How a company reduced its on boarding time from 10 days to 10 Hours?

Customer Profile

Our client is among India’s premier commercial vehicle Financiers. It has a wide network of over 2500 branches, with an estimated 1 trillion assets under management and staff of 25000 across the country.

Business Need

Most of the new recruits to the organisation are fresh graduates or with irrelevant industry experience. The Induction process is tedious with 10 days of instructor led training and 20 days of on the job support by superiors. 80% of the staff are sales personnel with employee turnover of around 20% per year. 90% of the employee turnover engulfs employees with less than 1 year experience. They realized that it is harder to allocate time for formal, in-person training, as the demands of their business increased. Also they wanted to embed earning into the lives of employees to increase their engagement levels and enable personal and professional development. Hence the organisation was contemplating to digitise the learning powered by modern technologies.

The Challenge

The client faced the following challenges in the current Induction program.

  • Long training periods which also involved key resources spending their valuable time in training
  • Lack of analytics to measure learner progress or determine the effectiveness of training interventions
  • Lack of flexibility related to classroom training schedules
  • Expensive facilitation and logistics
  • Inconsistency and duplication of efforts across the branch locations

The Solution

Mycoach Learning brought a paradigm shift to their learning approach and to establish a new digital learning model by hosting numerous design-thinking sessions with the key stakeholders. We identified the capabilities of the learning platform required to deploy this new learning strategy effectively. Our key focus was to deliver learning in the flow of work without compromising on-the-job experiences and suggested to schedule the induction program even before the employee joined the organisation. We used Mycoach LMS as the platform to deliver the learning assets and our administration team extended full support in execution through proactive endeavours.

The learning platform was integrated with the HR Management system (HRMS) of the client and any new hire with access to their HRMS can access the induction program. This resulted in many new hires completing the program at home and enter the business with essential knowledge and a positive sense of company culture. This also turned out to be a rubric to measure the new joiner’s interest and motivation level. The platform’s diversified streams displayed content and content recommendations based on skill mapping and job design.

The learning assets covered various topics that range from products, processes, procedures, regulations to selling behaviours Existing content was redefined into a story based short videos, SCORM compliant page-turner, HTML5 based interactive pages and infographics. The Content lab of mycoach learning (instructional designers, video-makers, graphic designers, illustrators) worked with our client’s Learning team and Subject matter experts constantly to develop the learning assets that provide learning with fun.

Business Impact

  • Annual savings of Rs. 37, 00,000 on Logistics and Facilitation costs
  • 67% of the new hires completed Induction program before Day 1 of their job
  • The solution created a premium image for the organisation even before the new hires joined
  • Replaced the 10-day classroom training with 10 hours of learning
  • Enormous savings in time enabling the learning team to focus on one to one support to new hires

How an Elearning Course launched a New Business Channel?

Customer Profile

Our client is among India’s premier integrated financial services providers backed by a big financial conglomerate of South India. Our client has a wide network of over 140 branches, presence in more than 200 locations across the country serving more than 10 lakh customers under various financial products category. They are professionally managed and supported by the knowledge, expertise, guidance, and experience of over 700 employees and a large group of business associates engaged in Fixed Deposit business and marketing activities. They empower customers by facilitating financial tools to grow wealth.

Business Need

Our client has various channels to distribute and sell financial products like Life Insurance, General Insurance, Deposits, Mutual Funds etc., To fulfil the organisation’s vision of facilitating financial products to improve the protection and prosperity of customers a new business segment called ‘Wealth Management Channel’ was proposed by the Top Management. This channel would consist of Top Sales professionals who are Subject Matter Experts in the field of Finance and Finance related products. They would play the role of wealth advisors by planning and maintaining Customer’s financial portfolios. Our client identified the Top Salesmen in the organisation with the potential to become wealth managers.

The Challenge

  • Client operates in 2 tier/3 tier cities and Towns and hence the customers lack knowledge of financial markets and products and hence wealth advisors have to be well trained to handle such customers
  • The selection of wealth managers had to be made purely on knowledge with evaluation metrics to justify the selection
  • Employees of the client are usually experts in one product portfolio and do not possess knowledge & skill to handle multiple financial products
  • Provide opportunity to maximum sales people to learn and prove their potential to become wealth managers

The Solution

Considering the client’s business challenges we conducted a Business Requirement Analysis and proposed solutions which can yield them better and efficient results with great ROI.

We proposed a simple yet powerful solution to solve internal job promotion needs. A “Wealth Management” self-paced Elearning Course that was designed, developed and offered to a handpicked group of the existing sales force.

  • The course would have 3 levels and certification would be done at the first 2 levels
  • The top 10 scorers in Level 1 assessments will be selected to administer the Wealth Management Channel
  • Level 2 would be offered to employees who get certified on Level 1 and the wealth management channel will be strengthened based on the upcoming certifications in Level 1 and Level 2
  • Employees who get certified on Level 2 would be eligible to access Level 3 course which would be a case based and scenario based learning to reinforce the financial concepts applied at work
  • Level 3 would be perpetual as the scenarios will be updated periodically based on Industry updates and hence the learning will be unceasing
Wealth Management – The Course

The most important asset of this model was the course. The course was designed in such a way that it covers all the fundamentals in Level 1, advanced learning in Level 2 and application of Learning in Level 3.

The key feature of the course is that it was developed and designed to cater the needs of 2 tier and 3 tier customers of our client. The examples, case studies and scenarios used were customised as per the inputs provided by the Client’s Management team and SMEs.

Course Curriculum

Level 1 - This level covers the basics of Financial Planning, Economics, Investments Options, Regulations and Taxation.

Level 2 - This level covers Risk Management, Investment Planning, Retirement Planning & Estate Planning.

Level 3 - Case Studies and Scenarios

The Learning Platform – MyCoach LMS

The E Learning modules were launched in myCoach which is a versatile Learning Management System swarmed with powerful features and tools

  • Provision to upload any type of content – SCORM/Videos/Documents/HTML
  • Discussion Forums for knowledge sharing among learners
  • Knowledge support through direct interaction with SMEs through the portal
  • Analytics and Course Completion tracking
  • Leaderboards to enhance engagement
  • Leaderboards to enhance engagement
  • A dedicated Learner Support Team to handle queries of learners and constantly communicate course details and updates to learners
  • Mobile App to facilitate Anytime/Anywhere learning
  • Click here to know more about Mycoach LMS
Wealth Management – Certification Process

Each learner will complete the modules in the course and the knowledge checks accompanied by the Elearning Module. The learners who complete the E learning modules with 80% score in each knowledge check will be eligible to take up the Certification Assessment. The Certification Assessment is knowledge and application based online test in which the learner is proctored using a webcam.

Business Impact

Return on Investment - The entire process would have costed a fortune had it been done offline as the training cost and training time spent by sales personnel would have impacted the current operations. An estimated 120 man hours of Instructor led training and assessment time was reduced to 8 hours.

Launch of Wealth Management Channel - The first Wealth Management team comprising of 10 Wealth Advisors was established after the First Certification Process.

Learning Engagement Level - The engagement level in the learning management system (course Completion status, login status, learning hours etc.,) after the course launch sky-rocketed to 89%. Out of 150 Sales personnel who participated in the drive, 52 Sales personnel have been certified in Wealth Management Level 1 of which 14 have been certified in Wealth Management Level 2.

How Microlearning revamped our client’s Marketing process?

Customer Profile

Our Client is one of India’s top Life insurers with 600 branches, 11,000 employees, 125 lakh life insurance policies in force and Rs. 3076 crores worth Assets under management.

Business Need

Insurance in India has always been a knowledge driven industry as it involves educating the customers about the need for Insurance. Also the regulatory norms require insurance sales personnel to be certified by the authorities concerned. Our client identified this need well ahead and had implemented a robust training strategy to constantly update the sales force with the knowledge of various insurance policies sold by the company.

The were no strangers to Elearning and were serious users of online learning resources for their employee’s training needs for more than 2 years. But changing times demand change in strategies and learning strategies also require revamp over a period of time to suit increasing business needs.

The Challenge

  • Just in Time learning was missing in the existing Elearning content
  • The long duration of Elearning courses was not suitable for mobile learning

The Solution

Mycoach Learning has been the trusted Learning Technology partner for them since they implemented ELearning in their organisation and launched Mycoach LMS. As a counter to the new challenges they faced, we suggested Microlearning assets for all their insurance policies being sold in the market. The assets primarily included 2 to 3 minute short videos and were supplemented by infographics on the same.

The solutions proved to be a game changer as the sales personnel instantly adopted the colourful, scenario based and relevant graphical representations used in the assets. They were also available in local languages to which enabled the sales personnel to use these assets during their sales pitch. Most sales personnel used these assets to refresh their product knowledge just before visiting a customer and also to display these videos to customers on their mobile screens while pitching the product which enhanced the reputation of the organisation.

This also inspired their marketing team to use these videos for marketing in Social Media. Today, we create various Microlearning videos and infographics for their digital marketing campaigns of new product launches. This solution was an instant hit as it served both their training team and marketing team.

Business Impact

  • Consistent, integrated and Just in Time knowledge required by sales personnel to sell policies
  • Learning analytics indicated 91% of Sales personnel accessing Microlearning assets in a week
  • Mobile App download of Mycoach LMS increased by 350% in just one month
  • Marketing team saved 10% of their annual digital marketing costs that would rather be spent on creating videos for social media