Why do we buy insurance? The simplest answer to it would be for peace of mind. Insurance is a financial safety net that protects from the unforeseen and the uncertain. Buying an insurance gives a certain amount of guarantee that in an event of disaster, accident or illness, there is financial security to fall back on. The significance of this cannot be emphasized enough. Besides the peaceful night sleep, there is the benefit of savings on taxes when one has invested in insurance schemes. With increasing number of people realizing the ups of insurance, the industry is growing at a steady pace. As per reports on Statista, “the global insurance market will grow by about one trillion U.S. dollars between 2023 and 2028, reaching almost 10 trillion U.S. dollars.” With an increasing client base, competition in the industry is also becoming fierce. While policies and plans play an important role in attracting client, the manner in which these are sold also creates an impact. Which brings us to insurance sales training programs. Having a well-trained team of insurance agents will play an important role in deciding the company’s client numbers.
Key skills required in an insurance sales agent
Before we go on to discuss the training aspect, it would be worthwhile to take a look at the skills that make a successful insurance agent. As they serve as a bridge between the complex insurance products and potential clients, they need a set of skills that go beyond product knowledge. These skills help them gauge client requirement, connect with them, and help provide plans tailored to their needs.
Product knowledge: This is a rather obvious one. If one is selling insurance products, a detailed and in-depth knowledge about its products is a must.
Excellent communication skills: What does the client need? Being an active listener and observer will help achieve this. Once observed, the sales agent must be skilled enough to communicate the benefits of products in an articulate and convincing manner. Communication, both verbal and non-verbal are crucial skills to have under one’s belt.
Sales techniques and persuasion: The name of the job says it all – sales. If an agent cannot sell, no point in being an agent. In order to sell products, the agent must have some degree of persuasive skills. Identifying a client sitting on the fence and persuading them to go for a product without seeming overly pushy is an invaluable skill.
Relationship management: Building and maintaining a positive relationship with clients is crucial to foster a long-term association. Regular follow-ups, identifying changing needs and making suitable suggestions helps in customer retention.
Problem solving and adaptability: Changing regulations, reluctant clients, handling claim issues, etc. are situations often encountered by insurance sales agents. Being able to think on their feet, offer resolutions to problems and adapt to changes become vital skills.
Ethical conduct: Changes in regulations are likely to affect insurance products. This is bound to affect clients, maybe positively or negatively. Maintaining an ethical approach would require sales agents to be transparent and open about products, premiums and policy limitations, if any. Maintaining a transparent approach helps develop trust among clients.
AI-powered scenarios to train insurance sales agents
We have established the fact that insurance agents need a number of skills apart from product knowledge. The question now arises is how to provide effective trainings to help them develop and practice. One way would be to tag along with a mentor and learn on the job. Would it not be better to come prepared on the job and be able to perform efficiently from day one? It sure would be great, for the company as well as the individual. So how do we achieve that? AI-powered scenarios could be the answer to this, especially the kinds offered by AI-Humans. This platform not only provided realistic training opportunities but a number of other benefits, both for learners and trainers. As trainers seeking to provide quality training, this platform could be a game changer.
Scenarios in minutes – AI-Humans is a platform that allows trainers to indulge in their creative skills and create AI-powered realistic scenarios within minutes. All that the trainer needs to do is put down the details of the case, upload them to the portal and press ‘Submit’. The module will be ready for users to experience, learn and practice. No more cycles of production, reviews, re-work and re-reviews.
No technical knowledge required – Creating AI-powered training scenarios need not call for technical skills, at least not on the AI-Humans platform. This further means that no complicated software needs to be downloaded or accessed. Trainers can create the cases with customizable environments, tailored to their requirements. Technical aspects are taken care of at the backend by the tech-team. Trainers need to identify the training need and create the case.
LMS compatible – Keeping track of learner progress and performance helps gauge the effectiveness of courses. Being LMS compatible the said platform helps achieve this purpose. Shortcomings, if any, can be addressed, and modifications made.
Real-time update – Making modifications to elearning modules can be a lengthy procedure, not matter how big or small the change. With the AI-Humans platform, changes made to cases are reflected in real-time. There is not long procedure, just a few edits and a couple of clicks.
Accessible and scalable – All AI-Humans cases are experienced in simple web-browsers. Just as it does require a specific software for creation, similarly, experiencing it as simple as clicking a link that opens is a browser. Being browser friendly, the training content is highly scalable. One given case can be accessed by multitude of users at any one given time. So, if you have learners from different locations practicing a client interaction for a stolen vehicle investigation, all that each one needs to do is access it in their browser on their PC and practice.
Instant AI-driven personalized feedback – One great feature of the platform is the instant feedback it provides to learners on their performance. Cases and assessment rubrics are customizable. Trainers get to decide on what parameter to test the learners. Based on these criteria, the system generates an AI-driven feedback report after each session. This helps trainers provide personalized feedback to each trainee.
With the rapidly growing insurance industry a key component contributing to this rise is client-company relationship. At the center of this relationship is the sales agent who acts as the go between. Had it not been for these sales agents acquiring and retaining these clients would be an uphill task. In order to train an able group of candidates, groom them and help them grow in the industry, an effective and engaging training material would play an important part. Using AI-powered scenarios for training purposes would help these agents practice their skills and get better at their job, leading to increased business for the company.
AI-Humans from ELDC is a SaaS-based platform that enables trainers to develop AI-powered durable skills training solutions within minutes. While all technical aspects of creating these AI-powered scenarios have been taken care of by the team, trainers can devote all their attention towards giving shape to highly effective and relevant training and provide learners with engaging and immersive training opportunities. Practicing durable skills is the best way to learn and this is precisely what AI-Humans is providing.