Meeting legal training requirements with digital training
Every company is obliged to comply with the legal requirements applicable in its industry on a national and international level.
Almost all regulations are not limited to the country in which a company is located, but also to transnational political area of influence such as the European Union (EU) or the Association of Southeast Asian Nations (ASEAN). Even if a company is located outside this area, most companies are affected by national legislations through their various branches in different countries and are faced with the challenge of reconciling all aspects.
Implementing new regulations
In addition to the new General Data Protection Regulation (GDPR), which comes into effect in autumn 2018 and is giving citizen more control over their personal data, a lot of new industry-specific changes in law will also become legally binding each year. The new regulations must not only be known by each individual employee and implemented by the companies, but must also be verifiable in many cases. For example, new regular continuing education regulations within the insurance industry require companies not only to invest in training, but also to be able to prove this in an audit, if necessary.
IMC supports companies with their mandatory regular continuing education programs in order to meet the legal requirements. IMC offers holistic training solutions that are integrated into the IMC Learning Suite as a complete package or develops tailor-made solutions that are customised to the legal training requirements and individual company requirements.
Scenario: Insurance Distribution Directive
The new Insurance Distribution Directive (IDD) replaces the Insurance Mediation Directive (IMD), which came into effect in 2002. It focuses on the whole area of insurance sales within the European Union, including companies whose primary business is not insurance, such as financial institutions. EU member states have until 01. October 2018 to implement IDD at national level.
What are the changes and consequences?
The updates aim to improve consumer protection and transparency. For example, insurance brokers must disclose whose best interests they represent and by whom they are remunerated.
The Insurance Distribution Directive (IDD) has the following consequences, from the perspective of insurance companies:
- All employees must be trained according to their respective tasks in accordance with the legislation. Performance assessments must be included in the courses. The understanding and compliance with the directive must be verifiably demonstrated.
- The monitoring of compliance with guidelines, the fulfilment of competence requirements, the provision of suitable further training content, as well as the specification of regular reporting represent a change in previous processes and must be implemented promptly in practice.
- This results in administrative efforts such as planning, informing, monitoring and reporting. Requirements have been extended for the recording of continuing education activities and their validity. The proof of the respective learning success must be clearly documented and the unchangeability of the data records must be ensured.
- The implementation of the new Directive will result in higher costs for insurance companies in administrative areas.
Who is affected?
The complete insurance distribution area within the European Union. That includes:
- Insurance intermediaries, consultants and brokers
- Insurance sales representatives in the office and field service
- Companies that sell insurance as a by-product (e. g. travel agencies)
- Comparison portals
Executing your IDD continuing education with IMC
IMC is the ideal partner for all insurances to implement the new IDD requirements in the field of continuing education. Simplify that implementation of the legal reform using the IMC Learning Suite. As a holistic training solution, it offers a specially developed IDD-function for controlling, monitoring and verifying IDD-relevant content and the employees affected by the new guidelines.
Implementation in the IMC Learning Suite:
- Create training courses quickly and easily. Learning content and courses are managed in an audit-proof manner and made efficiently available to your employees.
- Personalise learning paths for each employee based on their function, area of responsibility or level of competence. Every employee can see his or her learning progress and the hours of continued education achieved so far.
- IMC Learning Suite enables you to create different learning paths and curricula that meet the respective training requirements and engage staff using gamification elements. The creation of course and participation certificates is included as well as their legally compliant storage.
- The administration effort is reduced through the use of templates, predefined notifications and easy to define workflows.
Current courses with IDD view
IDD status report per employee