In a recent edition of InvestmentNews, Darla Mercado posted the results of a recent LIMRA survey of insurance producers on the most valued service provided by insurers. 32% of respondents said training was the most valued service, while sales training and one-on-one coaching followed. Technological support was the second choice at 20%, not close at all. As products become increasingly complex and compliance more demanding, training is essential to success in the field.
Training is clearly a win-win option for insurers. Not only does it increase producer satisfaction, but it gives real feedback of market conduct risk. Training programs should provide the opportunity for information to flow in both directions, so insurers gain a real understanding of what the issues are in the field. Often that information can be filtered so insurers don’t see the problems until it is too late. Some producers will always rebel against the idea of training, but as the LIMRA survey shows, many will not and those are the ones we in compliance are happy to spend time training and nurturing. The ones who complain and don’t want the training offered are often the ones that pose the most risk: yet another reason to offer a strong training program!