Training Insurance Professionals Becomes Easier with Expanded Verisk Program

Rhea-AI Summary

Verisk (Nasdaq:VRSK) has launched a self-hosted ISO Education Program for insurers, allowing them to integrate over 140 e-learning courses into their own learning management systems. This initiative aims to enhance the training and onboarding of employees amidst a looming talent shortage as half of the insurance workforce is expected to retire in the next 15 years. Enrollment in ISO Education has surged by 78% in the last two years, reflecting its growing importance in workforce development.

Positive

• ISO Education has increased enrollment by 78% over the past two years.
• Five insurers implemented over 110 courses, adding nearly 55 hours of instructional content.

Negative

• The insurance industry faces a significant talent shortage, with over 400,000 positions expected to be unfilled due to retirements.

ISO Education Program Now Available for Insurers to Self-Host Within Their Learning Management Systems

JERSEY CITY, N.J., June 17, 2021 (GLOBE NEWSWIRE) -- In an evolving insurance workforce, insurers can now more efficiently onboard, train and develop employees on critical ISO solutions, thanks to Verisk (Nasdaq:VRSK), a leading global data analytics provider. ISO, a Verisk business, announced today that participating insurers can now integrate over 140 e-learning courses from ISO Education as part of their existing subscription.

The ISO Education curriculum includes deep dives into ISO’s industry-leading insurance pricing solutions and policy programs and related products such as Mozart Forms Composer, Risk Analyzer and DataCube, created by the same subject matter experts who built and support them.

ISO Education has already helped train nearly 7,000 insurance professionals, resulting in more than 15,000 course enrollments. The new functionality allows insurers to centralize their training resources and better manage the progress of employees towards their learning goals. Five insurers have recently embraced the functionality, implementing over 110 courses—nearly 55 hours of instructional content—in their learning environments.

Supporting the insurance industry’s talent development, as retirements loom
Over the next 15 years, half of the current insurance workforce will retire, according to the U.S. Chamber of Commerce’s America Works Report. This “retirement cliff” will leave more than 400,000 open positions unfilled, as less than a quarter of the industry is under the age of 35, the report explains.

“The insurance workforce is in the midst of an unprecedented demographic transformation as workers retire and a new generation fills the ranks,” said Scott West, vice president and managing director of ISO Core Lines Customer Strategy. “Developing this new talent while ensuring current employees have the product knowledge they need of the ISO policy programs that help support their businesses can be a huge resource drain. By leveraging the new functionality, insurers can expand their training with efficiency and customize learning plans to meet their specific needs.”

In the past two years, enrollment in ISO Education has grown 78 percent and the number of courses in the curriculum has nearly doubled. Verisk will continue this aggressive investment in 2021 with new courses on ISO’s General Liability, Property, Personal Auto, and Personal Inland Marine programs, among others.

To learn more, please visit https://www.verisk.com/insurance/products/iso-education/

About Verisk 
Verisk (Nasdaq:VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact:
Ali Krueger Herbert
Ali.Krueger@verisk.com
551-204-6592

FAQ

What is the new ISO Education Program by Verisk (VRSK)?

The ISO Education Program allows insurers to self-host and integrate over 140 e-learning courses into their systems.

How has enrollment in ISO Education changed recently?

Enrollment in ISO Education has grown by 78% in the past two years.

What impact does the retirement of insurance professionals have on the industry?

Half of the current insurance workforce is expected to retire in the next 15 years, potentially leaving over 400,000 positions unfilled.

How many courses are included in the ISO Education curriculum?

The curriculum includes over 140 e-learning courses focused on ISO's insurance pricing solutions.

What are the benefits of the new ISO Education Program for insurers?

Insurers can centralize training resources and manage employee progress more efficiently.