Learning and Development professionals play an important role in the success of an insurance firm. They ensure that employees have the knowledge, skills, and capabilities to perform their jobs effectively, help the organisation achieve its goals and objectives and meet regulations set by regulatory bodies.
Staff involved in insurance distribution (including those responsible for supervising or managing such activities) need to complete a minimum of 15 hours of Continuing professional development (CPD) each year. For members of a professional body, this may be more – for example, the CII requires 35 hours per year. Although CPD is a requirement for insurance firms it can offer many additional benefits for insurance firms.
The insurance industry is highly regulated, and L&D professionals are responsible for ensuring that employees understand and comply with regulations by developing training programmes that help employees stay up to date with regulatory requirements and changes. This is particularly important in the insurance industry, where failure to remain compliant can result in significant financial penalties and reputational damage.
Technical and Industry Expertise
L&D professionals who specialise in the insurance industry understand the challenges employees face. By staying up to date with the latest developments in the industry and incorporating them into training programmes they can ensure that employees have the most up to date knowledge and skills to perform their jobs effectively leading to better customer outcomes.
Training programmes that help employees develop new skills and advance their careers within the organisation can lead to better employee retention. According to a LinkedIn survey, 41% of organisations use L&D programmes to improve employee retention. This also helps the organisation save costs associated with employee turnover, such as recruitment and training costs.
According to a study by IBM well-trained teams increased their productivity by 10%. L&D professionals develop training programmes that help employees improve their performance, which is critical in an insurance firm where performance metrics are closely monitored. By improving employee performance, L&D professionals help the organisation achieve its goals and objectives. They also identify areas where employees may need additional training or support to improve their performance.
Insurance firms need to have a strong pipeline of talent to ensure the organisation's long-term success. L&D professionals are responsible for developing training programmes that identify and develop high-potential employees, ensuring that the organisation has the talent it needs to succeed in the future. This also helps to ensure a smooth transition when key employees leave the organisation.
In next week’s article, we will explore 5 essential skills for L&D professionals to create more effective training programmes and meet the firm's goals and objectives.
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