companies use a variety of complex software to improve their efficiencies and this makes it imperative to impart quality training to their workforce on the software. The online medium can be utilized to impart high rate training on software.
For example, we can use Articulate Storyline to develop highly effective simulations in very less time to equip learners with immediate skills to use the ‘FINEOS’ software effectively.
Provide high quality training on insurance products
The number of products in Insurance is increasing day by day. Employees should be able to explain the features of each product to prospects. Online courses can be used to explain the underlined concepts on which insurance products are based in an effective manner.
For instance, the difference between whole life policy and endowment policy can be explained very clearly using different scenarios in eLearning.
Impart effective training on regulatory aspects
The insurance sector is one of the most heavily regulated industries in the economy.. If a company violates the applicable rules and norms, it could face heavy problems. Therefore, training staff members on the relevant statutes and standards is very important. The advent of globalization has only made training on regulatory issues more complex, as organizations need to impart training to personnel who speak different languages and are spread across the globe.
E-learning courses can be used very effectively to impart effective training to insurance companies on regulatory affairs and the certificate generated serves as a proof of evidence of having completed the training to regulatory authorities.
Thus, eLearning ensures that your employees are aware of all your products, equipped to deal with prospects, follow all the regulatory aspects and increase the revenue of your firm.