Under the Insurance Distribution Directive which came into force on the 1st October 2018, any sales staff and anyone else involved in insurance distribution, selling, or transacting on insurance contracts for all types of insurance must complete a minimum of 15 hours of continuing professional development (CPD) each year.
Employers must also establish, maintain and keep appropriate records to demonstrate compliance with employee knowledge and ability requirements in areas such as product knowledge. Firms must consider employees’ compliance with their IDD training and development when assessing their competence and when certifying employees under the FCA "significant harm" function.
What is CPD?
So, what is CPD? CPD stands for Continuing Professional Development (CPD) and is the term used to describe the learning activities professionals engage in to develop and enhance their abilities. It enables learning to become conscious and proactive, rather than passive and reactive.
How can OnTrak help your business with CPD training?
e-Learning has quickly become the preferred method for delivering a variety of different training topics. Why? Because it's flexible, you can deploy courses quickly and train a greater number of learners more cost-effectively compared to other training methods.
OnTrak provides your business with all the functionality you need to deliver, support and monitor a truly modern certificated training programme.
We have a broad portfolio of engaging off-the-shelf courses/training packages available to suit all sizes of businesses and if you need bespoke courses created, not a problem, our in-house developers will build them quickly and cost-effectively.
As delegates are added to OnTrak, the system automatically creates individual/dealership/group CPD records and provides evidence of all CPD activities carried out. Managers and supervisors are able not only able to set learning plans for staff members or groups of staff but also have the ability to monitor the progress of individuals through the reporting suite.
If you would like to hear more about how OnTrak e-learning will simplify the delivery of training throughout your business or you wish to discuss your CPD requirements, please get in touch via our website or call us directly on 01246 488180.