In an increasingly digital world, a Learning Management System (LMS) is an essential tool for managing and tracking employee learning. Not only does it provide a way to store and organise learning content, but an LMS can also be used to track employee progress, administer quizzes and assessments, and even deliver content.
What is an LMS?
A Learning Management System is a software application or web-based technology used to plan, implement, and assess a learning process. Typically, an LMS provides an instructor with a way to create and deliver content, track student progress, and manage coursework. An LMS may also provide learners with a way to access learning content, submit assignments, and take quizzes.
Most LMSs are cloud-based. This means that the software is hosted by the vendor and accessed by users through a web browser. There is no need to download or install any software on your computer. You simply need an internet connection and a web browser to access your Learning Management System.
To know more about the Learning Management Systems, its history and evolution, Click Here.
How can an LMS improve learning and development?
There are many benefits of using an LMS for learning and development, but here are 15 ways that an LMS can help improve your employee training program:
An LMS keeps your learning content accessible 24/7, so employees can access it whenever they need it. There’s no need to wait for a scheduled training session or worry about losing access to content once a course is complete. Additionally, a Learning Management System can be used to deliver just-in-time training, so employees can get the information they need when they need it.
An LMS makes learning convenient by allowing employees to complete courses and training modules at their own pace and on their own time. This is especially beneficial for employees who have busy schedules or who work different shifts. Additionally, a Learning Management System can be accessed from any location with an internet connection, so employees can learn anytime, anywhere.
An LMS can help improve employee engagement by offering interactive content, such as videos, games, and quizzes. This type of content is more engaging than traditional eLearning courses and can help hold employees’ attention. Additionally, an LMS can provide social learning features, such as forums and discussion boards, which can encourage collaboration and interaction between employees.
Because an LMS can deliver content in small, manageable chunks, employees are more likely to retain the information. Additionally, a Learning Management System can offer spaced repetition, which is a learning technique that helps embed information in long-term memory.
An LMS can help increase accountability by providing a way to track employee progress and completion rates. This information can be used to identify areas where employees need more training or where the training program needs to be improved. Additionally, an LMS can provide managers with insight into which employees are struggling and which employees are excelling.
An LMS can improve collaboration by providing a central location for all learning content. This makes it easy for employees to find and share resources. Additionally, an LMS can offer social learning features, such as forums and discussion boards, which can encourage collaboration and interaction between employees.
Assessment and Testing:
An LMS can be used to administer quizzes, exams, and other assessments. This allows you to test employees’ knowledge and identify areas where they need more training. Additionally, an LMS can be used to create and deliver custom assessments, such as scenario-based questions or performance tasks.
Compatibility with Multiple Devices:
An LMS is compatible with multiple devices, including computers, laptops, tablets, and smartphones. This allows employees to learn on the go and access content from any location. Additionally, an LMS can be used to deliver content in different formats, such as video, audio, and text.
Flexible Delivery Methods:
An LMS offers flexible delivery methods, so you can choose the best way to deliver content to your employees. For example, you can deliver content as a self-paced eLearning course, live webinar, or in-person training session. Additionally, a Learning Management System can be used to deliver content in different formats, such as video, audio, and text.
Improved Employee Performance:
An LMS can help improve employee performance by providing a way to track employee progress and completion rates. This information can be used to identify areas where employees need more training or where the training program needs to be improved. Additionally, a Learning Management System can provide managers with insight into which employees are struggling and which employees are excelling.
Reduced Training Costs:
An LMS can help reduce training costs by eliminating the need for expensive instructor-led training. By creating online courses, you can deliver training to employees at a fraction of the cost. Additionally, a Learning Management System can be used to create and deliver custom assessments, such as scenario-based questions or performance tasks.
Reduces Learning and Development time:
An LMS can help reduce the time it takes to develop and deliver training. By using a Learning Management System, you can quickly create and launch courses with little to no instructional design experience. Additionally, an LMS can be used to deliver content in different formats, such as video, audio, and text.
An LMS can help ensure compliance with regulations and company policies. This is because a Learning Management System can be used to deliver mandatory training, such as sexual harassment training or safety training. Additionally, a Learning Management System can provide managers with insight into which employees have completed their training and which employees have not.
A Learning Management System can provide valuable insights into employee learning. This information can be used to improve the training program and identify areas where employees need more support. Additionally, an LMS can be used to assess the impact of training on employee performance.
A Learning Management System can automate the delivery of content, so you can focus on other aspects of your business. This is because an LMS can be used to create and launch courses with little to no instructional design experience. Additionally, an LMS can be used to deliver content in different formats, such as video, audio, and text.
This list could go on, but we’ll stop at 15 for now.
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Gen Z employees are the new kids on the block. They are unlike any other generation before them. What makes Gen Z unique? For starters, they are incredibly digital natives. They have never experienced a world devoid of cell phones or the internet. They grew up with social media and constantly using technology.
As a result, Gen Z has a very different view of work and employment. They don’t see jobs as lifetime commitments. Instead, they see them as opportunities to learn and develop new skills. They are willing to switch jobs frequently to gain new experiences. Gen Z also values learning and development more than any other generation. They want to be constantly learning and growing.
Employers need to change the way they view Gen Z employees. They can’t just treat them as younger versions of older generations. Instead, they need to provide better learning and development opportunities.
In a few years, Gen Z will be joining the workforce. So it’s crucial to start thinking about creating an engaging corporate learning experience for them now. Many employers are still trying to figure out how to engage millennials, and Gen Z is a different ballgame.
If you look at the educational trends, you can get some clues. Social media, games and video-sharing platforms have exploded in popularity among Gen Z. They are the ones who have adopted these technologies and integrated them into their daily routines.
Also, Gen Z employees learn best by doing. They want to be engaged and interactive. They want to apply what they learn in the real world. So it makes sense that corporate learning should also embrace these technologies and focus on gamification and experiential learning.
Another trend that is popular with Gen Z is social learning. Gen Z learns from others through social media and other internet applications. Employers can take advantage of social learning by creating social engagement platforms for their employees. These could include forums, discussion boards, and even social media groups.
Video is another popular medium with Gen Z. They are used to watching videos on YouTube and other platforms. So it makes sense to use video-based learning in corporate training. Creating short, easy-to-digest videos that teach employees new skills is the way forward.
Gamification is another trend popular with Gen Z. This involves using game-based mechanics in learning and training. Gamification can include awarding points for completing tasks, giving badges for hitting milestones, and setting up leaderboards. Gamification can make learning more fun and engaging for Gen Z employees.
As mentioned earlier, Gen Z employees learn best by doing. So employers should focus on providing experiential learning opportunities. It also means giving them the freedom to attempt new things and providing feedback so they may learn and develop. This might involve allowing employees to work on real-world projects, providing hands-on training, or even allowing them to travel.
L&D Strategy for Gen Z.
Now that we’ve looked at some of the things that work with Gen Z, let’s take a look at how to create an L&D strategy for them.
1. Embrace new technologies: As we’ve seen, Gen Z is very comfortable with new technologies. So employers should make use of these technologies in their L&D strategy. This could involve using social media, video-sharing platforms, and other online tools.
2. Use gamification: Gamification is a great way to engage Gen Z employees in learning. Employers can use game-based mechanics to make learning more fun and exciting.
3. Provide experiential learning opportunities: Gen Z employees learn best by doing. So employers should focus on providing experiential learning opportunities. This could involve giving them the freedom to attempt new things, providing hands-on training, or even allowing them to travel.
4. Use social learning: Social learning is popular with Gen Z employees. Employers can take advantage of this by creating social learning platforms for their employees. These could include forums, discussion boards, and even social media groups.
5. Use video-based learning: Video is a popular medium with Gen Z employees. Employers can use video-based learning in their L&D strategy by creating short, easy-to-digest videos.
6. Focus on real-world projects: Employers should focus on giving Gen Z employees opportunities to work on real-world projects. This will give them the chance to apply their skills and knowledge in a practical setting.
7. Allow them to travel: Employers should allow Gen Z employees to travel and experience new cultures. This will help them develop their skills and knowledge.
The Bottom Line.
Gen Z employees are a different breed. They want to learn and grow constantly. They embrace new technologies and prefer social and experiential learning. So employers need to change the way they view L&D and focus on using these new technologies and methods. Only then will they be able to create an engaging corporate learning experience for Gen Z.
While it is great to have custom programs designed for your company, off-the-shelf programs can also be a great resource for your L&D strategy. Off-the-shelf programs are often less expensive and can be easier to implement than custom programs. They also provide a wider variety of training options and can be updated more easily than custom programs.
In this article, we take a look at the advantages and disadvantages of off-the-shelf programs and how they can be used to support your L&D strategy.
Advantages of Off-The-Shelf Programs
Less Expensive: Off-the-shelf programs are often less expensive than custom programs. This is because they are not specifically designed for your company and do not require the same level of customization.
Easier to Implement: Off-the-shelf programs can be easier to implement than custom programs. This is because they are already designed and ready to use.
Wider Variety of Training Options: Off-the-shelf programs often provide a wider variety of training options than custom programs. This is because they are not specific to your company and can be used by a wider range of businesses.
Disadvantages of Off-The-Shelf Programs
One size does not fit all: The main disadvantage of off-the-shelf programs is that they are not specifically designed for your company. This means that they may not meet the specific needs of your business.
Not Customizable: Off-the-shelf programs are also not customizable. This means that you cannot tailor the program to meet the specific needs of your company.
Out of Date: Off-the-shelf programs may be out of date. This means that they may not reflect the latest learning and developments in the industry.
Selecting the right off-the-shelf programs
When selecting an off-the-shelf program, it is important to consider the needs of your company and the learning objectives of your employees. There are many different types of off-the-shelf programs available, so it is important to select one that will fit the needs of your company and employees.
Here are some tips to select an off-the-shelf program:
L&D Objectives: Identify the learning objectives of your employees. What do they need to learn to be successful in their roles? Once you have identified the learning objectives, you can narrow down the selection of off-the-shelf programs.
Company Needs: Consider the needs of your company. What are the specific training needs of your business? Once you have identified the needs of your company, you can narrow down the selection of off-the-shelf programs.
Type of program: Consider the type of program that is best suited for your company. There are many different types of off-the-shelf programs available, like e-learning courses, webinars, and videos. Select the type of program that will best meet the needs of your company.
Budget: Consider the budget for the program. Off-the-shelf programs can vary in price, so it is important to select one that fits your budget.
Implementation: Consider the implementation process for the program. How easy is it to implement the program? Is there a lot of customization involved?
Reviews: Read reviews of off-the-shelf programs before selecting one. This will help you to get an idea of what the program is like and whether it is a good fit for your company.
Basic and Common Skills.
Off-the-shelf programs are most useful if the organisation wants to target a large group of employees for training on basic and common skills. These programs can provide a cost-effective way to train employees without having to spend the time and resources to develop a custom program.
Here are some areas where off-the-shelf programs can be very effective.
Off-the-shelf programs can also be used for compliance training. This is because they are often designed to meet the specific requirements of a particular industry. For example, many off-the-shelf programs are designed to meet the compliance requirements of the healthcare industry.
Off-the-shelf programs can also be used for diversity training. Since achieving diversity in the workforce is a common objective across many industries, off-the-shelf programs can be a great way to achieve this goal.
Health and Safety Training.
Off-the-shelf programs are also ideal for health and safety training. This is because they often include modules on how to stay safe in the workplace.
Computer Skills Training.
Unless the employee is required to learn specific software skills, basic computer skills can be learned from an off-the-shelf program. These programs often include modules on how to use common software applications, such as Microsoft Office.
Communication Skills Training.
Communication skills are another area where off-the-shelf programs can be very effective. These programs often include modules on topics such as active listening, nonverbal communication, and conflict resolution. Irrespective of the industry, these skills are essential for success in the workplace.
Of course, there are many more areas where off-the-shelf programs can be effective. The important thing is to identify the specific needs of your company and employees before selecting a program.
Integrating off-the-shelf programs in L&D.
It is important to have both customised and off-the-shelf programs in your L&D strategy. A well-planned L&D strategy will always have an off-the-shelf counterpart that can be used to supplement the training. Organisations should consider how off-the-shelf programs will be integrated with the organisation’s overall learning and development strategy.
There are a few things to keep in mind when integrating off-the-shelf programs:
1. Define the objectives: What are the goals of the organisation? What does the organisation want to achieve with the off-the-shelf program?
2. Align with business strategy: How does the off-the-shelf program align with the business strategy? Does the program support the overall goals of the organisation?
3. LMS/LXP Compliance: Will the off-the-shelf program be compatible with the organisation’s Learning Management System (LMS) or Learning Experience Platform (LXP)?
4. Measuring success: How will the organisation know if the off-the-shelf program is successful? What are the key performance indicators?
5. Evaluate and modify: The organisation should regularly evaluate the off-the-shelf program to make sure that it is still meeting the needs of the employees and the business. If not, the organisation should modify or replace the program.
By following these tips, organisations can successfully integrate off-the-shelf programs into their L&D strategy.
The state of employee wellbeing in 2022 is dismal. Despite the increasing focus on employee wellbeing in recent years, most organisations have yet to make it a priority in their learning and development (L&D) strategies. This is reflected in the fact that only 38% of employees feel their employer cares about their well-being, and just 36% of employees feel their employer provides adequate support for their well-being.
The lack of attention to employee wellbeing is hurting employees’ health and productivity. 53% of employees report experiencing stress in their current job, and 50% report feeling burned out. According to the Occupational Health Foundation, poor mental health costs UK businesses £26 billion a year. The cost of employee stress and burnout is estimated to be $300 billion per year in the United States alone. That’s a lot of money being lost due to employees who are struggling with their mental health.
In 2022, we can expect this number to grow. With more and more people being open about workplace wellbeing, employers can no longer ignore the issue. Organisations need to make employee wellbeing a priority if they want to create a healthy and productive workforce.
The Role of L&D in Employee Well-being
L&D professionals can play a key role in this by ensuring that employee wellbeing is integrated into all aspects of the learning experience. This includes designing courses that focus on positive psychology and wellness, creating a supportive learning environment and providing employees with the tools they need to manage their wellbeing. Also, L&D professionals can work with HR to develop policies and practices that support employee wellbeing.
There are many ways in which L&D can help improve employee wellbeing. In this article, we will explore various ways in which L&D professionals can integrate employee well-being into their work.
1. Promote Positive Psychology and Wellness:
L&D professionals can promote positive psychology and wellness by designing courses that focus on these topics. Courses that focus on positive psychology can help employees build resilience and learn how to cope with stress. Wellness courses can help employees learn how to stay healthy both physically and mentally.
2. Create a Supportive Learning Environment:
The learning environment can play a big role in promoting employee wellbeing. L&D professionals can create a supportive learning environment by providing employees with the tools they need to manage their well-being. This includes providing employees with access to wellness resources such as mental health support and fitness programs. It also includes creating a positive and supportive learning culture that encourages employees to talk about their well-being.
3. Integrate Employee Well-being into all Aspects of the Learning Experience:
L&D professionals can integrate employee well-being into all aspects of the learning experience. This includes designing courses that focus on positive psychology and wellness, creating a supportive learning environment and providing employees with the tools they need to manage their wellbeing. L&D professionals can also work with HR to develop policies and practices that support employee wellbeing.
4. Use Technology to Support Employee Well-being:
Technology can play a role in supporting employee well-being. L&D professionals can use technology to help employees manage their well-being. This includes providing employees with access to wellness resources such as mental health support and fitness programs. It also includes creating a positive and supportive learning culture that encourages employees to talk about their well-being.
5. Collaborate with Other Departments:
L&D professionals can collaborate with other departments to promote employee wellbeing. This includes collaborating with HR to develop policies and practices that support employee wellbeing and collaborating with marketing to create wellness campaigns that encourage employees to stay healthy.
6. Advocate for Employee Well-being:
L&D professionals can advocate for employee well-being by urging employers to make employee well-being a priority. L&D professionals can also urge employers to invest in resources that support employee wellbeing. For instance, employers can promote employee wellbeing at conferences and events by giving presentations on the topic and sharing case studies of how L&D has helped improve employee wellbeing. They can also share articles and case studies about employee wellbeing to create awareness around the topic.
Wellness tips for employees
Make time for yourself.
Connect with others.
Eat healthy foods.
Get enough sleep.
Take breaks throughout the day.
If you are struggling, seek help.
Employee wellbeing is an important topic that deserves attention from L&D professionals. We hope that this article provides L&D professionals with the information they need to start integrating employee well-being into their work. Thank you for reading!
The outbreak of Covid-19 has forced organisations to change the way they operate. Many businesses have had to make a sudden switch to digital, with employees working from home and using online tools to stay connected. This has had a big impact on Learning and Development (L&D), with organisations having to find new ways to deliver training and development programmes.
Since it was the most practical solution at the time, many organisations made the switch to completely digital learning and development. They provided all of their training via custom eLearning solutions such as webinars, podcasts, and e-learning modules. And it was working for some time. But not all learning can be digital. As we start to emerge from the pandemic, there is a growing recognition that blended learning – a mix of digital and face-to-face delivery – is the best approach for L&D.
What is blended learning?
It is a mix of digital and face-to-face learning. It combines the best of both worlds, giving employees the flexibility to learn in a way that suits them, while also providing the opportunity for social interaction and collaboration.
However, blended learning is more than just adding a few face-to-face elements to an online programme. It needs to be carefully planned and structured to ensure that it is effective. The key to successful blended learning is finding the right balance of digital and face-to-face delivery, based on the needs of the organisation and the employees.
For example, a business with a large remote workforce might need a higher proportion of digital delivery, while a company with a lot of office-based employees might need more face-to-face time. Sometimes, digital can also be combined with in-person training, such as when an organisation provides e-learning modules to employees and then allows them to practice what they have learned in an in-person setting. It depends on the organisation and what they are trying to achieve.
The benefits of blended learning.
Research shows that blended learning is more effective than either digital or face-to-face learning on its own. It has been found to improve employee engagement, motivation, and learning outcomes. Employees are more engaged with blended learning programmes, as they have more control over how and when they learn. They can choose the methods that work best for them, which leads to a more personalised learning experience.
Here are some of the benefits of blended learning:
One of the main benefits of blended learning is that it is flexible. Employees can learn at their own pace and in their own time. They can access materials online whenever they have time, and then attend face-to-face sessions when it is convenient for them. This flexibility is particularly beneficial for employees who have busy lives or who are working remotely.
Organisations can save money by using blended learning instead of traditional training methods. This is because digital delivery is often more cost-effective than in-person delivery. Blended learning programmes also tend to be shorter than traditional programmes, as employees can learn at their own pace.
There is evidence to suggest that blended learning programmes lead to better outcomes than digital or face-to-face programmes on their own. This is because blended programmes allow employees to learn in multiple ways, which leads to a more rounded learning experience.
Employees are more engaged with blended learning programmes than with traditional programmes. This is because they have more control over how and when they learn. They can also choose the methods that work best for them, which leads to a more personalised learning experience.
When employees have the freedom to choose how and when they learn, they are more interested in learning. More interest leads to better motivation, which leads to better learning outcomes. Also, employees can see the results of their learning more quickly, which is motivating.
Retention is improved with blended learning programmes as employees have the opportunity to review materials and practice what they have learned. This leads to a deeper understanding of the material, and employees are more likely to remember it. Not to mention, the ability to access materials at any time makes it easy for employees to review and learn.
When employees are learning together, they have the opportunity to collaborate and learn from each other. This is beneficial as it helps employees to develop their skills and knowledge. It also helps to build relationships between employees, which can improve teamwork.
Different Blended Learning Approaches
There are many different approaches to blended learning. The approach that an organisation takes will depend on its goals, resources, and employees. Some common blended learning approaches are:
Blended classroom approach:
In a blended classroom approach, employees attend in-person sessions and also access materials online. This approach is beneficial as it allows employees to learn from both the trainer and the materials. It is also flexible, as employees can access the materials at any time.
Flipped classroom approach:
In a flipped-classroom approach, employees access materials online and then attend in-person sessions. This approach is beneficial as it allows employees to learn at their own pace. The in-person sessions can then be used for discussion and questions.
In a mixed-mode approach, employees access materials online and through other digital methods, such as videos or podcasts. This approach is beneficial as it allows employees to learn in multiple ways. It is also flexible, as employees can access the materials at any time.
In a tailored approach, employees access materials that are specifically designed for their needs. This approach is beneficial as it allows employees to learn in a way that is most effective for them. It is also flexible, as employees can access the materials at any time.
No matter which blended learning approach an organisation chooses, it is important to ensure that the materials are high quality and engaging. Employees will only be successful with blended learning if the materials are effective and interesting.
Blended learning programmes are becoming increasingly popular as they offer several benefits over traditional training methods. If you are looking for a more effective, engaging, and cost-effective way to train your employees, blended learning could be the answer.
Learnsure AI can help in imparting the blended learning across different sectors and workforces. With Learnsure AI’s personalised recommendations for content, delivery, and sequencing, you can be sure that your employees are getting the most out of their learning. Contact us today to learn more!
Each generation has different needs and ways of learning. Baby boomers are retiring, millennials are taking over the workforce, and Gen Z is just entering school. It can be daunting for L&D professionals to try to address the learning needs of each generation in their training programs. However, it is important to do so to create an effective learning environment.
Baby boomers grew up in a time when the educational system was based on rote memorization. They learned best by listening to lectures and completing worksheets. As a result, baby boomers often prefer learning in a traditional classroom setting with a teacher-led curriculum.
Millennials are the first generation to be raised in a world where technology is constantly changing. They are used to getting information instantly and prefer to learn through interactive activities such as simulations and games. They also like to have control over their learning and prefer self-paced programs.
Gen Z is the first generation to be born into a world where technology is always-on. They are used to getting information and communicating in real-time. They learn best by doing and prefer hands-on activities. They also like to be engaged in the learning process and prefer social learning environments.
To meet the learning needs of each generation, L&D professionals should create training programs that are:
Traditional for baby boomers: Baby boomers learn best in a traditional classroom setting with a teacher-led curriculum. L&D professionals should create training programs that include lectures, worksheets, and other traditional learning activities.
Interactive for millennials: Millennials learn best through interactive activities such as simulations and games L&D professionals should create training programs that include hands-on activities, online modules, and other interactive learning activities.
Engaging for Gen Z: Real-time communication, doing, and social learning environments are the best ways to engage Gen Z. L&D professionals should create training programs with activities that require teamwork, social learning, videos, and other engaging content.
L&D strategies for Baby Boomers.
The Baby Boomer generation (BBG) is now reaching retirement age, and many are looking for ways to continue learning and developing their skills. Several different strategies can be used to achieve this goal.
Traditional learning methods such as attending classes or reading books are still popular, but online learning has become increasingly popular in recent years. Many BBGers find that online courses offer a variety of flexible learning options and allow them to learn at their own pace.
In addition to formal learning, many BBGers are turning to informal learning methods such as networking with other professionals, seeking out new experiences and keeping up with current trends. These methods can be especially useful for developing new skills or improving existing ones.
Finally, let me remind you that self-study is essential. This might include reading books, articles, and other materials about the subject or practicing new abilities in leisure time. L&D professionals can make self-study an important part of their learning and development programs and offer valuable advice on how to make the most of it.
L&D strategies for millennials.
It is no secret that millennials are unique. They grew up in a different world than any other generation, and they have different expectations and needs. This means that traditional learning and development methods may not be effective for millennials.
Organizations need to develop creative strategies to meet the needs of millennials. One way to do this is by offering training and development opportunities that are flexible and can be accessed online. Millennials also appreciate opportunities to learn from their peers, so offering collaborative learning opportunities is another way to engage this group. Organizations should also make sure that their training and development programs are relevant to millennials’ jobs. Programs that focus on the latest trends and technologies will be more appealing to millennials than those that are outdated.
It is also important to keep in mind that millennials are not a monolithic group. They have different needs and expectations depending on their age, job, and other factors. So it is important to tailor learning and development strategies to meet the specific needs of millennials.
To keep millennials engaged and productive in the workplace, it is important to implement learning and development strategies that cater to their unique needs. Here are a few ideas:
Offer short, online courses that can be completed within a set time frame.
Allow millennials to learn from their peers by offering collaborative learning opportunities.
Encourage millennials to shadow more experienced employees to learn on the job.
Encourage millennials to take on leadership roles to develop their skills.
Keep up with the latest trends and technologies so that training and development programs are relevant to millennials’ jobs.
The bottom line is that millennials are a vital part of the workforce, and organizations need to develop strategies to meet their unique needs. By offering flexible, relevant, and collaborative training and development programs, organizations can help millennials reach their full potential.
Although it’s still early days, the Gen Z cohort is already making its presence felt in the workforce. This generation of digital natives is highly engaged and motivated, but also impatient and demanding. To keep up with Gen Z, employers need to adopt new learning and development strategies that cater to this generation’s unique needs and preferences.
One way to do this is to make use of technology. Gen Z is comfortable with technology and expects to use it in their learning and development programs. This could mean incorporating online modules and microlearning into your training program or using social media platforms to deliver custom e-learning content.
Another key element of successful learning and development strategies for Gen Z is flexibility. Gen Zers are notoriously fickle, and they don’t like to be tied down to one task or activity for too long. They want the freedom to learn in a variety of ways and at their own pace. Employers need to be prepared to offer a range of learning options, including both face-to-face and online training.
Finally, employers should also focus on creating a positive and supportive learning environment. Gen Zers are looking for mentors and role models in the workplace, and they need to feel supported to thrive. Employers can create a positive learning environment by providing feedback, recognition, and opportunities for development.
The learning needs of each generation can vary significantly, so employers need to adopt different strategies to meet the needs of each group. At Learnsure AI, we can create custom e-learning solutions to address the unique needs of your employees, regardless of their generation. Contact us today to learn more.
Bancassurance is the delivery of insurance and banking products and services through a financial institution, typically a bank. Bancassurance allows banks to offer their customers a one-stop-shop for all their financial needs and can be a profitable way for banks to diversify their product offerings.
Typically, an insurance company and the bank form a partnership in which the bank sells the insurance products and receives a commission for doing so. The insurance company benefits from the partnership by being able to reach a larger customer base than it would otherwise. In a nutshell, it is a strategic alliance between a bank and an insurance company to sell insurance products to the bank’s customers.
Bancassurance can be traced back to the late 19th century when banks in Europe began offering life insurance products to their customers. In the early 21st century, bancassurance has become a popular way for banks to offer insurance products, particularly in countries like India, China, and Indonesia where the insurance sector is growing rapidly.
Let’s see a bancassurance example to help you understand how it works.
Tom is a customer of XYZ Bank. He has a savings account and a credit card with the bank. One day, Tom goes into his local XYZ Bank branch to withdraw some cash from his savings account. While he is there, the bank teller asks Tom if he is interested in investing in a life insurance policy. Tom is not familiar with life insurance and is hesitant to buy a policy. However, the bank teller tells Tom that he can get a free life insurance policy if he upgrades his savings account with the bank. Tom is interested and buys the policy on the spot. Tom has just experienced bancassurance in action!
In this example, XYZ Bank partnered with an insurance company to offer life insurance products to its customers. The bank was able to sell the policy and earn a commission, while the insurance company was able to reach a new customer.
A win-win-win relationship.
There are many advantages of bancassurance for both banks, insurance companies, and their customers.
It is a source of additional revenue as banks earn a commission from selling insurance products.
It helps banks to build deeper relationships with their customers.
Banks can use bancassurance to cross-sell other products and services to their customers.
Customers are less likely to leave if they have all their financial needs met in one place.
For Insurance Companies:
It is a cost-effective way to reach new customers as insurance companies do not have to set up their branches or hire their own sales staff.
It helps insurance companies to build brand awareness and loyalty.
They learn more about their customers through the data that banks have on customers.
Customers can conveniently purchase insurance products from their banks.
Customers can get expert advice from bank staff who are familiar with the customer’s financial situation.
Customers may get discounts or rewards for purchasing insurance products through their bank.
The state of bancassurance.
Bancassurance is quite popular throughout Europe and Asia. Not so much in the United States. In Europe, bancassurance has been popular for many years and the market is well-developed. France is the largest bancassurance market in Europe, followed by Italy, Spain, and the Netherlands. Currently, bancassurance accounts for more than 50% of all insurance sales.
In Asia, bancassurance is a relatively new concept but it is growing quickly. The insurance markets in Asia are underdeveloped and there is a lot of growth potential. In countries like India, China, and Indonesia, the insurance sector is growing rapidly and bancassurance is becoming a popular way for banks to offer insurance products.
In the US, the bancassurance market is still in its early stages. Currently, only a few banks offer insurance products and the product selection is quite limited.
The global bancassurance market is expected to grow at a compound annual growth rate (CAGR) of 9.8 % from 2018 to 2025, reaching a market size of $1,200 billion by 2025. The Asia-Pacific region is expected to be the fastest-growing market, with a CAGR of 14.2 % from 2018 to 2025. The bancassurance market in the United States is expected to grow at a CAGR of 9.4 % from 2018 to 2025, reaching a market size of $55 billion by 2025.
Although bancassurance has many advantages, some challenges need to be considered. The most important challenge is the regulation of bancassurance. In many countries, there are strict regulations on how banks and insurance companies can partner with each other. These regulations can vary from country to country and make it difficult for banks and insurance companies to do business together.
Another challenge is the different cultures of banks and insurance companies. Banks are typically risk-averse while insurance companies are more aggressive. This can make it difficult to find common ground and create a successful partnership.
Finally, bancassurance can be a complex and expensive business model to set up and maintain. Banks and insurance companies need to make a significant investment in technology, staff training, and marketing.
The bancassurance business model can be divided into two main types:
The captive model:
In this model, the bank and insurance company are part of the same group. The bank sells the insurance products of the insurance company. For instance, HSBC sells the insurance products of HSBC Insurance. The advantages of this model are that the bank has a deep understanding of insurance products and can offer a wide range of products to its customers. However, this model has its limitations. It can be inflexible and the product selection is limited to the products of the insurance company. The cost of operation can be significantly high as the bank is required to create the end-to-end infrastructure.
The collaborative model:
In this model, the bank and insurance company are separate but they have a partnership. The bank sells the insurance products of the insurance company. For example, in the US, Citibank has a partnership with Travelers Insurance. The advantage of this model is that it is more flexible than the captive model. The product selection is not limited to the products of one insurance company. As you can imagine, the cost of operation is lower as the bank merely acts as a distribution channel and is not required to take up additional costs.
Which business model is more successful?
There is no clear answer as to which bancassurance business model is more successful. Each model has its advantages and disadvantages. However, we can agree on key elements that might make either model work.
Focus on customer needs.
If your products and services are aligned with the needs of your customers, you are more likely to be successful – no matter what business model you choose. The focus should be on selling insurance products that genuinely meet the needs of your customers. Hence, instead of making a one-time sale, your goal should be to build a long-term relationship with your customers.
The customer experience.
Creating a great customer experience is essential for any business – bancassurance is no different. If customers have a positive experience when they interact with your people, products, and services, they are more likely to come back and do business with you again.
The use of technology.
Technology can help you overcome many of the challenges associated with bancassurance. It can help you reach more customers, offer a wider range of products, and create a better customer experience. Many bancassurance success stories have one thing in common – they have used technology to create a competitive advantage.
Training and development.
Another common denominator of successful bancassurance stories is a focus on training and development. Banks and insurance companies need to provide their staff with the necessary skills and knowledge to sell insurance products.
Learnsure Ai has collaborated with iPi Global solutions to offer world-class bancassurance training programs to banks and insurance companies. The programs have consistently received positive feedback from participants, with some citing it as the best training they have ever attended.
The bottom line
Bancassurance is a complex business model with many moving parts. There is no one-size-fits-all approach to successful bancassurance. The key is to find the right mix of people, products, services, and technology that works for your bank or insurance company.
The Asynchronous Learning approach grew in popularity during the early 2000s as a reaction to contemporary learning methods, specifically online learning. However, the inset of Covid-19 pandemic and its impact on online learning really thrust the asynchronous learning approach back into the spotlight as a preferred modality for remote and online learning.
Many organizations turned to online learning as a way to continue operations during the pandemic. The demand for online courses and training exploded, and the number of learners grew exponentially. Throughout the pandemic, trainers experimented with different learning approaches and techniques. In no time, asynchronous learning became the new gold standard for online learning.
Today, it is often seen as the best way to learn remotely. The approach has been proven to be successful for a variety of reasons: learners can access materials at any time, there is no need to attend live sessions, and learners can control their own pace and schedule. Additionally, it is cost-effective.
So what does asynchronous learning means?
In a nutshell, asynchronous learning is an umbrella term that refers to any type of learning that does not require synchronous interaction between learners and instructors. That means that the instruction and the learners are not all participating in the same space at the same time. Rather, it takes place through various communication tools such as chat rooms, discussion boards, wikis, emails, phone calls, or an LXP.
Instructors can post materials for learners to review at their convenience, and they can also be available to answer any questions or provide feedback. In this way, it is very flexible and can be tailored to the specific needs of each learner.
In addition, asynchronous learning can help learners to better manage their time. Since they can work on assignments at their convenience, they are less likely to feel overwhelmed or stressed out. It is an excellent option for anyone who wants to learn new skills or gain knowledge but does not have the time to attend traditional classes. With Asynchronous Learning, people can access the best of both worlds – the convenience of online learning and the flexibility of working at their own pace.
Now that we know a little more about asynchronous learning, let’s take a look at some of the benefits that this approach offers.
Benefits of asynchronous learning.
There are several benefits of asynchronous learning, which is why this type of learning has become so popular in recent years. Here are some of the key benefits:
1. Flexibility: It is very flexible, which means that it can be tailored to the specific needs of each learner. In addition, learners can access materials at any time and work on assignments at their convenience. This allows them to manage their time better and prevents them from feeling overwhelmed or stressed out.
2. Convenience: With asynchronous learning, there is no need to attend live sessions. Instructors can post materials for learners to review at their convenience, and they can also be available to answer any questions or provide feedback. This makes it possible for people to learn new skills or gain knowledge without having to sacrifice their time or schedule.
3. Control of pace and schedule: It allows learners to control their own pace and schedule, which is beneficial for those who want to learn at a slower or faster pace than what is offered in traditional classes. Additionally, people can choose the times that they want to participate in discussions or ask questions.
4. Increased engagement: It can help to increase learner engagement. This is because learners are not limited to asking questions during live sessions or waiting for their turn to speak. They can participate in discussion boards and chat rooms at any time, which allows them to share their thoughts and ideas with others.
5. Improved retention rates: Research has shown that learners tend to retain information better when they can control their own pace and schedule. This is because they can focus on the material and complete assignments at their own convenience. Asynchronous learning allows learners to learn at their own pace, which can lead to improved retention rates.
6. Cost-effective: Another benefit of asynchronous learning is that it is often more cost-effective than traditional classes. This is because there is no need to travel to a physical location or purchase textbooks. In addition, many asynchronous learning platforms are free or offer a free trial.
7. Greater accessibility: Asynchronous learning is available to anyone with an internet connection, which makes it more accessible than traditional classes. This is beneficial for people who are unable to attend classes in person or those who live in rural areas.
8. More personalized learning experience: It allows instructors to provide a more personalized learning experience. They can tailor the content and assignments to the specific needs of each learner, which helps them to learn better and gain more knowledge.
Synchronous learning vs Asynchronous learning.
Now that we know the benefits of asynchronous learning, let’s take a look at the differences between this approach and synchronous learning.
Synchronous learning takes place in real-time, which means that learners are required to attend live sessions. This can be difficult for people who have busy schedules or live in remote areas. In contrast, the asynchronous way of learning can be accessed at any time, so it is more flexible.
Synchronous learning also relies on face-to-face interaction, which can be beneficial for learners who want to build relationships with their instructors and classmates. However, this type of learning can also be limiting, as not everyone is able to attend live sessions. Asynchronous learning allows learners to communicate with others through discussion boards, chat rooms, and email, which makes it more accessible.
Synchronous learning is often more expensive than asynchronous learning, as it requires instructors to travel to a physical location and purchase textbooks. In contrast, many asynchronous learning platforms are free or offer a free trial.
Finally, synchronous learning is often less flexible than asynchronous learning, as learners are limited to the times that they can attend live sessions. Asynchronous learning allows learners to control their own pace and schedule, which makes it more accessible.
How to implement asynchronous learning?
Now that we know the benefits of asynchronous learning and the differences between it and synchronous learning, let’s take a look at how to implement this approach in your workplace
There are many different ways to do this, but one of the most common is through online platforms such as Learnsure LXP. The platform allows instructors to create and share content, assignments, and quizzes with their students. In addition, learners can communicate with one another through discussion boards and chat rooms. This allows them to share their thoughts and ideas with others, which can lead to a more collaborative learning experience.
If you are looking for an online platform that offers an asynchronous way of learning, Learnsure LXP is a great option. The platform is easy to use and offers a variety of features that can benefit both instructors and students. In addition, Learnsure LXP offers a free trial, so you can try the platform before you buy it.
A diverse, equitable, and inclusive workforce includes individuals from different backgrounds, cultures, religions, and orientations. This type of workforce is beneficial because it can help improve innovation and creativity and better reflect the customers and communities that a company serves. By ensuring that all employees feel valued and respected, your company can create an environment where everyone feels comfortable contributing their ideas and experiences. This, in turn, will help your business grow and succeed.
Benefits of diversity and inclusion in workplace
The benefits of diversity and inclusion in the workplace are well-documented. A study by the Institute for Diversity and Ethics in Sport found that companies with more racially and ethnically diverse executive boards performed better financially than those without. Another study, from the Harvard Business Review, found that gender-diverse companies are 15% more likely to outperform their competitors. And a joint study by Mercer and the Economist Intelligence Unit found that organisations with a high degree of ethnic and cultural diversity are 33% more likely to be innovative.
Diversity, equity, and inclusion should not be treated as buzzwords or box-checking exercises. They are essential for creating a thriving workplace and society. When employees feel that they are a part of an inclusive workplace, they are more likely to be engaged and productive. A diverse and inclusive workforce can lead to improved creativity, problem-solving, and decision-making.
One company that is exemplary in its diversity, equity, and inclusion practices is Google. Google has long been committed to creating an inclusive environment and has developed several initiatives to support this goal. For example, Google has a robust program for recruiting a diverse workforce and offers employee resource groups that allow employees to connect with others who share their backgrounds or interests. Google also provides training on diversity, equity, and inclusion for all employees and has created a set of principles to guide its diversity and inclusion efforts.
By creating a workplace that celebrates diversity, equity, and inclusion, Google has been able to attract and retain a talented and diverse workforce. This, in turn, has helped the company to achieve greater success. For example, Google’s revenues have grown by 20% annually over the past 10 years, and its market capitalization is now estimated at $500 billion.
By creating a workplace that celebrates diversity, equity, and inclusion, businesses can attract and retain a talented and diverse workforce. This, in turn, can help to achieve greater success. Diversity, equity, and inclusion should be key priorities for all businesses.
However, building a diverse, equitable, and inclusive workforce takes effort, but it is worth the investment. In this article, we will discuss several strategies that will help you create a more diverse, equitable, and inclusive culture in your organisation.
Strategies to create a more diverse, equitable, and inclusive culture in workplace
The inclusion policy refers to the measures that a company takes to include employees from different backgrounds and groups into the workforce. There are two main types of diversity: visible diversity, which is easily seen, such as race, gender, and sexual orientation, and non-visible diversity, which includes characteristics such as age, religion, disability, and socioeconomic status.
Your company should develop an inclusion policy. This policy should outline your organisation’s commitment to diversity, equity, and inclusion, and explain the steps you will take to ensure that all employees feel valued and respected. The policy should also include a code of conduct that outlines expectations for employee behaviour.
The inclusion policy should be reviewed and updated regularly. You may also want to create a diversity and inclusion committee to help oversee the implementation of the policy.
Recruitment and Selection:
One of the best ways to create a diverse, equitable, and inclusive workforce is by recruiting employees from different backgrounds and groups. You can do this by targeting specific communities or organisations, or by using recruitment methods that are more likely to attract diverse candidates, such as online job postings or career fairs.
It is also important to use an objective selection process when hiring employees. This means that you should not rely on subjective factors, such as personal preferences, to decide who is hired. Instead, you should use measures such as qualifications, experience, and skills to assess candidates.
Employee Resource Groups:
Employee resource groups (ERGs) are a great way to create a more diverse, equitable, and inclusive workplace. ERGs are groups of employees who share a common identity or experience, such as race, gender, or sexual orientation. These groups can provide a support system for employees, and offer a forum for discussing issues that are important to them.
ERGs can also help to promote inclusion in the workplace. By providing a space for employees to share their experiences and perspectives, ERGs can help to break down barriers and create a more diverse and inclusive culture.
To create an effective ERG, it is important to first assess the needs of employees. The group should then be designed to meet these needs. It is also important to provide support for ERGs so that they can continue to grow and thrive.
Education and Training:
One of the best ways to create a more diverse, equitable, and inclusive workforce is to provide education and training for employees. This can help employees to become more aware of the different backgrounds and experiences that their colleagues bring to the workplace. It can also help employees to understand the importance of diversity and inclusion, and how they can create a more inclusive environment.
Education and training should be offered at all levels of the organisation, from the boardroom to the shop floor. In addition, it is important to offer training that is relevant to employees’ roles and responsibilities.
Diversity and inclusion training should be interactive and engaging so that employees are more likely to participate and learn from it.
Your company should communicate its commitment to diversity, equity, and inclusion both internally and externally. Internally, all employees should be aware of the company’s policy and code of conduct, and be given opportunities to participate in training. Externally, your company should partner with organiSations that share its values, and speak out against discrimination and hate speech.
Good communication is essential for creating a diverse, equitable, and inclusive workplace. Employees need to be able to talk openly about diversity and inclusion and feel comfortable raising issues that are important to them. The company should also be open to feedback and willing to make changes based on what employees have to say.
Your company should monitor its progress on diversity, equity, and inclusion. This can be done through surveys, interviews, or focus groups. It is also important to track the number of employees from different backgrounds and groups so that you can identify any areas where progress needs to be made.
Monitoring can help to identify any barriers that are preventing employees from achieving equality and inclusion. It can also help to track the progress that your company is making in terms of diversity, equity, and inclusion.
Diverse, equitable, and inclusive workplaces are also more productive and innovative. They can help to attract top talent, and improve relationships with customers and clients.
By following these five steps, your company can create a more diverse, equitable, and inclusive workforce. Doing so will not only benefit your employees but also your bottom line.
Case study – The PwC Diversity Journey
According to “The PwC Diversity Journey” many CEOs agree to the point that having a diverse and inclusive workforce has benefitted them in many ways. Different people of different thought processes and mind sets come together when we have a diverse workforce. This helps to have proper brainstorming on different areas with different perspectives and come up with the best solution for a particular problem or subject.
Following are few of the Number of CEOs(in percentage) and areas where they were benefited with their strategy to promote diversity and inclusion:
Bancassurance is one of the most promising channels for the profitability of banks and insurance companies around the world. But there are some common pitfalls that management consistently face – and fail to conquer – when optimising Bancassurance businesses.
Achieving excellence is far from easy and, after more than four decades, Bancassurance businesses are still not living up to their potential. The best practices to create success are (apparently) well understood and some organisations are succeeding in some areas such as growing a successful Bancassurance channel but not consistently enough. So why are the abundant opportunities to optimise Bancassurance business being missed every day?
Bancassurance Pitfall 1: Relying only on KPIs can encourage unwelcome behaviours
KPIs must reflect the financial needs of the business, of course, but they can drive sales behaviours that are not always customer centric while also missing the opportunity to encourage a team approach.
Oftentimes, Bank Managers and bank staff can achieve targets and receive rewards without selling insurance or achieving that component of the KPI (commonly seen when the insurance KPIs are lost within “Fee Income”).
KPIs also often fail to motivate salespeople because they rarely reflect the effort that was involved in meeting them. Overcomplicated incentives with lengthy timeframes can lead to salespeople losing interest in them; they seem unachievable or out of touch due to the length of time it takes to deliver them.
Introduce new ways to motivate staff more deeply.
Obviously, Bancassurance KPIs are important. They should demonstrate that they improve sales performance, they should be frequently updated, visible and fair, and should achieve the desired balance between quality and quantity of sales. With that said, relying only on KPIs to motivate sales teams can encourage an ‘incentive culture’ which often promotes unwanted behaviours.
Organisations who can introduce new ways to motivate staff can successfully strike a healthy balance between achievement, sales incentives and commitment to a positive culture. For example, Bancassurers should:
Balance compensation and benefits of salespeople to drive the right behaviours
Create inter-dependencies between team members
Teach Insurance salespeople how to properly integrate into Branch Teams
Create Communication Forums and processes that encourage involvement and innovation
Achieve a good balance between individual and team KPIs and incentives.
Bancassurance Pitfall 2: Bancassurers are managing numbers instead of managing people
The way many sales managers work now can be likened to following a game of football by just looking at the scoreboard: they can tell you the result, but they have no idea how they got there, who were the stars and who in the team should be recognised.
In short, performance data provides a starting point, not an end game.
In many organisations, sales managers and leaders do not understand or embrace the principles of activity management. Often, they have not had specific training and aren’t properly equipped to help salespeople improve productivity through feedback, coaching and role play.
Salespeople need to be led by fully trained sales leaders who can ensure consistent and professional development of everyone in the team, whether they are insurance or bank staff. Leaders must be, by definition, people who can motivate and inspire their people to improve and develop, think outside the box and assist each other.
The following areas are critical to a Bancassurance business:
Develop and deliver Bancassurance training that allows managers to lead their salespeople by example, rather than focusing only on the numbers.
Implement activity management tools and processes that underpin each individual’s activity as well as the overall business performance.
Remember that your best salespeople can be your worst sales managers. Find a different way to reward them rather than promote them into unhappiness and, in the process, lose an exceptional
Bancassurance Pitfall 3: Trusting inadequate management information
If managers are provided with management information, how relevant is it to their actual operation? How many managers in your organisation really know how to read the story behind the management data dashboards?
Use data insights to make distribution teams more productive.
In many Bancassurance organisations, management information is poor quality, not timely, out of date, irrelevant, over-the-top, and can therefore be unusable.
If your organisation is not using data to measure, monitor, course-correct and encourage success from sales teams, then you’re losing ground on competitors who are using data insights to make their distribution teams more productive.
Is it essential to:
Establish the data that is really needed and present it using automation in a timely and useful style. Train managers to understand how to use data to achieve the best outcomes and to develop their people in the areas where they need support.
Bancassurance Pitfall 4: Few understand effective learning online
Covid-19 has forced people to work from home and maintain physical distancing. Consequently, managers have needed to make quick decisions around critical strategic issues, like the future of training. Salespeople and managers have come and gone during 2020, and skill sets of remaining staff can erode if recurrent training and coaching is not delivered. In the new world environment, people need to be trained to be effective.
This new normal has expedited the shift towards eLearning in Bancassurers, but few have fully understood what factors drive effective learning online. Understanding this is the key to optimising Bancassurance business.
Whilst organisations see the need to develop digital solutions for training, it is not effective unless the content is of the highest standard possible. Many are developing the systems but seem to struggle with the content, especially in Bancassurance where such little skills-training exists other than sales process or product and technical training.
Effective online learning is the key to Bancassurance optimisation.
Effective Learning online is not achieved by taking conventional face-to-face training material (especially Agency training material) and making it available through eLearning modules.
Effective Learning online is achieved by taking great content and using it to create a blended learning journey that motivates the delegate to learn and restudy before being assessed to evaluate the effectiveness of their learning.
The learning journey needs to be tracked and monitored and so now more than ever an efficient Learning Management System (LMS) needs to underpin online learning.
Effective learning to turn your sales up
This year has been about change and quick adaptation and it has been visible in the online content consumption pattern of people across generations. Salespeople have different learning preferences which can be (but not always) linked to their age. Millennials may prefer animation and gamification where Generation X may prefer to see a video or be involved in teamwork. Bancassurance training must be developed so that there is something for everyone.
Blended learning content utilises these elements as well as automated characters, real actors, virtual meeting rooms, eLearning and virtual assessment centres to ‘blend’ the programmes into fun and relevant short sessions. These sessions can be safely completed using smart phones, tablets, laptops or desktops and, importantly, can be tracked by a world beating Learning Management System.
Content costs less than the value of one additional sale per person trained*
An important final point is that digitised blended learning saves the cost of travel, hotel, training rooms and facilitators. After an initial investment to design and develop the content, it becomes very cost-effective to deliver. If content is developed externally then license fees would be the normal way to fund those costs which (*on a per capita basis) could cost less than the value of one additional sale per person trained.
Common Pitfall 5: Inconsistent articulation of training
Training quality decreases as its physically delivered across a widely distributed sales force. It is literally diluted by each new round of Train the Trainer. The corporate trainers are trained by the developers and designers. They in turn train the regional trainers, who train the district trainers, who train the coaches in the field. The result, especially in large organisations, is that at the end of the process the training bears little resemblance to the original.
Digitised blended training removes dilution and ensures consistency.
Digitised blended training ensures that everyone in the organisation receives the same high-quality level of training with the desired outcome of a consistent increase in sales and quality.
Common Pitfall 6: Change for changes sake
When organisations appoint new Learning & Development Managers, these people tend to want to create change to demonstrate their added value. Quite often they fall back on their previous materials with which they are familiar and introduce changes to the content and the way learning is delivered. The impetus for change in this situation reflects the personal ambitions of the Training Director and not necessarily the success of the current training system.
This change for changes sake often leads to excellent training being ditched and being replaced by poorer quality materials, even if the existing content is gaining traction and transforming sales skills.
A digitised training system will reduce the chances of this happening as:
The costs of replacing digitised quality training can be prohibitive and undesirable. Data insights about learners, provided by an integrated Learning Management System, would prove the evidence that the material is working. Any changes would obviously attract a higher level of organisational scrutiny.
Common Pitfall 7: Allowing compliance and regulations to quash learning engagement
The wind of regulatory change has blown through many of the mature Bancassurance markets, bringing improved customer protection, greater professionalism, and increased transparency. Over time, principle-based regulation will further shape the Bancassurance industry in less mature markets across the world, and rightly so.
But allowing key regulatory obligations to be the driver of Bancassurance training content and outcomes quashes the learners’ engagement and diminishes their motivation. Generally, regulatory training requirements are dry and the process of learning feels more like a box-ticking exercise than an entertaining and enlightening learning experience.
Regulation and compliance can be allies to enhance the skills of salespeople.
Organisations should view compliance and regulations as their ally and actively use them to enhance the core skills of their salespeople. They can do this by integrating the principles within engaging content that develops higher quality skillsets and reflects customer centricity; something desired by many Bancassurance organisations but rarely achieved. Being ‘regulation ready’ and integrating industry and marketing compliance requirements into optimised training materials – even if you’re operating in an unregulated market – will provide security that the training material remains robust in a new regulatory environment and allows the business to stay well ahead of its competitors.
Common Pitfall 8: Unresolved issues around sales relationships
In many organisations, the importance of the involvement of everyone in generating insurance sales opportunities is underplayed or rarely reaffirmed by bank senior management. This can lead to an obvious disconnect where there is no mutual trust or respect between sales teams and business units. Indeed, it has been acknowledged by some that Bank Relationship Managers and Insurance salespeople are actively discouraged to operate as a cohesive team with joint responsibilities and KPIs, and this is a real opportunity missed.
Lead Generation activity is also not always considered a priority and it can be that it is not rewarded, encouraged, measured or trained. Since this is the source of all insurance and many core banking business opportunities, it has obvious negative consequences.
For many years, leads have been created by using data and, generally, salespeople have failed to display the skills needed to convert these into virtual meetings and discussions. They simply have not been trained in conversational selling and so the customer is rarely made aware of the benefits of a real or virtual meeting. This has led Bank Relationship Managers to rely on the top 10% of customers in their portfolio – even asking them to buy to help them achieve their targets – while the other 90% of customers remain largely ignored.
When searching for solutions, there is one simple place to start.
There are multiple and human factors at play in any sales environment and not all are covered here. In short, finding the funds and the appetite to implement new ways of upskilling salespeople is the simple place to start. Digitised blended learning journeys for your salespeople can:
Include key elements to appeal to all learning styles and content consumption preferences. Target the training content to specific needs like lead generation skills for banking staff and sales skills for insurance staff. Deliver sales manager and sales leadership training that arms them with the soft skills and the tools and solutions to deal with every opportunity and contingency. Provide the benefits of conversational selling training; a more productive skill for the digital sales environment of today.
The optimisation of Bancassurers lies in digitisation Reviewing these pitfalls has prompted Ian Watts, CEO of InPartnership International (iPi), to ponder the current Bancassurance landscape. “The best practices to create success are well-understood but often fail owing to poor execution” Watts said. “Just consider the number of past Bancassurance ventures that should have flourished but have consistently underperformed. When opportunities like those above are still being missed by organisations, it highlights why the road to an optimised Bancassurance partnership is strewn with problems.”
Collaborative agreements and hybrid strategies are essential for accessing local distribution networks, and Bancassurance is certainly paving the way. This is no more apparent than in the ASEAN region where various exclusive agreements have recently been agreed. There, industry players also now realise that digitising processes and training is also essential to a smoothly functioning Bancassurance operation in the future.
In pursuit of this, many of Asia’s Bancassurers have been spending 1-2% of their gross premiums annually on digital projects (in addition to general IT spending) and this is expected to increase in the future more strategically.
Digital training solutions increase consistency and reduce costs.
“Never more than now do Bancassurers worldwide need to ensure that training becomes a digitisation priority” declared Rod Shay, a strategist with more than 40-years-experience and knowledge of developing and implementing successful Bancassurance businesses.
This is particularly relevant in 2021 as Covid-19 has driven people away from classrooms and skill sets are being eroded as a result. “The virus has compounded the rationale for Bancassurers to train their staff using digital solutions.Digitised training programs should help increase consistency, avoid quality dilution and reduce costs. And the content needs to be easily accessible, interesting and fun. But training effectiveness is wholly dependent upon the quality of the content,” Shay continued.
Some Bancassurers believe that face-to-face can never be beaten as a sales and training practice and live in hope that it will return, even in the face of reducing persistency ratios.
Others are realising how digitised blended learning and conversational selling programs can bring new solutions to old problems.
What’s clear is that if organisations fail to address common pitfalls like those included above, they will fail to fully optimise their Bancassurance business.
This article was originally published on iPi Global Solutions website and has been republished with requisite permission.