Insurance: 3 priorities for business leaders that L&D should know

Table of Contents

• • Introduction
  • Empowering underwriters through accessible knowledge
  • Standardizing excellence in training
  • Advancing expertise with situational learning
  • Continuous learning to stay current with regulatory updates
  • Introducing the DUAL Asset & Hive Learning partnership

Introduction

The insurance landscape is experiencing a significant transformation, driven by evolving market dynamics, regulatory changes, and technological advancements. 

Within this context, L&D professionals need to be increasingly focussed on the priorities of their business leaders to ensure they are equipping their workforce with the tools and knowledge necessary to thrive.

We spoke to L&D professionals in insurance about their business leaders’ priorities for 2024 and the L&D strategies they’ve implemented to address them.

1) Empowering underwriters through accessible knowledge

The first priority for business leaders in insurance is to ensure confidence amongst underwriters to mitigate risk and ensure job satisfaction. 

For underwriters, whose decisions can have significant financial implications, access to information is not just about confidence but also about risk mitigation. 

Ensuring that underwriters have this access means they can perform their roles effectively.  Thereby supporting the larger framework of trust and reliability in the insurance industry. In this case, an L&D strategy that delivers learning in the flow of work is crucial.

2) Standardizing excellence in training

With much of the transformation happening in the workplace, one priority for business leaders in insurance remains unchanged – the need for standardized training – it is the cornerstone of maintaining professionalism and competency across the industry.

However, as businesses become more agile and grow, the need to do this at scale increases. L&D professionals need to ensure that their L&D strategy is scalable while remaining consistent; something that has become feasible with the advent of technologies such as Generative AI.

3) Advancing expertise with situational learning

Something reiterated by many business leaders in insurance is the importance of situational learning, given the nuanced, often complex cases underwriters encounter daily. 

Given the increasingly agile nature of the workplace, it will become all the more important to provide employees in Insurance roles with situational learning as they will need to be equipped with the skills to problem solve and confidence to make quick decisions. 

Therefore, it’s key that any insurance L&D strategy includes scalable situational learning to bridge the gap between theoretical knowledge and practical application. 

4) Continuous learning to stay current with regulatory updates

The only thing changing faster than the workplace is regulation and laws. Paired with growing organizations and more agile approaches, L&D professionals in insurance are faced with a unique challenge – delivering frequent learning in the flow of work both consistently and at scale.   

With this in mind, it’s key that L&D strategies for insurance build and maintain a continuous learning culture to create the necessary environment for frequent learning and development.

Introducing the DUAL Asset & Hive Learning partnership

To address these priorities, DUAL Asset has partnered with Hive Learning to redefine the learning experience for underwriters. This partnership brings together DUAL Asset’s comprehensive understanding of the insurance industry and Hive Learning’s cutting-edge human centric AI technology to create a learning ecosystem tailored for underwriters’ needs.

The partnership aims to transform DUAL Asset’s extensive document library into concise, interactive learning modules that are easily digestible and retainable. Underwriters benefit from a blend of traditional knowledge and engaging situational scenarios that challenge and enhance their expertise. Hive Learning’s emphasis on collaborative learning also enables underwriters to share insights and best practices, nurturing a culture of continuous improvement.

In essence, this collaboration is not just about providing training; it’s about building a community of learning where knowledge is shared, challenges are discussed, and solutions are collectively developed. Hive Learning’s AI-driven platform ensures that learning is personalized and directly relevant to the work that underwriters do, embedding upskilling seamlessly into their day-to-day activities.

Find out how you too can scale up your insurance L&D strategies with Hive Learning