With the Insurance Distribution Directive about to come into effect, it feels like a good time to analyse the results of the baseline knowledge of UK insurance brokers on the market and IDD itself.
There are 29 courses on the Aviva Development Zone aimed at helping insurance brokers to learn about IDD and to help evidence their knowledge and understanding.
In the last 24 days, we have seen 2,289 attempts on the initial 20 question assessment with an average gap analysis score of 60% across the broking population. The spread is typical for the technical assessments on the platform and what is encouraging is that insurance brokers are engaging with the learning to increase their knowledge and to help fill the gaps.
Figure 1: Spread of Gap Analysis Results from Aviva Development Zone for course: IDD - Initial Platform
The average score from gap analysis revisited assessments (where learners re-attempt the assessment post-learning) is extremely encouraging with the average jumping significantly to a solid 80% score.
Once a learner meets the baseline knowledge level of 80%, the Aviva Development Zone issues a digital badge to the learner as both reward and evidence. Where we have seen the real impact of this knowledge milestone is from the statistics that show that over a 24 hour period last week, we issued on average one digital badge every 60 seconds with a peak of around 30-40 badges every 6 minutes.
This highlights that not only is the Aviva Development Zone proving measurable success, but it also highlights that a large cross-section of the insurance broking profession is raising their knowledge profile and adding to their professional development.
Where the platform is most powerful, is when we can start looking at industry trends and the gaps in knowledge that are more commonplace. If we look at the question response analysis, then we can clearly see 3 questions where industry knowledge is weaker (Q4, Q5 and Q10):
Figure 2: Colours indicate the percentage of brokers answering each IDD question correctly
Without giving the questions away, we can reveal that they focus on what is contained within the IDD itself and whilst the answers can be found in RWA’s learning material on the Aviva Development Zone, it does highlight that there might be a number of your employees who have not yet really read and studied the IDD or who have only listened to information in the market from other firms who themselves may not have studied it in any detail, so it might be something to consider when developing your training & competency programmes and deciding who you engage with for advice.
The Aviva Development Zone is available to all insurance intermediaries on a free 30-day trial, which will give your organisation access to all 29 IDD courses as well as over 700 other technical and business skills courses at the same time. It’s worth having a look and seeing where your knowledge gaps are. As always, RWA is here to help if you want to know more about how to really get to grips with the IDD and the impact it will have on your business. Get in touch via our contact form.