Invest in Expertise: New Broker Education with Maximum ROI
The insurance industry is in a constant state of evolution, driven by emerging technologies, evolving client demands, and an ever-expanding array of products and services. In this dynamic landscape, the role of the insurance broker has become increasingly complex, requiring a comprehensive understanding of not just the core offerings but also the nuanced intricacies that can make or break a client's experience.
According to the Insurance Institute of Canada's 2022-23 industry demographics study, there is a growing need for knowledge transfer strategies due to 8.5% of the workforce is expected to retire within the next five years.
In an interview with Canadian Underwriter, Peter Hohman, the President and CEO of the Insurance Institute of Canada , commented on the report's findings, stating, "With a significant number of individuals over the age of 55 considering early retirement, there is a substantial amount of institutional knowledge that will be lost."
In light of these demographic patterns and challenges, the industry must develop effective strategies for transferring knowledge and attracting younger talent. Harvard Western Insurance has significantly invested in its learning and development program, recognizing the critical importance of empowering its brokers with the knowledge and skills to excel.
Laying the Foundation: The Vision for Broker Education
When the learning and development role was first created at Harvard Western Insurance last year, the vision was to establish a dedicated role to oversee consistent training platforms, streamline learning processes, and ensure brokers were equipped with the necessary knowledge and resources to thrive.
Megan Kaytor, CD, B.Ed, CAIB , a former Commercial Insurance Advisor since 2014 for Harvard Western, took up the new role of Learning & Development Specialist in June 2023. When asked about why the brokerage had decided they needed to create her new role, she shared,
“There is that need for more education because we see so many different types of clients. We have our commercial, personal lines, travel, etc., and they are always changing. We needed more training platforms and support for our staff members by having a consistent figure to reach out to.”?
As the company's growth accelerated, the need for a more structured, consistent training framework became evident. “Sometimes [advisors] just don't have enough time to do it on their own,” says Kaytor, “But it’s more accountable if there's persistent training involved and they're scheduled to do it.” By implementing routinely scheduled training sessions, the idea was to ensure brokers remained focused, engaged, and accountable while supplementing these sessions with readily available online resources.
Balancing Depth and Breadth: Optimizing the Learning Experience
Striking the right balance between micro-learning and in-depth product knowledge is a crucial aspect of Harvard Western's learning and development strategy. By conducting group training sessions (known as "Harvard U"), the company ensures brokers receive a broad education overview, which also serves as great refresher courses for staff.
Kaytor also uses the granular, hands-on experience required to handle diverse scenarios, “I do a lot of one-on-one training, which involves looking at the basics. Here's a policy. Can you explain the coverages for this to me? Let’s go to an insurer's website. Sell me a policy. And if there's more than one in a session, I get them to sell to each other.”
“That helps them for when they actually are in that real life situation too, the more practice you get, that's going to help you.”
These practical exercises will help build broker confidence and competence in the long run.?By continually asking for feedback, the new education plan is closely curated to the staff's needs and wants, making the training more tailored to help them succeed.
Technology Integration for Broker Education
Recognizing the transformative potential of technology, Harvard Western Insurance is actively exploring the implementation of a comprehensive Learning Management System (LMS). This LMS will integrate training content, track progress, identify areas for improvement, and provide additional resources to brokers. Crucially, the LMS will also leverage AI-powered tools to create more interactive and engaging presentations, streamlining the content creation process and enhancing the overall learning experience.?
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“So instead of just sitting with me for training for two hours, they will have access to additional online resources and training that they can do. With the LMS, I can track their progress more closely as they continue their education independently.”
Kaytor says, “With the AI integration to help me create some tools, I’m hoping future education sessions will be a lot more interactive and engaging versus listening to me talk for hours.”
Assessing the effectiveness of learning and development programs is essential to ensuring a positive return on investment. ?While this tool has yet to be implemented, Kaytor hopes to start integrating the LMS system before the end of the year.?
Fostering Connections: Integrating Mentorship and Peer Learning
While technology and AI are fun and exciting, as the Learning & Development Specialist Kaytor recognizes the value of human interaction and relationship-building. The plan for Harvard Western's learning and development framework is to continue to incorporate mentorship and peer learning opportunities. Through one-on-one and small group training sessions with peers outside of Kaytor’s more formal training, brokers can engage in practical exercises, ask questions, and build trust with their peers.?
“Amy Moon is fantastic with antique vehicles, and Leonard Cote is fantastic with travel insurance! I can't know everything about everything, but having employees who are willing to help with this learning and education and help educate staff is fantastic.” Kaytor continues to explain that using this approach not only enhances the learning experience but also fosters a sense of community and collaboration within the organization, "It helps build up their confidence! Then those individuals become more visible in that company as well, and then others see it, and then they want to jump in a little more."
Cultivating a Culture of Continuous Learning
Encouraging and incentivizing brokers to embrace ongoing learning is a critical component of Harvard Western's strategy. While credit hours are a requirement, the company has fostered a culture where brokers are genuinely engaged and motivated to stay up-to-date, not only to serve their clients better but also to stay ahead of the competition. The company's emphasis on supporting everyone's continuous development within the organization by creating the Learning & Development Specialist role further reinforces this culture of lifelong learning.
One of the key insights Kaytor has gained from implementing her new learning plan is the immense value of leveraging internal experts to contribute their knowledge and enhance the learning experience. By identifying knowledgeable employees and empowering them to become experts in their respective fields, the company has not only built a robust knowledge base but also fostered a sense of confidence and leadership among these individuals.
The Road Ahead: Streamlining Processes and Enhancing Engagement
The journey of Harvard Western Insurance's learning and development program underscores the immense value of investing in broker education. By embracing a comprehensive, technology-driven approach, the company has empowered its brokers with the knowledge, skills, and confidence to navigate the evolving insurance landscape and deliver exceptional service to their clients. With a full year under her belt since starting in her new role, Kaytor is excited about where the next 12 months will take her.
“It's an ever-evolving position, and I've been feeling really supported. And again, I think in the long run, it won't be me doing everything, but right now, it's just like building up those procedures and finding those experts. It's ever-changing and always exciting!”
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