The bottom-line impact of a Learning Management System

The bottom-line impact of a Learning Management System | Insurance Business America

The bottom-line impact of a Learning Management System

There’s lots of buzz about Learning Management Systems. What are they are? Why do I need to offer one? What value will it provide? It’s time to dig in to these questions as well as outline the benefits a broker can realize by adding an LMS to their offerings.

What is a Learning Management System (LMS)?

An LMS is a software platform that allows you to offer online training. This system allows you an efficient way to plan, implement and maintain a learning program for your clients. A typical LMS offers a plethora of courses on a variety of topics ranging from onboarding to compliance to job- and client-specific training.

How can an LMS help your agency?

Your job is to make your clients’ lives easier. That’s what an LMS can deliver. Bundle that up with cost savings, reducing risk and avoiding noncompliance training penalties, and it’s clear to see that an LMS is definitely worth it. Let’s take a look at some of the top benefits of this value-laden offering:

Customizable

An LMS is not a one-size-fits-all product, and that’s a good thing. Your system should allow you to create custom learning paths by job title, specialty, requirements and more. You should even be able to add in any custom training you have developed or require, as well as job-specific training.

Compliance

Many states and/or companies have annual compliance requirements that have to be completed by employees, e.g. sexual harassment prevention. An LMS provides an efficient way to get the required training to the right group of people in a timely fashion while tracking completion and results.

Increased client retention and satisfaction

An LMS is a way to offer more than a policy to your clients. It’s a way to establish additional connection points and value. Satisfy and even exceed client expectations by demonstrating how the LMS will help partners win new clients and keep existing partners.

Save money

Customers want HR services and guidance, but usually can’t add the headcount; that’s where an LMS comes in as a cost-and time-saving tool. An LMS provides a more manageable and predictable cost structure. Plus, better trained employees with better safety knowledge can equal improved skills and fewer claims.

Make money

An LMS can also generate revenue. While it is an obvious value-add to provide in some cases, you can also opt to use elements of your LMS as a fee-for-service item. You could consider offering training with a cost per course, learning track or per employee. It allows you to become very flexible in your pricing for training offerings. It’s also important to remember that even if you offer an LMS as a no-cost, value-added service, you should still attach a monetary amount (maybe as a line item on an invoice) to show your clients the value they are getting from you as an extra service.

Differentiate yourself from the competition – Stay a step ahead of your competitors. Offering training via an LMS will save your clients time and money and can give you an edge when prospecting new business, as well as providing current clients a compelling reason to renew. Plus, if you don’t offer an LMS as a solution, chances are, someone else will.

Always training

With an LMS, you don’t have to wait for a training date or class. Everything is available 24/7. This can be especially helpful for new hires. You don’t have to wait for a full class to take the training.

It’s hard to ignore all the benefits an LMS can provide. Choosing the right LMS can be just as easy. There are a few key areas to consider such as ease of administration, the course catalog, key compliance trainings, customization options and reporting. Determine the factors that are most important for you and narrow down your choices. Zywave is ready to help your agency stand out from the competition by offering comprehensive training and employee education options that will save time and money while helping to keep employees safe and skilled.

An LMS is more than a tool, more than training, more than a course catalog; it is a dynamic way to showcase value to your employers. Offering an LMS delivers a smart and strategic way to demonstrate expertise and stay in tune with client needs. Do you need an LMS? Yes!