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2018 Innovation Awards: Targeted Training Solutions

2018 Innovation Awards: Targeted Training Solutions

The Institutes

Time is money, and training takes time.

For risk management departments and other insurance-related entities, a key question is how to make employee training as effective and efficient as possible.

The Institutes has provided an answer to that question with Targeted Training Solutions, a winner of the 2018 Business Insurance Innovation Awards.

“The No. 1 problem is reducing training time,” said Adam Carmichael, vice president of assessments at the Malvern, Pennsylvania-based Institutes and project lead for the program. By focusing on where a person has knowledge gaps, Targeted Training Solutions cuts the training time, he said.

The program is an “all-in-one online solution,” Mr. Carmichael said. It starts with a preassessment or test, typically a half hour, he said. That identifies at an individual level if there are any knowledge gaps on that subject. If gaps exist, focused content is delivered within the same online course.

“Essentially, by taking the preassessment first, you get a personalized course,” he said. The final assessment verifies that the gaps have been filled.

“The alternative might be everybody takes an eight-hour course, and that’s everybody for a full day doing that,” he said. With Targeted Training Solutions, a company or department might need only 45 minutes, he said.

The program relies on some standard modules, as well as some that are specifically tailored for certain clients, he said. Mr. Carmichael said one of the advantages The Institutes has is that it can draw from existing content for such programs as the Associate in Risk Management designation. As a result, “we are able to have statistically validated questions, which helps us in building these courses,” he said.

“When you think of it from a risk management perspective, if your employees have knowledge gaps, it can create risks,” Mr. Carmichael said. “If you are able to reduce those knowledge gaps, that reduces the potential exposure.”

“This tool helps risk managers quantify the risk of potential knowledge gaps among their employees,” he said. “They might be looking at identifying loss exposures and other aspects of implementing risk management. Maybe staff can analyze loss exposures but perhaps need work on present value and discounting.”

“It’s been received very well,” Mr. Carmichael said. “Employers really like the combination of reducing the training time and quantifying these knowledge gaps. It allows them to focus their training and achieves better ROI from their training.” 

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