We are delighted to announce that we have made a major investment in the training support we provide to brokers.
We now have seven people dedicated to running training programmes compared to two in 2012, and we have also expanded the range of training we provide to include the offering of finance options to customers in addition to ongoing but enhanced bespoke product and system training sessions.
Training options tailored for you
Training can be provided via Web-ex, where multiple branches can attend one session, face-to-face or online for up to 24 people, though plans are also in place to enhance the online proposition so that 100 people can be trained online. Alongside an expanded focus on training, we have also established an assurance team that will be working with brokers to check appropriate processes and procedures are in place to offer premium finance.
Research into training requirements
The announcement comes as new research we have conducted reveals that to help them adapt to their new regulatory environment, 39% of insurance brokers would like to see insurers and product providers offer greater access to training, and 58% said that they wanted more access to software to improve their efficiency. Just over one in three (36%) said that they wanted more access to their account managers.
In terms of what brokers have done in the past two years to help them cope better with the impact of new legislation, 38% have invested in new systems; 30% have become more reliant on third parties for certain services and 26% have invested in more training. Some 12% said that they now rely more heavily on insurers and product providers to help with their training, systems and compliance.
Supporting brokers to reach their potential
Sharon Bishop, CEO, Close Brothers Premium Finance, said: “The benefits of premium finance are well-known, but in the current economic environment the product looks even more attractive. The premium finance market is already big, but our research shows that 27% of SMEs who have never used it would consider paying for their insurance this way in the future and 41% are undecided. This shows the huge potential for the market and to help realise this, providers need to ensure that they are supporting brokers properly. This is a key reason why we have enhanced our training support programme, and we believe it is market-leading.”