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LEARNING &

DEVELOPMENT

LEARNING &

DEVELOPMENT

Need for Speed Drives

Changes in the life industry, a shift in the workforce and

have-it-your-way learning are among the factors driving

professional development.

(2)

COVER STORY

D

eath and taxes—certain and unescapable.

Make that death, taxes, and change—every bit as unavoidable and pervasive…and happening

at dizzying speeds.

The life insurance and fi nancial services

industry, marketplace, and workforce are constantly driven—

and shaped—by change. That’s never been more evident than in the last 20 years.

People who once purchased coverage from a trusted agent now make buying decisions via Internet research,

or call the toll-free numbers dis-played in entertaining commercials. They “attend” meetings by phone,

call-ing in from who knows where…and can perform almost any job remotely instead

of going to the offi ce—all thanks to

rapidly evolving technological advances

and amenities.

A seismic shift in workforce

demo-graphics and culture—Millennials

buttressing the ranks of retiring Baby Boomers and, soon enough, Gen-Xers— has added another layer of

complex-ity, with new behaviors and a fresh set

of expectations with which to contend. Building and retaining a diverse workforce that is goal-focused and engaged emerges at the top of the list of “must-haves” for companies that want to lead the industry.

Providing support for all employees— at different ages and different stages—

is another important factor, as

compa-nies scramble to accommodate the huge retirement business and the customers

who are, or will be, retiring.

So, how are companies facing these

challenges? How are they supporting

pro-fessional development and engagement for their employees?

How are they accommodating the “need for speed” in terms

of individual time commitments and the desire for convenient

“have-it-your-way” learning? How are they preparing

employ-ees for a future that stretches out to retirement?

We got some interesting responses to our inquiries—from

learning professionals at LOMA member companies who are

on the front line of these issues.

Marcia Batal-Rogers, Training Manager in Liberty Mutual’s CI Talent & Enterprise Services organization, says

“Aligning learning and development to how people prefer to

learn is a top priority for us, as is our respect for their time.”

“Online learning, which is self-driven, self-paced and cost-effective, has proven much more attractive and engaging for our employees,” Batal-Rogers notes.

Serving as an Educational Representative for LOMA education at two different insurance giants for a total of nine

years, Batal-Rogers experienced the transition from traditional

text learning to online programs—from both LOMA and

other providers. “Students often had to wait for—or share— the textbooks. Frequently the timing worked against them. They couldn’t get access to the books in time to prepare adequately to take a fi rm-date exam.”

That’s no way to keep a vibrant, tech-savvy, time-constrained work-force engaged.

Online courses—initially through course portals, but now primarily in

highly-interactive formats with

inte-grated exams—help Liberty Mutual employees get up to speed quickly

(See ALMI Sidebar, page 11)

In the process, they gain a greater understanding of the job

they perform, how it fi ts within the

organization and the industry, and where it could take them in terms

of advancement.

“We like everyone to take LOMA’s Need2Know courses,” says Batal-Rogers. “They provide

the fundamental knowledge new employees need and help them hit the

ground running. The format, content,

and scope appeal particularly to our Millennial employees, who make up

a large percentage—75%—of our Operations workforce.”

In the Operations area for which she is responsible,

Batal-Rogers developed and oversees a two-year technical development learning map. It’s based on identifi ed skills and profi ciencies for various job classes. Liberty Mutual also

encourages all employees to earn the Associate, Customer ServiceTM (ACS®) designation within two years of joining

the company.

“Technological innovation in content and delivery will continue to appeal,” notes Batal-Rogers. “Engaging employees in time- and cost-effi cient ways—that’s what will continue to drive our professional development initiatives.”

LEARNING &

DEVELOPMENT

Need for Speed Drives

It is not only

Millennials who

love the highly

interactive

online courses.

Anyone who

is challenged

by traditional

learning formats

or who fears

testing is drawn

to them as well.

(3)

Sandra Spengler, FLMI, ACS, Director of Corporate

Communications and Training at Southern Farm Bureau

Life Insurance, oversees training and development for close

to 700 employees. Like Batal-Rogers and Alford, she has also served in the capacity of Educational Representative.

“Learning and development is central to our corporate culture—our career paths, promotions and awards are

contingent on our employees’ professional development com-mitment and achievements,” Spengler states. “It starts with

our interview process and is integrated into job descriptions, goals, and performance appraisals throughout the Southern

Farm Bureau career.”

She says LOMA programs are a “huge” part of that culture,

with certain job descriptions and goal documents citing specifi c courses the position encourages. “If you want to advance here, the ACS designation is a must; there also have been situations in which the distinction of the FLMI has suffi ced in place of college requirements for certain jobs.”

With annuity sales and service a big part of its business, Southern Farm Bureau is keenly aware of the need for its

entire workforce to have a foundational understanding of the

retirement side of the fi nancial services coin, as well. “The value of the retirement program LOMA has developed is obvious at the customer service level,” Spengler points out.

“Our employees in our Annuity business are more informed,

well-versed, and more capable of assisting our customers.” “But it’s also been a ‘wake-up call’ to employees as well. We’ve had close to 350 enrollments across the six FSRI courses.

Many are taking the FSRI courses for personal reasons as

well, particularly if they are moving closer to retirement. Our average age of employee is 47, so many are at a point

where they are seriously starting to think about how they

want to live in retirement...and how they’re going to pay for it. This program is invaluable to them.” (See ASRI Designation Courses Complete, page 12).

Navigating the Curves

It is one thing to make sure employees understand the relatively

stable parts of your business and how they fi t into the whole success picture of your company. But how do you prepare for

changes that can cause disruption to your business model?

Two critical concerns the industry is facing today center

around the DOL ruling and Customer Experience—and LOMA is already on the road toward helping your business

understand and better navigate these concerns.

1. De-mystifying DOL: In April, 2016 the U.S. Depart-ment of Labor (DOL) issued the fi nal version of its rule defi ning the fi duciary status of people who give retirement investment advice. As companies review

and begin implementing the rule, LOMA Secure Retirement InstituteTM is creating a short course to help

companies educate their workforce about the basics of

the rule. The course will provide an unbiased, simple

explanation of what the rule means to companies and

their employees. It will establish a common language

and understanding within your organization, and help employees understand the operational changes the

company is making to comply with the rule. Watch for additional information about DOL Fiduciary Basics for Employees coming soon.

2. Integrating The Customer Experience: All com-panies want their customers’ “journey” through each

aspect of the business transaction and relationship to be a positive experience, one that builds loyalty,

retention and great referrals. LOMA is working on

a short online program that examines the numerous touch points of that customer journey and various options service providers can deploy to enhance the

customer experience. This course, which is appropriate

for everyone in your organization, will be available

in late 2016.

The Road Ahead…

Some things never change. The workforce will continue to evolve. Expectations for learning will be driven to be faster,

smaller, and increasingly deployed via mobile devices that

accommodate hectic schedules and too little free time. Your

customers will demand accurate information and prompt

service—delivered with confi dence and respect.

Make sure you—and your company—are securely in the

driver’s seat by staying ahead of the curve with your learning and development strategies.

Need additional directions? Don’t hesitate to contact membersolutions@LOMA.org

Expectations for learning

will be driven to be faster,

smaller, and increasingly deployed via mobile devices that

accommodate hectic schedules

and too little free time.

(4)

With the imminent launch of LOMA 308–The Business of Insurance: Applying Financial Concepts, learners with a pref-erence for interactive online learning experiences soon will be able to earn the Associate, Life Management Institute™ (ALMI®)

designation—and take integrated end-of-module exams for each course—via computer and select other mobile devices. Those courses include:

LOMA 281–Meeting Customer Needs with Insurance and Annuities: Describes the features of individual and group life insurance and annuity products, and emphasizes how insurance companies serve customers and meet customer needs through the products they provide.

LOMA 291–Improving the Bottom Line: Insurance Company Operations: An important building block to understanding how

life insurance companies and other fi nancial services institutions can operate at pea effi ciency to ensure solvency profi tability

reputation, and customer loyalty.

LOMA 302–The Policy Lifecycle: Insurance Administration: Traces the lifecycle of a life insurance policy and explores insur-ance administration functions through real-world examples that demonstrate underwriting processes, customer service practices, reinsurance protocols, and claims evaluation procedures.

LOMA 308–The Business of Insurance: Applying Financial

Concepts Describes the fi nancial concepts and applications critical to a company s profi tability solvency and ability to fulfi ll

its obligations.

LOMA 321–Marketing in Financial Services: Presents basic marketing principles—from research, design, and pricing to distribution and regulation—in a variety of formats that enable learners to understand and apply these principles in their own jobs.

NOTE: All ALMI course requirements continue to have a tradi-tional text-based learning option as well, with proctored end-of-course exams.

INTRODUCING THE HIGHLY INTERACTIVE ONLINE ALMI

®

The appeal of

learning

from wherever I am

is not limited

to younger workers. Boomers and older Gen-X employees

are increasingly receptive to putting down the books and

(5)

The innovative Fellow, Secure Retirement Institute™

(FSRI™) designation program features a comprehensive

professional development curriculum that covers the entire

retirement planning and income marketplace. And, while

employees enhance their ability to serve their customers

after taking these courses, they also learn about planning

for and managing their own retirement. Here is the

Associ-ate level of the program (ASRITM)—consisting of six highly

interactive online courses—at a glance:

SRI 111

–Retirement Marketplace provides an overview

of what people preparing for retirement need to know,

products that offer solutions, and critical concepts that

affect retirement planning.

SRI 121

–Retirement Savings and Investments is designed

to familiarize students with various retail and institutional

fi nancial products used to save and invest for retirement

as well as the tax implications of those products.

SRI 131

–Planning for a Secure Retirement takes learners

through the retirement planning process identifi es the tools

that are available to help individuals create a retirement plan,

and describes the primary components of a comprehensive

retirement plan.

SRI 210

–Successful Retirement Outcomes describes the

importance of retirement income planning in the

decumu-lation phase of retirement, including how an individual or

couple calculates the amount of income needed to satisfy

retirement goals; evaluates income sources and expenses

to identify gaps; then establishes a strategy for generating

income and protecting assets.

SRI 220

–Retirement Marketing and Business Acquisition

introduces the companies and individuals involved in

retirement marketing and describes the general steps in

the business acquisition process for both institutional and

retail markets.

SRI 230

–Retirement Administration addresses

administra-tion funcadministra-tions for existing retirement accounts, products,

and plans. Designed specifi cally for employees in asset

management fi rms insurance companies distribution

organizations, and record keeping companies, this course

is particularly useful for those who provide information or

guidance directly to customers.

The fi nal course in the S I Program is S I

Transform

ing Retirement Security. Currently in development, this course

will provide an overview of the current retirement system

in the U.S. and examine forces for change, public policy,

and megatrends that impact the retirement system. This

course will also explore the potential for driving innovation

to enhance the retirement system of the future.

The FSRI is just one more

learning opportunity that lets

people achieve development goals where and when it suits

them.

It enhances our employees

knowledge and ability to

service their customers—it also teaches them how to plan

for and manage their own retirement,

whether imminent

or quite a ways off.

ASRI

References

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