Insurance is a complex market, it is like playing roulette in Las Vegas you never know what might happen next. Insurance companies are viewed as establishments formed to mitigate or minimize the adverse consequences of unforeseen misfortunes. However, if the employees don’t have the right skills, the insurance companies themselves are at risk. It isn’t a simple game. The insurance companies aren’t confined to in-house employees; most of them have even outsourced insurance agents whom they need to train regularly.
Since these insurance agents directly deal with the customers they need to have a clear understanding of the product and its USPs. Moreover, insurance products are quite complicated and new products are released regularly. Additionally, there are various government regulations and compliances that need to be explained carefully and clearly.
The outsourced agents might be in different geographic regions and might be speaking different languages. They might not even have a laptop or proper bandwidth to work. Besides, now even most of the in-house employees are working remotely. So, most insurance companies find it difficult to provide effective training to these insurance agents.
In this challenging landscape mere training won’t help, it is important to provide repetitive training.
For instance, you provide training on one product and after a few weeks, a new product is launched. There are chances that the insurance agents might forget the details about the previous product. So continuous training and reinforcing what the agent learned in the past is pivotal. So for this, the content should be provided in real-time. There needs to be a process in place where you focus or refocus on things that matters to the in-house or outsourced insurance agents.
Whether it is in-house or outsourced agents, the best way to create a continuous environment of learning for them is through a Learning Experience Platform (LXP). This modern learning solution takes learning beyond content catalog and Learning Management Systems. It gives insurance agents the flexibility to learn as per their unique needs, on the devices they prefer, and in the languages, they are fluent in. Moreover, your insurance agents don’t even need to worry about a fluctuating bandwidth as they can download courses and learn easily.
LXP is a smart way to reinvent learning for your insurance agents. It helps make learning personalized, relevant, and engaging for the learners. Many of the insurance industry clients we came across at Disprz were looking for a Netflix-like experience.
For instance, Netflix adapts to your interest and even helps expand it. It provides personalized recommendations based on your location, language, or what you have recently watched, or the genre you are watching. The same user interface can be found in an LXP where learning is broken into different sections to blend with the learner’s interest. It is powered with AI to provide a personalized experience based on job roles, skills, user interest, or the skill gaps of the user.
Moreover, LXP offers flexibility to customize the solution. For instance one of our clients at Disprz wanted proctored assessment in the LXP. They had outsourced a few agents and most of their in-house employees were working from home so through proctoring in our LXP they could capture the image of the learner to ensure that the right person is attempting the quiz or questionnaire.
Still, have doubts about the capabilities of an LXP? Well here are a few reasons why you should make LXP a part of your insurance agent’s learning strategy.
Each role in your insurance company has significant importance. So it is pivotal to map skills for each role. An LXP can help you with it. It provides a framework that defines all the functional, leadership, or organization mindset skills needed for a specific job role in the insurance company.
Whether it is an actuarial analyst, risk consultant, state sales manager, or policy processing clerk you can easily identify and focus on skills needed to perform a specific job efficiently. Based on this skill framework the entire learning recommendation is personalized at each job role in an LXP.
An LXP is a team player. It blends well with the systems you are using. For instance, you might have defined the KPI in your CRM or ERP and these systems can be integrated with your LXP. So, the data like number of new bookings done, new policies sold, number of clients the agents met, etc and are transferred into an LXP.
In an LXP, the manager or senior can rate the agent and provide a KPI score to each insurance agent. Based on this score you can track high-performing agents. Managers can have a detailed discussion with average performers and provide coaching based on the KPI gap.
LXP supports social learning. No matter where your insurance agents are located they can easily start a discussion thread on a particular topic in the Learning Experience Platform.
For instance, if a sales agent has any query, s/he can instantly post the query on the social wall and the teammates or trainer can respond to it. Insurance agents can share learning material and help each other handle various client-facing challenges.
LXP is a powerful solution that can cater to all the learning needs of your Insurance company. Whether it is internal information related to your process, product, new features or competition, or external content like the trends of the insurance market, you can keep your agents updated and informed with an LXP. The internal content might be managed by your L&D team. However, for external content like market updates and trends, the LXP can recommend relevant articles and blogs. Preview and see how Disprz LXP can help your insurance agents.
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