Training is full of surprises

The insurance industry is no different from any other in the sense that it is awash with its own cliches. Brokers must add value in the distribution chain; brokers must invest in technology; brokers must evolve or die - all mantras that seem to have been doing the rounds for decades.

But, as with all cliches, they contain a kernel of truth. The one about the importance of existing staff is usually outshone by the industry's preoccupation with incoming talent, but what about the talent we already have? Managers will always agree that staff should be well trained, but the realities of the time and financial expenditure required often stifles the idea's wholehearted execution.

As with any investment in the business, training staff is not a money-spinner on day one; it is a personal and financial investment. The fact is that the uplift in our business last year was down to the investment in the training and development of staff. The psychological benefit of equipping someone with greater knowledge is arguably more beneficial to the business than gaining increased technical know-how. It has a huge impact on staff commitment and motivation, as well as the success of the business.

The pressures created by consolidators and market conditions had a demoralising effect on brokers in 2007, but the cliche that brokers are a resilient bunch still holds some merit and they have much to be proud of.

Brokers should look again at the strengths of their businesses as an entity and as a group of able individuals in order to maximise the opportunities they can create. I would urge any manager that is not already investing in training to start and be prepared for a surprise.

Lyndon Wood, Chairman, Moorhouse Group.