TRAINING IN THE RISKY INDUSTRY
In today’s highly competitive financial services market, life comes at insurers fast—and if they do not possess the skills and knowledge to adapt swiftly, they risk ending up in harm’s way.
The need for a well-prepared workforce became evident after the record-setting hurricane season of 2005, in which five hurricanes—Katrina, Wilma, Rita, Ophelia, and Dennis—caused $57.7 billion in insured damages.
In addition to natural disasters, issues, such as the ever-changing state and federal regulations, rapid change of the industry through mergers and acquisitions, and the introduction of complex products, all challenge insurance companies to not only keep abreast of changes but to invest in staff training to prepare them to better respond to the shifting environment.
“There continues to be a need for technical knowledge—understanding the insurance coverage, knowing how to analyze the policies, and having a broad understanding of insurance operations and corporate finances,” says Christine L. Lewis, senior vice president of the American Institute for Chartered Property Casualty Underwriters and the Insurance Institute of America. The winners in the upcoming years, according to Betsy Allen of the Bob Pike Group, are the companies that will strategically use pilot learning interventions.So before investing $500 million in new learning systems, companies will need to spend $4 or $5 million to test them to ensure that they work and positively affect business goals.
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