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Effective Intermediaries
Training System
Aloke Chatterjee
Content
The Environment
Key influences on consumers
and intermediaries
Expectations from the intermediaries
and their performance effectiveness
Training effectiveness system
Roles and responsibilities
of the stakeholders
Case Study 00
National Vocational Qualification (NVQs)
Insurance
Environment
Key Influences
Consumers
New Players
Deregulation
Incumbent
Banks & NBFCs
Govt. policies
and
Consumer
expectations and strengths of Influencers
Incumbent
Consumer expectations
Provide better service
Strength
Years of presence provide
reliability & familiarity, existing facilities & infrastructure,
and customer base
Banks & NBFCs
Consumers
Strength
Brand, distribution capacity,
range of products and government guarantee
Consumer expectations
Use current facilities to
address multiple needs
New
Players
Consumer expectations
Provide contemporary products
and better service
Strength
Know-how from diverse business
environment, optimization of existing resources and strengths of the
local partner
Government and Regulator
Consumer expectations
Ensure Money is safe and
promises are kept by the insurance companies
Strength
Commitment of the government,
Knowledge and Understanding of the business, experience of other similar
deregulated industries
Summary
Consumer expectations
from the industry
Products to address diverse
needs at different phases of life
Products features are modern
and meet contemporary needs
Service is easily accessible
and efficient
Hassle free transactions
Similar tax benefits
Money is safe
Promises made during the
sale are kept
Concerned about overall satisfaction
Channels of communications for awareness
building and sharing benefits statements
Electronic
Radio
Public relation
Print media
Intermediaries
telemarketing
Type of intermediaries
Agents
Par-time
Full time
Banc assurance
Brokers
Direct sales agencies
Third party service providers
Expectations
from the Intermediaries
Prospect/Customer
Insurer
Government and Regulator
Self, employees and
families
Help understand 00/b>why
insurance?00/b>
Help select most useful
product/s that meets expected outlook
Provide reliable service
in minimum time
Give better rates,discounts
and rebates
High productivity
Follow code of conduct
Consistent performance
Ensure quality of proposals
Continuously track and
monitor the existing customers
Attend minimum 100 hrs
of education and pass pre-recruitment examination
Practice ethical means
of business and transaction
Close cases fast
Earn enough to meet
needs, desires and aspirations of self and family
Social status and respect
Effectiveness measurements of performance
and behaviour of intermediaries
Performance targets
Evaluation of behaviour
Consistency
Activity levels
Code of conduct
Commission earning
Breakthrough initiatives
Conflict resolution
Customer satisfaction
Effectiveness dependencies
Current knowledge, skill,
attitude, habits and practices of the intermediary
Abilities, strategies, practices
and policies of the company they represent
Availability of learning
scope,frequency, curriculum, methods and support
Learning ownership and self
motivation
Growth possibilities
Government policies and regulations
Market situations
Individuals and entities
who have chosen professions, where only performance guarantees earning
and are subjected to multiple effectiveness measurements
Similar situations
Consultants
Doctors/surgeons
Architects
lawyers
Chartered accountants
Brokers
Effective intermediaries training system
The system consists of the following
processes:
Defining the desired state
in measurable units
Identification, classification
and listing of sets of competencies required to produce desired results
Development and sourcing
of content, curriculum, instructions and methodology for an effective
delivery of the competency sets
Identification and implementation
of appropriate execution methods that stimulate learning
Identification and implementation
of evaluation process which is perceived fair, constraint free, practical,
challenging and recognized by the industry
Standardization of the curriculum
Effectiveness measurements
and training need analysis
Between 1993 and 2000
IT education and training in India grew exponentially producing large
number of specialized workforce.
Similar situation
This was possible as all
the stakeholders took initiatives together to build a successful industry.
These stakeholders were:
Software/hardware/third
party/user companies
Education and training institutes
Government and certifying
bodies
Roles and responsibilities of the stakeholders
towards an effective intermediary training system
Insurer00 role
Provide correct inputs of
job requirements
State expectations and desired
results from the intermediaries
Roles and competencies of
others who would be dealing with the intermediaries, from the system
Government
and regulator's role
Identify a nodal organization
or constitute a formal group, consisting of insurers, representatives
from accredited institutes and IRDA for standardization, listing and
classification competencies into different levels
Agree and define methods
of delivery, execution, evaluation and certification process.
Redefine licensing process
based on competence/vocational requirements
Build and promote public
awareness
Roles
of accredited institutes
Run insurance intermediaries
vocational qualifications programmes
Conduct effectiveness survey
to provide inputs for add or change in the vocations.
Role of
intermediary
Acquire the appropriate skills
and knowledge required for involvement in contexts which have direct
relevance to the desired results
Case Study
National Vocational
qualification (NVQ) United Kingdom
About NVQs
National Vocational qualifications
are based on National Occupational Standards (NOS)
NOS are statements
of performance which describe what competent people in particular occupation
are expected to be able to do.
They cover all the main aspects
of occupation, including current best practice, ability to adapt to
future requirements and knowledge and understanding which underpins
competent performance
The standards are developed
by standard setting bodies, mainly employer-led National Training organizations
(NTOs)
5 Levels of qualifications
Level
1
Competence involved in
doing routine and predictable jobs
Level
2
Competence to do complex
and non-routine jobs with limited responsibility and autonomy. Collaborations
with others may be required
Level
3
Competence which involves
complex and non-routine jobs, with considerable and responsibility.
Control and guidance of others are required
Level
4
Competence which involves
complex, technical, or professional work activities, performed in different
contexts, with substantial autonomy and responsibility for the work
of others and allocations of resources is often present
Level
5
Competence which involves
application across a variety of unpredictable contexts. Substantial
autonomy and responsibility of others and for allocation of resources
do feature strongly, as to have accountabilities for analysis, diagnosis,
design planning and execution and evaluation.
Advantages of NVQs
NVQs are work related, competence
based qualifications
NVQs reflect skills needed
to do a job
NVQs represents national
standards
NVQs are achieved through
the demonstration of skills.
Getting an NVQ shows that
a person can do a job to national standards and have the up-to-date
skills the employers are looking for.
For employers, employees
possessing this qualification can improve productivity and competitiveness
Conclusion
A coherent and flexible approach
may be required for effective training and education of intermediaries
to take a significant position in the industry. This would lead
to a frame work to fulfill the following functions:
Establishing
an entitlement
Establishing
standards
Promoting
continuity and coherence
Promoting
public awareness
Thank
you for taking this journey with me
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