Bill Gates reads a book a week. Elon Musk has developed his own system for learning about new topics. Warren Buffet has them both beat — he reads 500 pages of reports, newspapers and books each day. These innovators are at the top of their fields, with decades of experience and success. Yet they still prioritize lifelong learning.
That's no coincidence. Research conducted by KornFerry found that learning agility — a willingness to grow and learn with insatiable curiosity — is the number one indicator of executive success. And learning agility often finds real-world value in the ability to adapt to changing customer expectations and emerging technologies, which is as essential in the insurance business as in any other industry.
Terry Katz, CPCU, an avid lifelong learner and vice president of education, training, quality assurance and claims at HMS Insurance Associates, Inc., agrees that continuing education has a definitive return on investment — but adds that it has to happen every day.
“If we don't continuously encourage learning by doing things like bringing in subject matter experts to tell employees about new policies, new exposures or new ways to serve the client, they're not going to keep up to date,” Katz says. “It's so important. We also provide leadership training for our managers and upcoming leaders on the latest theories about how to keep people motivated, engaged and happy.”
Inspiring lifelong learning
Research shows ongoing education benefits employees and organizations alike. Nearly all employers say ongoing education has a positive effect on employee job performance, according to by EvoLLLution. Here are four strategies to drive home the value of continuing education at every organizational level:
1. Lead by example. Company leaders must walk the talk. Little steps like emailing employees an article on a new claims investigation technique go a long way in demonstrating a commitment to growing your expertise. For Katz, talking up the industry and the benefits of learning comes naturally.
“When new hires come in, they see how much I love it, and it's contagious,” Katz says. “I never stop learning. I pass that on to my students and anyone else who will listen, to be honest.”
2. Foster a culture of learning. Sharing knowledge should be a company-wide effort. Employees are more likely to take ongoing education seriously if they know it's something their organization values. Some firms offer financial assistance or bonuses when learning milestones are reached.
But there are other ways too. Encourage claims pros to research an emerging industry topic and share what they learned over lunch, or use company-wide events to honor employees who earn industry designations.
3. Encourage learning through networking. Lifelong learning doesn't stop the minute after a webinar or an exam ends. According to the Pew Research Center, 65 percent of professional learners say learning in the past year expanded their professional network. For claims pros, that's key access to new viewpoints and fresh ideas to better serve clients and improve business outcomes.
4. Differentiate between training and ongoing education. There's a big difference between job training and education that provides greater industry expertise and context. Too often, organizations prioritize training and neglect development.
Development builds strong organizations for tomorrow. And while it can be difficult to look beyond immediate needs, creating succession plans and development roadmaps pays dividends. This is especially true in fostering growth and happiness among young professionals.
“Young people entering the industry want a career path,” Katz says. “They want to learn. And they're very eager to earn industry designations. We have a competitive learning atmosphere here. We try to give them recognition as well as incentives to stay current with industry changes.”
Regardless of the path you take, make lifelong learning a mindset rather than an objective. Every book read, designation earned and conference attended is in pursuit of an ongoing goal: to stay knowledgeable and relevant in a rapidly changing industry.
Martin J. Frappolli is Senior Director of Knowledge Resources at The Institutes.
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