A new insurance training tool has been unveiled by L&G
Legal & General has launched Trainsmart, a programme designed to help intermediaries familiarise themselves with insurance products and services.
The programme, which has been available to use since the middle of February, is an ‘industry first’ according to the insurer and enables advisers to test and understand their knowledge of L&G insurance products. Access is provided through a computer-based tool comprising 50 questions across five modules. It features individual insurance products and delves into key aspects of the sales process.
L&G say the modules should take around 20 minutes to complete, with each participant receiving a score and credit towards CPD. The insurer claims the initiative will help advisers improve customer relationships, so it will strengthen customer retention.
Mark Holweger, managing director of Legal & General, said, “Trainsmart aims to support all of our advisers, providing them with recognised and measurable training and ensuring they are working to the best of their ability. We hope that such innovation will help shape the future of the intermediary market and ultimately improve the experience of adviser and client.”
More than 30 of L&G’s largest protection firms have already confirmed their participation.
Protection tends to form a fairly minor part of an adviser’s arsenal these days. However, that’s not to say that this is the right move. In fact, protection should perhaps be considered the most important area of financial planning, seeing as dealing with the loss of either loved ones or personal health can be accompanied by a huge financial burden.
Furthermore, the emergence of more tools for advisers to gain CPD should always be welcomed. Of the 35 hours required to maintain a Statement of Professional Standing, 21 of these must be conducted on a structured basis such as workshops, seminars, lectures and e-learning, therefore Trainsmart qualifies as part of this category. However, 20 minutes only represents a small proportion of this demand, so CPD certainly shouldn’t be the main driver here.
If advisers are using L&G insurance products regularly then they should already be familiar with the key product features, but this could still work well for a handy refresher.
L&G’s statement that the tool should improve an adviser’s client relationships sounds less likely. Adviser take-up should still be considerable, though, as L&G is one of the largest players in the insurance market, so the number of advisers recommending its products is considerable.