Managing talent is a crucial task for any MGA. The regulator requires that all insurance staff have an appropriate level of competency, regardless of seniority. This entails delivering appropriate and relevant training to ensure customers receive the information they need to make an ‘informed decision’. MGAs therefore need to assess staff competency and training needs regularly to ensure this happens consistently.
Keeping track of your employees’ knowledge and skills not only enables you to evidence competency, but also to foster development and nurture talent. CPD hours, on the job training, and examinations taken are all part of this process. You will also need to ensure staff are up to speed with issues such as Solvency II, Financial Crime and the implications of the Insurance Act 2015.
There are various specialist training and compliance providers who can advise advise you on how to instil and evidence appropriate knowledge and skills across your workforce.