The InstituteThe Australian and New Zealand Institute of Insurance and Finance

Diploma of Insurance Broking [FNS51210]

The Institute’s Diploma of Insurance Broking is designed for general insurance brokers employed at an account executive or broking manager level, and provides Senior Associate Certified Insurance Professional (CIP) membership of the Institute—the benchmark for industry professionalism.

The Diploma develops technical knowledge and skills required to effectively manage a broking business and provide quality insurance services to clients.

Successful completion of IB501 Providing Customer Advice and IB502 Insurance Law and Regulation for Brokers will also provide ASIC Tier 1 Insurance Broking Compliance.

A summary of the employability skills developed through this qualification can be downloaded from http://employabilityskills.training.com.au/.

Course Structure

To be awarded the Diploma, students must complete four core modules and one elective module. It is suggested that each module will encompass 50–70 hours of study time.

Education Pathway

Completion of the Diploma provides credit towards the Bachelor of Business (Insurance) at Charles Sturt University (CSU).

Deakin University Masters and MBA pathway

Senior Associate CIP and Fellow CIP members can be granted direct credit towards the Deakin Graduate Certificate in Insurance and Risk Management, which is the first stage of the following Deakin Masters programs: 

  • Masters of Insurance and Risk Management 
  • Masters of Business Administration (MBA)—Insurance and Risk Management Specialisation 
  • Combined Masters of Business Administration and Masters of Insurance and Risk Management.

Further information regarding university pathways is available on the Institute’s website at www.theinstitute.com.au/uni_pathways.

Pre-requisites

None

Membership Pathway

Senior Associate

Price

A$1,095.00 per module
NZ$1,090.00 IB506 module

For other pricing see the Institute Course Price List

Compulsory Modules

IB501 Providing Customer Advice[+-]

Covers the start-to-end process of advising the broking client, including identifying and assessing needs, preparing and presenting solutions to the client, preparing business submissions, implementing changes to the client’s insurance program and advising on risk, as well as reviewing the client’s insurance program and the broker’s performance.

Learning Outcomes

Upon completion of the program, participants should be able to:

  • Explain the financial market and in particular the insurance market in which intermediaries operate
  • Describe how to establish a working relationship with clients
  • Explain how to identify and analyse client objectives, needs, financial situations and risk profiles
  • Outline how to develop appropriate insurance strategies and solutions for clients
  • Describe how to implement client insurance programs and any changes to the programs
  • Outline how to complete and maintain statutory and transactional documentation
  • Demonstrate ongoing service to clients according to client and organisational requirements
  • Demonstrate how to prepare submissions for new business according to organisational and legislative requirements
  • Explain how to monitor client insurance requirements by determining client needs, establishing communication with client and identifying and reviewing information
  • Describe how to effectively negotiate with clients and insurers
  • Demonstrate how to prepare advice to clients and respond to client instructions
  • Outline how to establish and maintain a system to review service performance
  • Demonstrate how to respond to customer enquiries
  • Describe the relevant codes of practice and dispute resolution procedures and how they apply
  • Describe how to collect, assess and use information as required
  • Explain how to collate information and prepare reports.

Competencies

  • FNSASICY503A Provide advice in Insurance Broking 
  • FNSIBK403A Implement an agreed insurance program for a broking client
  • FNSIBK506A Monitor broking clients
  • FNSIBK507A Review broking client service performance
  • FNSIBK508A Implement changes to broking client’s insurance program
  • FNSIBK509A Identify and advise on significant risk changes to broking client insurances.

Price

A$1,095.00

Duration

Award (12 weeks)

Assignment

Pass Rate: 50%
Weight: 30%

Exam

Duration: 120min
Pass Rate: 50%
Weight: 70%

IB502 Insurance Law and Regulation for Brokers[+-]

Covers the Acts, regulations and Codes of Practice relevant to Australia, which govern a broker’s day-to-day job.

Learning Outcomes

Upon completion of the program, participants should be able to:

  • Outline underlying legal concepts
  • Explain and apply laws and regulations that are relevant to the general insurance industry
  • Outline and apply relevant principles and codes of practice.

Competencies

  • FNSASICY503A Provide advice in Insurance Broking
  • FNSFMK505A Comply with financial services legislation and industry codes of practice
  • FNSIBK405A Meet industry and legislative guidelines and organisational procedures relating to insurance broking.

Price

A$1,095.00

Duration

Award (12 weeks)

Assignment

Pass Rate: 50%
Weight: 30%

Exam

Duration: 120min
Pass Rate: 50%
Weight: 70%

IB503 Claims Handling for Brokers[+-]

Covers the start-to-end process of handling a claim, including registering claims, obtaining the relevant information from the client along with proper documentation, and advising insurersand liaising with service providers. It also covers the basics of reviewing the incidence of loss for clients, and dispute resolution.

Learning Outcomes

Upon completion of the program, participants should be able to:

  • Demonstrate how to advise clients of rights and obligations with respect to a claim
  • Describe how to negotiate terms and conditions of claims settlement
  • Explain how to notify terms of claims settlements to clients
  • Describe how to liaise with service providers
  • Explain how to establish, maintain and update relevant files and records.

Competencies

  • FNSIBK511A Review incidence of loss for broking clients
  • FNSIBK512A Negotiate complex claims settlement for insurance broking client.

Price

A$1,095.00

Duration

Award (12 weeks)

Assignment

Pass Rate: 50%
Weight: 30%

Exam

Duration: 120min
Pass Rate: 50%
Weight: 70%

IB504 Risk Assessment and Management[+-]

Covers how to implement an insurance program for clients, identifying and assessing risks and assessing and negotiating complex risk portfolios.

Learning Outcomes

Upon completion of the program, participants should be able to:

  • Identify appropriate risk assessment and management strategies
  • Identify insurance program requirements for clients
  • Explain how to negotiate complex insurance program renewals with insurers
  • Describe how to obtain client renewal instructions
  • Outline how to monitor and review risk management processes
  • Outline how to establish a loss reporting program
  • Explain how to assess loss reports to identify and review loss trends
  • Describe how to formulate and recommend a loss control program.

Competencies

  • FNSIBK505A Undertake risk analysis for an insurance broking client
  • FNSIBK510A Assess and negotiate complex risk portfolio for broking client at renewal.

Price

A$1,095.00

Duration

Award (12 weeks)

Assignment

Pass Rate: 50%
Weight: 30%

Exam

Duration: 120min
Pass Rate: 50%
Weight: 70%

IB506 New Zealand Insurance Law and Regulations for Brokers
(NZ only)[+-]

This module is the New Zealand replacement for IB502

Designed for New Zealand students this module covers health and safety in the workplace as well as the Acts, regulations and the code of practice, relevant to New Zealand; which govern a broker’s day-to-day job.

Learning Outcomes

Upon completion of the program, participants should be able to:

  • Outline underlying legal concepts
  • Explain and apply laws and regulations that are relevant to the general insurance industry in New Zealand
  • Outline and apply relevant principles and codes of practice
  • Explain and apply occupational health and safety legislation.

Competencies

  • FNSFMK505A Comply with financial services legislation and industry codes of practice
  • FNSIBK405A Meet industry and legislative guidelines and organisational procedures relating to insurance broking.

Price

NZ$1,090.00

Duration

Award (12 weeks)

Assignment

Pass Rate: 50%
Weight: 30%

Exam

Duration: 90min
Pass Rate: 50%
Weight: 70%

Elective Modules(1 required)

IB505 Managing Broking Operations[+-]

Provides an overview of broking operations, followed by sections on licensing obligations, business plans, marketing, financial management and human resources.

Learning Outcomes

Upon completion of the program, participants should be able to:

  • Demonstrate an understanding of the insurance broking industry and typical broking structures
  • Explain the organisational requirements and other obligations of an Australian Financial Services Licensee as set out in Regulatory Guides RG104 Licensing: Meeting the general obligations and RG105 Licensing: Organisational competence
  • Develop an operational business plan for a broking organisation
  • Identify the key tasks involved in the financial management of a broking organisation
  • Explain the key tasks involved in human resource management of a broking organisation
  • Assess market needs and develop a marketing plan for a broking organisation.

Competencies

  • FNSSAM502A Assess market needs.

Price

A$1,095.00

Duration

Award (12 weeks)

Assignment

Pass Rate: 50%
Weight: 30%

Exam

Duration: 120min
Pass Rate: 50%
Weight: 70%

IB507 Insurance Products[+-]

Discusses the importance of product knowledge, statutory issues, insurance documents and provides insurance product profiles.

Learning Outcomes

Upon completion of the program, participants should be able to:

  • Describe the different types of insurance and list some of the insurance policies available under each class
  • Discuss the risk factors associated with the different types of insurance policies
  • Identify and describe the structure of insurance policies
  • Identify and describe the different insurance documents used within the insurance industry and explain their purpose
  • Explain the importance of maintaining product knowledge
  • Explain how emerging technologies have affected the insurance industry.

Competencies

  • FNSINC402A Develop and maintain in-depth knowledge of products and services used by an organisation or sector.

Price

A$1,095.00

Duration

Award (12 weeks)

Assignment

Pass Rate: 50%
Weight: 30%

Exam

Duration: 120min
Pass Rate: 50%
Weight: 70%

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