A Competency Model for Effective Training in Bancassurance

People are the most valuable assets. However, in reality, the greatest challenge faced by any organization is that human resources remain undervalued, underutilized or under trained. In order to combat with this challenge, every organization must ensure that they have the right people capable. Globalisation, favourable economic climate, growing urbanization, increasing consumerism, technology and rise in the standard of living increased the demand for financial products and services and generated greater employment opportunities. Increased competition world-wide is forcing the learning organizations to find innovative ways to design and deliver cost-effective training. Although there is an increasing awareness in education and employment, with dynamic regulatory provisions, high employee turnover, spread of workforce across boundaries, getting the right person for right job at the right time became difficult and necessitated the effective training especially in banking and insurance sectors.

The present study makes an attempt to propose a competency model to impart effective training for bancassurers. For this purpose, the article proposes the ASTD (American Society for Training and Development) competency model to provide a strategy for successful professional training.