How a commercial lines insurance company accelerated employee training with ISO EducationBy Kevin Williams | March 12, 2021
“Learning and development issues have increasingly become one of the most important talent challenges for organizations today.”1 That sentiment, from a 2016 report on human capital trends in the insurance industry, rings as true today as it did when it was written—if not more so.
With some insurers embracing remote work and an accelerated digital transformation, it’s become more important than ever to keep employees' skills sharp.
For one regional commercial insurer, leveraging the Knowledge Sharing program available through its ISO product licenses was an ideal way to efficiently integrate product training into its employee development strategy. The Knowledge Sharing program allows insurers to host ISO Education interactive e-learning courses in their own learning management systems (LMS) instead of viewing them on the ISO Education website or spending the resources to develop ISO product-related training on their own.
Getting up to speed on commercial auto
The insurer decided to in-source four ISO Education commercial auto modules in a pilot test.
The process of implementing these ISO courses into the insurer's learning management system was simple. Verisk provided the insurer with a file of the course videos, who then uploaded them to their LMS where they were then able to assign them out to employees and monitor their progress.
Because the ISO Education courses are developed by the same subject matter experts that develop ISO products, the insurer didn’t have to boot-strap the development of their own material on the same subject. Instead, they could focus development resources toward custom products and other strategic learning and development initiatives.
The resource savings recouped by participating in the Knowledge Sharing program was significant. “This program has saved me a year’s worth of work,” the executive who implemented the training program said.
After several weeks of pilot testing and employee training on the four modules, the insurer was so impressed that they decided to expand the program to encompass the entire commercial auto curriculum. That program includes 15 modules—over 30 hours—covering multiple facets of the ISO commercial auto program including developing liability and physical damage premiums using the Optional Classification Plan, common coverage and rating procedures for commercial auto, and an overview of multistate commercial auto form changes.
Educational resources for insurers on-demand
Whether you bring the content in house or view it on-demand through ISOnet®, ISO Education can help insurers address a range of learning and development challenges—from onboarding new hires to cross-training existing employees. The latter can result in significant cost savings. According to a recent study, “Replacing an employee can cost more than 100 percent of the role’s annual salary, while successful reskilling can cost less than 10 percent of a role’s salary.”2 Yet despite the imperative, the report also noted that, “Most insurers lack vigorous learning and development (L&D) infrastructure” even though it “is critical to reskilling or upskilling the workforce.”3
With over 100 courses spanning a range of ISO insurance programs and Verisk products, ISO Education can be a vital component in that infrastructure. The courses can be accessed individually or as part of a learning plan that walks you through the material on a graduated basis. In addition to on-demand courses, the ISO Education team holds quarterly virtual office hours where you’re free to dial in, ask questions, and gain additional insights into the topics you’re interested in
Through the Knowledge Sharing program, insurers enjoy the added benefit of integrating ISO Education content with their own systems. This provides greater flexibility for tracking employee performance and helps centralize all of the content employees may have to access as part of their training.
- “Human capital trends in the insurance industry,” Deloitte, 2016, < https://www2.deloitte.com/content/dam/Deloitte/us/Documents/strategy/us-cons-human-capital-trends-in-the-insurance-industry.pdf >, accessed on March 5, 2021.
- Tanguy Catlin, et. al., “Transforming the Talent Model in the Insurance Industry,” McKinsley & Company, July 6, 2020, < https://www.mckinsey.com/industries/financial-services/our-insights/transforming-the-talent-model-in-the-insurance-industry >, accessed on March 5, 2021.
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