Mobile Learning and the Insurance Industry

Industry News, Research, Top 10 Industries Interested in Mobile Learning Comments (0)

With the question of who exactly is interested in mobile learning, in the back of our mind, Float got down to the bottom of things. By monitoring the companies who have been frequent visitors to our website, downloading our content, and reaching out to our personnel, we determined which vertical markets are most interested in mobile, microlearning and mobile apps for performance support.    

After studying the key metrics, including industries, website visits, documents downloaded by the individual sectors, we produced a dataset of the Top 10 Industries interested in mobile learning. Want to see the rest of the list, check this out here.

Here are the results for our #8 Industry: Insurance

Insurance companies have a lot of responsibility and even more on their plates. As technology evolves, customers have higher expectations, which then can disrupt the market. Besides the expectations and innovations, insurance agencies must also take into consideration how they will keep their employees updated on corporate changes and new policies.

In 2016, Statista reported that there were approximately 2.58 million employees within the insurance sector in the United States. According to a report by McKinsey & Co., the average age of a U.S. insurance agent is 59-years-old. Also, by the end of 2018, an expected one-fourth of this industry’s workforce is expected to retire. This means that they must hire three young agents for every worker working.

So how does the insurance industry plan on keeping up with technology innovations, balancing out their workforce, and meeting the expectations of their customers?

Why Mobile Learning?

There are many reasons mobile learning (mLearning) can be useful in the insurance industry. From increasing knowledge of representatives abroad to prepare younger employees to fill the shoes of the retiring elders, here are five reasons how mLearning can benefit this sector.

1- Mobility Abroad

According to a survey by PwC, found that international assignments by companies have increased 25% over the last decade. PwC estimates it could reach 50% by 2020!

Sending employees to unfamiliar places can be a disaster if the worker is not accurately prepared. Not only is the employee faced with fear, but the effects of an ill-prepared worker can have a butterfly effect on the company. Inadequate production, productivity, and preparation can end up costing a business a great deal of money as well as an early return on behalf of the employee.

It is crucial to train employees before sending them off, due to the changes and the new environment they will encounter. Because they won’t have a lot of time to prepare for this change pre-departure and during regular office hours, it only makes sense for them to learn on the go.

2- Millennials are Entering the Workforce

Due to the amount of Millennials entering the workforce, companies must learn to adapt to accompany the younger generation of workers.  KPCB found in their 2015 Internet Trends Report that 22% of this generation chose to receive training, over cash bonuses and company cars.

Because so many young people commute into the cities via subway, they have time to play on their phones both before and after work. Through investing in gamification in your training programs, you can encourage them to learn via mobile. So if training is so essential to Millenials why aren’t you investing in Mobile Learning?

3- Performance Support

If someone needs an insurance agent to go out to a wreck and assess the damage done to a vehicle, they may forget how to approach the situation, especially if the employee is new. Performance support strives to provide employees with the support they need when they need. What better way to provide a worker with the support they need on the go than via their mobile device!

Mobile delivery is more convenient for on-the-go employees, and it is easier for them to view the information they need to know. Forbes claims “employee experience” is upon us, and thus businesses must find solutions to meet the demands of new employees who desire a work-life balance and flexibility.

Mobile Learning + Insurance

QBurst is a full-service software solutions provider who works with clients to maximize the effectiveness of their business through digital technology. They partnered with one of the leading Indian insurance industries, Bajaj Allianz General Insurance, a joint venture between an Indian conglomerate and a European financial services company. Between the two, they have over 45,000 employees and 36 subsidiaries to help them overcome challenges in training with a mobile learning solution.

Due to the growing workforce, the client realized that they lacked a unified platform to communicate and interact with their employees. One of the most significant issues was the absence of ability for upper management to communicate effectively with different levels of employees. Also, in-office training posed its issues regarding time constraints within the programs in company hours.

Bajaj Allianz General Insurance approached QBurst to determine what the mobile strategy would be to meet their three requirements:

QBurst made it easy for Bajaj Allianz General Insurance corporate information to be accessible to the app’s users. Also, the mobile learning platform became a useful tool for learning, communication, and professional development. Here are some of its capabilities:

Since they implemented the app, the employee engagement and interaction increased by 45% due to anytime, anywhere access.  Employee interaction also increased by 53%, which also included collaboration and improved learning with peer relationships.

Adnan A. Bhat, the project lead of mobile marketing and alliances, had a lot to say. “MobiBuZZ is one of its kind app which provides learning at the fingertips of employees. This sets BAGIC ( Bajaj Allianz General Insurance Group) apart from the rest.”

Float Sees Potential for Mobile Learning and Insurance, Too.

Float has worked extensively to develop onboarding and to train mobile learning program called SparkLearn™. SparkLearn® offers companies the opportunity to work alongside our developers to create a learning platform to train new employees.

Float understands that rapid delivery is essential for mobile learners in high-velocity environments. It’s platform, SparkLearn®, has a flexible content management system (CMS), responsive web interface, and an intuitive mobile application. The app was designed with Float’s renown capability of creating great applications for some world’s largest brands, such as Deloitte. Microsoft, Home Depot, and more.

SparkLearn® allows for the import of different content, including training/onboarding content, documents, presentations, and more! The application interface is even flexible enough to support the content created directly within the system and will be branded to match the identity of your company. The app can provide performance support tools like searching within the app and favoriting information to find easily later.

Insurance industries won’t need to worry if their employees are prepared to transfer to a new city or if they’ve finished onboarding courses. All the user activity within the app is tracked with the industry-standard Experience API (xAPI). Analytics tools like Google Analytics, are enabled to plug into the system so managers can track new employee progress.

Some items that SparkLearn® offers include:

  • Instructional Content
    • Your company can write and distribute short-form eLearning content to mobile apps for iOS and Android. Besides the smartphones and tablets, you can also reach desktop users.
  • Resources
    • With SparkLearn®, you can associate websites, PDfs, PowerPoints, and more alongside training courses for use as performance support tools. The flexible metadata makes everything within the app is searchable.
  • Offline Support
    • SparkLearn® can let users learn– even when they aren’t connected to the Internet. Just sync your device when connected to Wifi and view the results later.
  • Personalization
    • Your Learners can easily favorite and mark content for later review. They will even have access to performance support when they need it. Their usage and history are made available to them to see what they’ve finished and need to complete later.

Check out our video promo below:

So what do you think? What are your thoughts on how mobile learning is used within the insurance industry? Can you think of any other examples? Are you in the insurance industry? How are you using mobile technology with your employees?

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On October 31, 2018
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