The composition of the workforce across many industries is changing rapidly. Today, according to the World Leaders’ Summit in London study, freelancers would be half of the full-time global workforce by 2020. Not to mention, a big shift towards remote working. For instance, technology leaders like Microsoft, Accenture and Dell have already increased the strength of their remote workforce. They’re building a new workforce that is agile, adaptive and resilient to changes in the workplace environment.
The insurance industry is not an exception. Today, they face the same challenges as others. In fact, they have a difficult transformation ahead of them. Building relationships is the key to thrive in the insurance industry. However, the current pandemic has shown that the traditional relationship-building no longer works. Hence, the insurance industry has to reinvent corporate learning and development. They have to ensure that their workforce adapts to the new environment and learns to build business relationships online.
We think that the future of insurance learning and development will be learner-centric and data-driven. We clearly see the immediate challenges. The remote workforce would be hard to manage and insurance companies will struggle with the efficiency. This will drive a greater need to learn more about their workforce and customised learning solutions. The patterns emerging out of learner data will help deliver professional training that is learner-centric and data-driven.
Learner-centric corporate learning and development
The current learning and development environment focuses on delivering programs based on classroom training methods. Typically, the workforce is in the audience and the trainer is at the centre of attention. The feedback is incidental and hardly contributes to the improvement of the training program.
We think that the learning spotlight should be on the employee. The insurance industry needs to look at the learning needs of the individual employee. They need to analyse the impact of learning on their performance. And develop a plan that contributes to their development.
By designing learning solutions based on learners’ needs and requirements, the insurance industry can create a learning experience that increases engagement, encourages participation and equip learners with ideas and skills to succeed professionally.
Data-Driven corporate learning and development
A couple of indicators to measure the impact of learning is not enough to drive modern learning and development programs. It needs granular data to fully understand the effectiveness of corporate learning and development programs.
The current learning and development environment lacks the ability to track and analyze the performance of every employee in the organization. With the emergence of newer and better digital learning platforms and mobile learning apps, the insurance industry can capture data to understand and influence the behaviour of their learners. They can create and analyse various data sets to pinpoint the problems, recognise learning patterns and map the competencies of their workforce more precisely than ever.
We think learning data can not only give trainers and chief learning officers a 360-degree view of employee performance but also empower them to fundamentally reshape the learning and development philosophy.