Insurance is a critical industry that ensures people and businesses can mitigate the risks they face. An insurance agency’s success largely depends on the quality of its employees. The industry’s high demands make it essential for insurance agencies to have competent, knowledgeable, and skilled employees. 

This is where employee training programs come in handy. A well-designed employee training program ensures employees have the skills, knowledge, and confidence to perform their roles effectively.

Creating an employee training program can seem daunting, especially if you’re running a small insurance agency. However, it doesn’t have to be. 

In this article, we’ll take you through the essential steps of creating an employee training program tailored to your insurance agency’s needs.

Training Problems in the Insurance Industry

While employee training is essential for the success of insurance agencies, the industry faces some unique challenges that can make it difficult to develop and implement effective training programs. 

Here are some of the most common training problems in the insurance industry and how to overcome them.

High Turnover Rates

According to a recent report, the insurance industry has one of the highest turnover rates of any industry, with an average turnover rate of 12.3%. This high turnover rate can make developing and implementing effective training programs difficult because employees may leave before they have completed their training.

Compliance Training

The insurance industry is heavily regulated, and compliance training is essential to ensure employees understand and comply with regulatory requirements. However, compliance training can be challenging because regulations are constantly changing, and employees may not always see the relevance of the training. 

A survey by Deloitte found that 56% of insurance executives considered regulatory compliance a top priority in their organization.

Soft Skills Training

While technical skills are essential in the insurance industry, soft skills such as communication, customer service, and time management are equally important. However, many insurance agencies struggle to develop effective soft skills training programs.

Lack of Time and Resources

Developing and implementing effective training programs can be time-consuming and resource-intensive, and many insurance agencies may struggle to devote sufficient time and resources to training. 

A Society for Human Resource Management report found that 43% of small businesses cited lack of time as a barrier to training, while 37% cited lack of resources. 

Designing a Targeted and Comprehensive Employee Training Program for Your Insurance Agency

Developing a comprehensive employee training program is crucial for the success of any insurance agency. With the right training program, employees can acquire the necessary skills and knowledge to perform their roles effectively, leading to increased productivity, improved customer service, and higher revenues. In this section, we’ll take you through the essential steps to design a targeted and comprehensive employee training program that addresses the specific needs of your insurance agency.

Assess Training Needs

The first step in creating an employee training program is to assess your agency’s training needs. This involves identifying the skills and knowledge gaps that your employees have and the areas that need improvement. Conducting a training needs assessment will help you develop a targeted and effective training program.

You can assess your employees’ training needs in several ways, including:

Employee surveys

Surveys are a great way to gather feedback from your employees about their training needs. Ask your employees about the areas they feel they need improvement, the skills they would like to learn, and the training format they prefer.

SurveyMonkey is a popular online survey tool that allows you to create and distribute surveys to your employees. It’s user-friendly and offers a range of templates and question types to choose from. You can use SurveyMonkey to gather feedback from your employees about their training needs, including the areas they feel they need improvement, the skills they would like to learn, and the training format they prefer. 

Performance reviews

Performance reviews can help you identify areas where employees are struggling and where they need additional training.

Performance Pro is a cloud-based performance management solution that allows you to conduct performance reviews and evaluations. It offers a range of features, including goal setting, performance tracking, and feedback management. You can use Performance Pro to identify areas where employees are struggling and where they need additional training. 

Observations

Observing your employees as they work can help you identify areas where they need improvement. Take note of the tasks that are taking longer than they should or those that employees struggle with.

WalkMe is a digital adoption platform that provides on-screen guidance and support for employees. It offers a range of features, including interactive walkthroughs, pop-ups, and tooltips. You can use WalkMe to observe your employees as they work and identify areas where they need improvement. WalkMe can also be used to provide on-the-job training and support. 

Identify the Key Competencies of Your Employees

Once you’ve identified your agency’s training needs, the next step is identifying the key competencies required for each role. Competencies are the skills, knowledge, and behaviors required for an employee to perform their role effectively.

For example, for a front-office admin role, key competencies may include:

• Excellent customer service skills
• Strong communication skills
• Good organizational skills
• Attention to detail

For a back-office admin role, key competencies may include the following:

• Strong analytical skills
• Attention to detail
• Good time management skills
• Proficiency in Microsoft Excel

Identifying the key competencies required for each role will help you design training programs specific to each role and ensure that your employees are developing the necessary skills to perform their roles effectively.

Two resources that can help you determine what key skills you should look for in an employee are: 

SkillsProfiler

SkillsProfiler is an online skills assessment tool that helps companies identify the skills their employees’ skills and the skills they need to develop. It offers various assessments covering different industries and roles, including insurance. The assessments are designed to identify the specific skills and competencies required for each role, making it easier to design targeted training programs. 

Indeed Assessments

Indeed Assessments is an online platform offering various assessments for different roles and industries. The assessments are designed to test various skills and competencies, including soft skills such as communication, customer service, and time management. You can use Indeed Assessments to identify the key competencies required for each role and design training programs that address the specific needs of your employees. 

Choose the Correct Training Format

The next step is to choose the correct training format. There are several training formats to choose from, including:

• Instructor-led training: A trainer or instructor delivers this type of training. It can be delivered in person or online.
• E-learning: This type of training is delivered online, and employees can access it at their convenience.
• On-the-job training: This type of training involves employees learning on the job. It’s often used for roles that require hands-on training, such as customer service roles.

Choosing the correct training format depends on several factors, including the type of training required, the number of employees to be trained, and the budget available. In general, a combination of training formats may be the most effective.

Three online training courses that can help insurance firms:

TalentLMS

TalentLMS is a cloud-based learning management system that allows you to create and deliver online training courses. It offers a range of features, including course authoring tools, assessments, and progress tracking. You can use TalentLMS to deliver e-learning courses to your employees, providing them with flexible training options that they can access at their convenience. 

Udemy for Business

Udemy for Business is an online learning platform that offers a range of courses and training programs for different industries and roles, including the insurance industry. You can use Udemy for Business to deliver instructor-led training courses to your employees, either in person or online. Udemy for Business also offers a range of e-learning courses that employees can access at their convenience. 

Open Academy 

Open Academy is a free learning platform that offers courses tailored to insurance agencies. You can use Open Academy’s range of courses to help train employees on both soft and hard skills, insurance basics, and much more. 

Develop the Training Content

Now that you’ve identified your agency’s training needs, the key competencies required for each role, and the training format, the next step is to develop the training content. The training content should be specific to each role and cover the skills, knowledge, and behaviors required for each role.

When developing the training content, keep in mind the following:

• Make it engaging: The training content should be engaging and interactive. Use real-life scenarios and case studies to make the training more relatable.
• Make it relevant: The training content should be relevant to the role and industry. Employees are more likely to engage and retain information that is relevant to their roles.
• Make it actionable: The training content should provide employees with actionable steps to apply what they’ve learned in their roles.

A resource that can help to create training content:

Articulate 360

Articulate 360 is an e-learning authoring tool that allows you to create engaging and interactive training content. It offers a range of features, including course authoring tools, templates, and multimedia integration. You can use Articulate 360 to create training content that is relevant and relatable to your employees, using real-life scenarios and case studies. Articulate 360 also allows you to create branching scenarios and assessments that provide employees with actionable steps to apply what they’ve learned in their roles.

Implement the Training Program

Now that you’ve developed the training content, the next step is implementing the training program. This involves scheduling training sessions, providing access to e-learning materials, and assigning on-the-job trainers where necessary.

When implementing the training program, keep in mind the following:

• Set clear goals: Set clear goals for the training program and communicate them to your employees. This will help employees understand why the training is essential and what they should expect to learn.
• Make it flexible: Provide employees with flexible training options that fit their schedules. This could include providing access to e-learning materials or scheduling training sessions at different times to accommodate different schedules.
• Provide support: Provide employees with support throughout the training program. This could include assigning mentors or trainers, providing additional resources, or offering one-on-one support.

Evaluate the Training Program

The final step in creating an employee training program is to evaluate the program’s effectiveness. This involves gathering employee feedback and analyzing the program’s impact on employee performance.

When evaluating the training program, keep in mind the following:

• Gather feedback: Gather feedback from employees about their experience with the training program. This could include surveys or focus groups.
• Analyze results: Analyze the impact of the training program on employee performance. This could include analyzing performance metrics or conducting follow-up assessments.
• Make adjustments: Use the feedback and analysis to adjust the training program where necessary. This will help improve the effectiveness of the training program over time.

Surpassing Training Pains With New Hiring Methods

Developing a comprehensive employee training program requires significant time and resources, and small insurance agencies may struggle to manage the process effectively. However, with the proper hiring methods, insurance agencies can minimize training pains and develop a skilled and competent workforce.

One such method is to partner with Edge, a staffing and workforce management solutions provider focused on insurance firms. Edge offers various services, including recruitment, training, and ongoing support for employees. 

With Edge, insurance agencies can access a pool of pre-screened and qualified candidates, reducing the time and resources required to find the right candidates.

Moreover, Edge offers a comprehensive 4-week training program for all new hires, covering essential skills and competencies required for their roles. This training program is tailored to the specific needs of each role, ensuring that employees develop the necessary skills and knowledge to perform their roles effectively. 

Edge’s training program is designed to be engaging and interactive, using real-life scenarios and case studies to make the training more relatable and relevant to employees.

By partnering with Edge, insurance agencies can surpass training pains and focus on their core business. Edge’s end-to-end staffing and workforce management solutions provide insurance agencies with a cost-effective and efficient way to manage their workforce, ensuring they have the skilled and competent workforce required to succeed in the competitive insurance industry.

Conclusion

In conclusion, creating an employee training program is essential for the success of your insurance agency. By assessing your agency’s training needs, identifying key competencies, choosing the correct training format, developing the training content, implementing the program, and evaluating its effectiveness, you can ensure that your employees have the skills, knowledge, and confidence to carry out their roles effectively.

At Edge, we understand the importance of having competent and skilled employees in the insurance industry. As a provider of staffing and workforce management solutions focused on insurance firms, we can help you develop and implement an effective employee training program tailored to your agency’s needs. Contact us today to learn how we can help you build a winning team for your insurance agency.