High-growth insurance firms have always kept a focus on people development within their organization. They understand the importance of training and development across their organization – from sales to service to support. These individuals need the tools for improvement, the right training, opportunities appropriate for their abilities and excitement about their future. High-growth firms have a culture where hard work, risk-taking, creativity and learning are encouraged and rewarded in a strategic and intentional way.
In today’s environment, the focus on people development has heightened. Remote workforces, onboarding through virtual meetings, and the lack of personal interaction has required organizations to review and rebuild their development approach. Many insurance brokerages are having challenges hiring and retaining the right producers, making it imperative that they have the right systems in place to maximize productivity and satisfaction of existing staff.
Producers are a major part of your firm’s success and investing in your team helps them stay at the top of their game and boosts your firm’s revenue growth. The question becomes, how are you helping your team grow their book of business by 15% annually?
Investing financially in a training session or service can be an important piece of their success. The same can be said of Key Performance Indicators, or KPIs. Leadership wants to assume that putting together KPIs and goals for each producer enables them to focus on personal and professional development. The hope is that all of these can be effective, but how do you know?
This is where the concept of reinforcement comes in to play. It’s one thing for them to know what to do via training and/or development planning, but it’s another to actually do it. Ongoing reinforcement and integration of coaching and development to the newly acquired skills, methodologies and strategies helps your team translate their training & development factors into “real world” applications. This can help change behaviors and allow individuals to practice learned concepts in order to adapt them to their everyday sales process and approach.
Is your firm providing routine training and reinforcement opportunities for your production team? Are you using each 1-on-1 meeting and team session to ask questions, discuss concepts, and roleplay (yes, the R-Word!) with your team? If not, you’re potentially leaving revenue on the table and not providing your team the right skills to continually improve their craft.
If you have questions about Today’s ViewPoint, or would like to learn more about how you can drive growth acceleration for your firm, email or call Frank Cox, Senior Vice President, at 616-426-8522.
Register for MarshBerry’s Producer Academy
Help your team translate training into real world applications by registering them for MarshBerry’s next virtual Producer Academy.
Designed for new hires and producers looking to sharpen their skills, Producer Academy 100 helps get producers on track to validate and increase new business production. Learn more and register here.