One of the biggest issues facing employers in the insurance industry these days is the issue of demographics within the insurance industry – the rapid pace of technological advancements isn’t helping either.
In a recent paper published by Deloitte, nearly 40% of employees within the insurance industry will be retirement eligible in the next 3-5 years. This means that employers will need to attract and develop a new generation (millennials) without adding significant costs and admin time to training.
Customers these days, especially the younger generation, require the convenience of interacting with their brokerage through technology. As such, many brokerages and insurance companies already understand the need to invest in digital platforms and technology to support customer service.
Similarly, these brokerages should consider similar investments in technology to support the development of their next generation of employees by delivering licensing/compliance training or product/sales training in the way they are accustomed to.
Young people these days are digital-first and do not respond well to traditional learning in a classroom or instructor approach. Chubb insurance is taking the lead on this by creating a Chief Learning Officer role and pivoting to a hybrid eLearning approach with mentoring and personal support from subject matter experts (coincidentally, this is the same approach we take with our courses).
Simplifying and upgrading your learning technologies can reduce costs, improve learning outcomes, and ultimately, improve business outcomes. As an example, sending an employee to an immersion course to get licensed costs $1000 per course on top of 1 week of salary and lost productivity (estimates place the cost of training a Level 2 agent at $5000).
PS. If you’re interested in learning more about how PNC Learning can help improve learning outcomes while controlling costs and admin time, feel free to get in touch.