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.
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.
”
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.
”
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.