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LOMA Society Education Committee Discussion Groups
At our third quarter meeting on September 14th, the
Education Committee introduced the idea of discussion groups. We distributed a
memo describing this concept, which is attached for those who could not attend
the meeting.
Meeting attendees were invited to complete a survey so we could gauge interest
in this idea. We would like to thank the survey respondents for their valuable
feedback and ideas! We are pleased to report the surveys indicated enough member
interest to proceed with forming a pilot discussion group.
Among the suggested discussion group topics, the topic of life, health, and
annuity trends garnered the most interest from survey participants. Also, the
majority of respondents favored quarterly discussion group meetings, conducted
via conference call.
Based on this feedback, we would like to form a group of four to six
participants to discuss life, health, and annuity trends. The direction of the
discussions will be flexible, but it can include information about industry
trends obtained through industry publications and websites, such as the Kaiser
Family Foundation (kff.org) and America's Health Insurance Plans (ahip.org).
If you are interested in participating in this pilot discussion group, please
contact me at aparet@trustmarkins.com or 847-283-2081 by November 15th. Once we
have enough participants to initiate our pilot group, I will coordinate with the
group to schedule a time for our first quarterly conference call. Also, if you
are interested in joining a discussion group on a different topic, please feel
free to contact me anytime.
Discussion Group Memo
Education Committee October Newsletter
We have attached an enlightening article that recently appeared in the September
2006 issue of Resource magazine. This article focuses on the importance of
education in an organization and highlights the strong correlation between
investing in employee training/development and increasing company revenue. Many
of the ideas in the article are still not widely recognized in many
organizations; however, you can help your organization understand the importance
of investing in the education of its employees.
September Resource Article
Previous Postings:
(September 2006)
Study Groups
As the old axioms go, “two heads are better than one” and “there is strength in
numbers”. Study groups offer a chance to capitalize on these strengths.
Commitment to studying with a group provides the opportunity to cooperate with
and support others in the learning process, utilize alternate learning styles,
and generate and receive sustained motivation to study.
The following information is meant to serve as a guide and is neither definitive
nor immutable.
Benefits of Study Groups
- Members of a study group may find benefit as they
are:
- Working toward common goals.
- Sharing their unique understanding of the
subject and different learning style.
- Learning from each other’s views and learning
cooperatively.
- Actively being involved in the learning
process (which can reinforce understanding and improve the retention of
information).
- Fostering comfort, security, and motivation
within the group.
Organizing a Study Group
Study groups may be formal or informal. Variables
affecting the format of the group include elements such as the availability of
participants, the length of time until each participant’s test, and the
complexity of course material.
Prior to Formation
- Determine the level of involvement of your
organization.
- If study groups must be formed independently,
establish that the groups are entirely self-directed. A student must
volunteer to lead the group (advertise the option to join, schedule
meetings, allocate room and resources, etc.)
- If a member of your organization’s training
area will coordinate groups, verify how this will be advertised to
students.
- Determine your organization’s position about
studying during work hours. (If opinion varies by department, it may be most
appropriate to form groups by department.)
- Advertise the availability of study groups and
offer a contact person for those interested.
- Determine the number of students interested in
joining groups. Organize groups of approximately 4-6 members.
- Schedule initial meeting time and location. Ask
all members to think about potential meeting times and, if helpful, bring
their (personal) calendars to the initial meeting.
First Meeting
- Complete introductions. Give everyone a chance to
meet each other
- Establish expectations:
- Outside of meetings:
- Determine what is considered homework.
(Reading, questions, both, etc.)
- During meetings:
- Start and finish on schedule.
- Be prepared.
- Actively participate in discussions, but
keep socializing to a minimum.
- Decide what information the group will
review (e.g. completed readings by discussing and/or completing
questions, completed questions, practice tests; questions for
discussion as brought by members).
- Determine how the group will review
information (e.g. complete readings/questions as homework and review
in the meeting, assign each person a chapter to review and present).
- Example of expectations: Members will
complete the readings and practice questions prior to the
meeting. Meetings will consist of reviewing the practice
questions and discussing the answers.
- Determine if the group would like to include a
review of the practice test.
- Establish timeline/schedule of topics (include
practice test, if applicable). Reminder: It is important to be aware of
participants’ varying test dates.
- Establish protocol for rescheduling/canceling
meetings.
Additional items:
- Discuss studying styles and tips. Examples of
different studying styles include:
- Read the book entirely. Answer the practice
questions.
- Read a chapter. Answer the practice questions.
Repeat.
- Read the table of contents of the book. Read
the first paragraph and summary of each chapter. Read the practice
questions. Having done this, read a chapter, answer the practice
questions, and repeat.
- As a group, create a “concept map”. (List
words or concepts from the material. Link the terms that you think are
related and discuss the results.)
- Encourage members to share experiences with
planning course paths/curricula, studying, testing, etc.
Subsequent Meetings
- Follow the timeline/schedule of topics to review.
- Confirm that the pace of review is acceptable.
If it needs to be altered, decide as a group how to change.
- Verify that members are satisfied with the
progress of the group. If necessary, discuss ways to improve and
implement.
- Discuss test taking styles and tips.
- Many of the LOMA study aids contain helpful
information about the tests.
Information taken from an article written by: Liz
Pinegar
How does spending dollars on professional development
help your bottom line?
When faced with tough budget decisions, employees’
learning and development is often one of the first places employers place
spending restrictions. It’s not that employers don’t want well developed
employees. However, it is often difficult to put a dollar value on the benefits
of having a broad understanding of the financial services industry, its
products, services, and operations. But industry studies are starting to point
out the risks facing companies who DON’T help employees gain critical industry
and workforce knowledge—and the risks they take in failing to narrow the
widening skills gap of employees on whom they depend to drive their companies’
growth and performance. Here are some recent surveys with notable results:
- According to a Deloitte and Touche survey, 70% of
human resource executives surveyed believe that inadequate skills pose the
greatest threat to business performance over the next three years.
(“Retiring Workforce, Widening Skills Gap, Exodus of Critical Talent
Threaten Companies: Deloitte Survey.” Deloitte and Touche, February 15,
2005.)
- In a recent survey of more than 500 full-time U.S.
workers between 40 and 50 years of age, Accenture found that nearly half (45
percent) of respondents' organizations do not have formal workforce planning
processes and/or tools in place to capture their workplace knowledge. "If
they don't act soon, organizations will face a major exodus of institutional
knowledge, as their most experienced employees leave the workforce," said
Kathy Battistoni, a partner in Accenture's Human Performance practice. (“As
U.S. Workforce Ages, Employee Knowledge and Experience at Risk.” Chief
Learning Officer, May 18, 2005.)
LOMA offers one of the world's most recognized and
reputable professional education programs, with more than a hundred courses
available in life insurance, financial services, annuities, management,
reinsurance, compliance, underwriting, customer service, and more—everything you
need to make sure your employees gain a comprehensive understanding of the
industry and its products and services. But don’t just take our word for it. In
a 2004 survey with more than 5,600 LOMA students responding, results showed
that:
- 68% either agreed or strongly agreed that LOMA
education programs helped them perform more effectively in their jobs
- 64% either agreed or strongly agreed that students
who complete LOMA courses are more committed to their careers
- When asked about reasons motivating them to take
LOMA courses, 94% said that “the desire to do my job better” was very or
somewhat motivating.
Information taken from an article written by: Jena L. Kennedy, FLMI, ALHC,
ACS, CLU
Assistant Vice President, Business Development, LOMA
Study Tips
Tips for Effective Study Habits - Part I
- Studying for LOMA exams requires preparation. The
following tips offer ways to prepare even before opening a book:
- Take responsibility for yourself.
Recognize that you can make decisions about your priorities, your
time, and your resources that will help you succeed.
- Put first things first. Follow up on the
priorities you have set for yourself and don't let others, or other
interests, distract you from your goals.
- Discover your key productivity periods and
places. Determine if you study most efficiently in the morning,
afternoon, or evening. Find study spaces where you can be the most
focused and productive. Prioritize these for your most difficult
study challenges.
- Consider yourself in a win-win situation.
You win by doing your best and contributing your best to a class. If
you are content with your performance, a grade becomes an external
check on your performance, which may not coincide with your
internally arrived at benefits.
- Look for better solutions to problems. For
example, if you don't understand the course material, don't just
re-read the material; try something else! Consult with a study
group, your Ed Rep, or someone who has taken the exam. Remember that
the Society is here to support you, and we would be happy to assist
you in your learning.
- Try to continually challenge yourself.
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