4 Product Knowledge Training Ideas for Insurance Salespeople

Product knowledge training ideas aren’t one-size-fits-all. Find the methods for continued education that will work best for your team.

The insurance industry is full of ever-changing regulations and technology. Because of this, sales managers need to constantly be thinking of engaging product knowledge training ideas for their teams. Education is fundamental in the insurance sales industry and making sure insurance salespeople have access to up-to-date resources is a major responsibility for a sales manager.

As you brainstorm ways to keep your sales team informed of new regulations and technology, consider different methods of learning. Some product knowledge training ideas involve group participation, as in workshops and seminars. On the other hand, some agents prefer to work independently to stay up to date on industry trends and news. The key, as a sales manager, is to offer multiple opportunities and styles for continued education. Here are FOUR ideas to implement on your team.

1. Schedule quarterly training sessions to stay up to date on regulations.

Build into your calendar quarterly training sessions for you and your team that examines the insurance sales industry and any regulation updates. Partner with local authorities and bring in third-party trainers to teach and update your agency on evolving best practices. These sessions should be compulsory for every agent in your agency, so your team is all on the same page and in compliance with regional and national laws.

2. Build out an internal education knowledge base

Take advantage of technology when developing product knowledge training ideas. Using a learning management system or some other software, build a repository for your agency’s knowledge base. Create content modules for new agents so they can onboard with confidence and include refresher training modules for seasoned professionals. It’s important to keep these materials up to date since regulations, policies, and processes change over time.

A note about keeping education materials up to date: Spread the responsibility. Oftentimes agent education falls on one or two person’s shoulders without a redundancy or succession plan in place. If that person leaves the agency, the education materials can become outdated quickly. Create a process for regularly updating your educational material that includes a shared responsibility. This will help prevent a lapse in information updates.

3. Start a book club

It might sound a little corny, but an agency-wide “common-read” is a great way to get a discussion going. Find a recent industry-specific book and encourage your agents to read it. Host a “book club” meeting where participants discuss what they’ve learned from the book and what, if any, changes they’d like to adopt into their own process and systems. Make it easy for your agents by purchasing the books for them and leaving a few extra copies floating around the office. Incentivize participation with either a prize or perk.

4. Work with other agencies to host conferences

It may seem counter-intuitive to work with other agencies but there are some major benefits with collaborating with other small to mid-size insurance agencies. If a consortium of agencies plans for a regional conference, they will likely be able to hire more renowned trainers and speakers, since they’ll be able to pool more money together. If you don’t want to involve direct competitors, consider industry-adjacent companies. For instance, if you sell home insurance, consider partnering with a real estate firm and a mortgage brokerage to host a conference to review regulation updates in the home-buying industries.

It sounds cheesy, but knowledge truly is power. When it comes to product knowledge training ideas, your options are limitless. Find methods and modes that work best for your team, and continue to challenge them outside of their comfort zones.

Putting product knowledge training ideas into place takes time and energy. Save your sales team time by leaving the lead generation to HBW Leads. Their insurance and technology experts will deliver double-verified, exclusive leads. Your agents will have more time to devote to their continued industry education.