LEARNING & COMPETENCY DEVELOPMENT IN INSURANCE

 

Introduction

A learning management strategy is key to an organizations liability to deliver focused and efficient Learning and development plans in the insurance sector if looking forward and steps are being taken too. We all learn in different ways, every business has its own dedicated learning and competency development. They are on hand to develop grow and get on in which ever way they can, as well as be spoke in house courses and workshops on every thing from time management and influencing technique’s through the representation skill learning and competency in insurance be implemented.

 

Objectives
*Understand the challenges to deploying competency based development plans.
*Review the methodology to deliver competency based development in the insurance sector.
*Learn key tips and tools that can help you over come common objectives and delays.

 

1. Ensure that your people demonstrate sufficient expertise
2. Recruit and select new staff more effective
3. Evaluate performance more effectively
4. Indentifying skill and competency gaps more effectively
5. Provide more customize training and professional development
6. Make change management process work more efficiently

 

Design principle of competency framework. A competency framework defines the knowledge skills and attributes needed for people within an organization. Each individual role will have its own set of competencies needed to perform the job effectively to develop this framework you need to have an in depth understanding of the roles within your business. To do this job you can take a few different approaches.

 

Use a preset of list of common standard competencies and then customize to the specific needs of your organization.

 

Use outside consultants to develop the frame work for your organization or insurance sector. Create general organization framework and use it as the basis for other frameworks as needed.

 

Following three principles are critical when designing a competency framework
1. Involve the people doing the work
2. Communicate with them
3. Use relevant competencies that can easily be implemented in the insurance sector

 

Developing the framework
Step 1
Define the purpose
Create a competency frame work team

Step 2
Observation
Interviewing People
Create a questionnaire
Analyze the work

Step 3
Group the statement
Create sub groups
Refine the subgroups
Indentify and frame the competencies
Validate and revise the competencies as necessary

Step 4
Implement
Link to business objectives
Reward the competencies
Provide coaching and training
Keep it simple
Communicate

 

Creating a competency framework is an effective method to assess, maintain and monitor the knowledge, skills and attributes of people in your organization to framework allows you to measure current competency level to make sure your staff members have the expertise needed to add value to the business.

 

It also helps manager make informed decision about talent recruitment, retention and succession strategies and identifying the specific behavior and skills needed for each role to enable to you to budget and plan for the training and development.

 

In learning and competency development in insurance sector the following points as a corrective action be taken in different products of insurance.

 

Liability losses
1. Failure to confirm with /perform legal duty
2. As a result failure/harm suffered by customs his employee or third party.
3. Legal defense not available

 

Therefore we need to understand law to operate the business of insurance within the law. Insurance Companies be able to prove compliance our liability can arise
1. From common law duty ( tort) e.g. negligence ,assault deformation
2. By statute law – specific actor regulation
3. By contract law with other parties

 

Legal analysis and control
1. Managers should understand current law as it affect them
2. Systems for monitoring legal changes ex gratia Updating service,briefing to management.

 

Legal control system
1. Defining role of legal department —
2. Role of advisors should be defined —

 

Contract review
Manager awareness on implication.
Use of standard contracts.
Reviewing system for special conditions if any procedure for notification of incidents with legal implication.

 

Risk Control
We can control the risk by following
1. Good organization
2. Good system
3. Good building /plant /Machinery /equipment
4. Good protection to equipments.
5. Good protection system
6. Training to the people.
7. Motivation to the people
8. Monitoring to the people

 

Reactions.

To complaints. 

Effective legal defense strategy. 

Biggest problem is that any action by any employee can create liability risk
We need

 

Risk Analysis
Training to the people involved
Motivation to the people
Action and reaction
Product liability risk and control
Product range
Use misuse purpose of the product
New and unique features

 

Flow Chart
Products standards
Design
Capability
Knowledge /skill/experience
State of art
Codes /standards
Product definition
Documentation
Test methods
Risk Control

 

Purchasing
Specification
Control
Ware housing
Production
As design plus
Quality control
Manufacturing and other tolerance
Critical areas
Key dependencies plus any substitution

 

Marketing
Market position strength weakness
Advertising and promotion
Sales and distribution
Packaging
Leveling
Warning
Instructions
Guarantees
Maintenance /service
Complaint handling
Legal and others
Situation, preparedness
International variation

 

Insurer
Underwriting risk evaluation
Broker
For clients
To assist placing
Be realistic
Assess cost against advantages
Locate key points
Use training plus trials

 

There is no one size fits when it comes to learning and competency development in insurance.

 

Area of implementation
1-Recruitment and selection
2-Training development
3-Performance management
4-Career planning
5-Succession planning
6-Recognition
7-Replacement planning
1-Development
2-Progression
3-Job Planning and fit
4-Individual or organizational development
5-Performance management and improvement

 

Above 5 points may be the basics of learning and competency development in insurance.

 

Competency moping is an important and essential exercise, every well managed firm should have well defined roles and list of competencies required to perform each role effectively.

 

The competency frame work serves as the bed rock for all position. HR processes like talent induction, Management development, appraisal ,training yield much better results in insurance.

 

Where ever all the functions of insurance every essentials can be improved in any insurance organizations at each and every level learning and competency development implementation can yield better results.