Insurance Industry

Attrition Rate at a Major Insurance Company

The Challenge
For any organization, its people, before everything else, are paramount to delivering solutions to its customers. It’s even crucial for companies operating in the Insurance sector where the entire business revolves around a human resources intensive approach. But this giant insurance company faced a huge challenge when it recognized the highest ever employee attrition rate, especially amidst its newly trained Insurance agents. The insurance company was extensively spending its time and money on the sales training of its new hires, yet people were vacating the organization after the training period.

Issues ranging from the meager training duration, lack of focus during training period, pressure of delivering desired outcomes after the training, and probably some sort of uncertainty about their future in the company were some of the reasons why people started looking for other opportunities. The company couldn’t afford to lose its trained employees employee that way. Therefore, the company partnered with Bharat Mentors to initiate a comprehensive review of its Insurance POS Training Program.

The Solution
The major insurance company and Bharatmentors collaborated to launch an enhanced e-learning model where selected candidates would undergo the online training and a terminal assessment would thereafter be conducted. Only the successful candidates would then be applicable to join the organization as new agents. The training ensured the business objectives were aligned with the training solution.

Both companies developed an enhanced learning model based upon the essential skills and parameters for insurance training. The model consisted of basics of insurance market, various concepts, situations based scenarios and sales training notes.

Business Impact
This enhanced e-learning strategy allowed the company management and sales team to experience one of their best performing years in the history of the company and helped them set new goals for the coming years.

As a direct result of the training transformation, the organization has since recorded a significant improvement in attrition rate, total revenue, training expenses, customer services and last, but certainly not least, an all-time high employee satisfaction.