Diploma of Insurance Broking |
The Institute's Diploma of Insurance Broking meets the requirements of the FNS10 qualification
: FNS51210 Diploma of Financial Services. This means that the modules in the course include coverage of the competency standards required for issuance of this national qualification.
Upon completion of the following modules, students should obtain the following learning outcomes and National Competencies:
| IB501 Providing Customer Advice |
Covers the start-to-end process of advising the broking customer, including developing a relationship with the client, 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:
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Explain the financial market and in particular theinsurance market in which intermediaries operate
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Describe how to establish a working relationship with clients
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Explain how to identify and analyse client objectives, needs, financial situations and risk profiles
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Outline how to develop appropriate insurance strategies and solutions for clients
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Describe how to implement client insurance programs and any changes to the programs
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Outline how to complete and maintain statutory and transactional documentation
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Demonstrate ongoing service to clients according to client and organisational requirements
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Demonstrate how to prepare submissions for new business according to organisational and legislative requirements
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Explain how to monitor client insurance requirements by determining client needs, establishing communication with client and identifying and reviewing information
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Describe how to effectively negotiate with clients and insurers
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Demonstrate how to prepare advice to clients and respond to client instructions
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Outline how to establish and maintain a system to review service performance
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Demonstrate how to respond to customer enquiries
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Describe the relevant codes of practice and dispute resolution procedures and how they apply
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Describe how to collect, assess and use information as required
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Explain how to collate information and prepare reports.
National Competencies:
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FNSINBK503B Implement changes to broking client's insurance program
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FNSINBK504B Identify and advise on significant risk changes to broking client insurances
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FNSINBK603B Review insurance brokerage service performance
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FNSICCUS301B Respond to customer enquiries
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FNSASIC503YB Provide advice in Insurance Broking
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FNSINBK501B Prepare a new business submission for a broking client
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FNSINBK502B Monitor broking clients
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FNSICGEN403B Collect, assess and use information
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FNSICGEN501B Produce research reports and make presentations
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FNSICIND401B Apply principles of professional practice to work in the financial services industry
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FNSICGEN301B Communicate in the workplace
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FNSICGEN302B Use technology in the workplace.
| IB502 Insurance Law and Regulation for Brokers |
Designed for Australian and non-New Zealand students. theis module covers health and safety in the workplace as well as the Acts, regulations and the Code of Practice, relevant to Australia; which govern a broker’s day-to-day job.
Learning Outcomes:
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Outline underlying legal concepts
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Explain and apply laws and regulations that are relevant to the general insurance industry
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Outline and apply relevant principles and codes of practice
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Explain and apply occupational health and safety legislation.
National Competencies:
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FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice.
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FNSICGEN304B Apply health and safety practices in the
workplace.
| 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 insurers and liaising with service providers. It also covers the basics of reviewing the incidence of loss for clients, and dispute resolution.
Learning Outcomes:
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Demonstrate how to advise clients of rights and obligations with respect to a claim
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Describe how to negotiate terms and conditions of claims settlement
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Explain how to notify terms of claims settlements to clients
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Describe how to liaise with service providers
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Explain how to establish, maintain and update relevant files and records.
National Competencies:
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FNSINBK508B Negotiate complex claims settlement for insurance broking client
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FNSINBK304B Provide a broking claims service to clients
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FNSINBK506B Review incidence of loss for broking clients
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FNSICGEN404B Resolve disputes.
| 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:
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Identify appropriate risk assessment and management strategies
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Identify insurance program requirements for clients
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Explain how to negotiate complex insurance program renewals with insurers
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Describe how to obtain client renewal instructions
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Outline how to monitor and review risk management processes
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Outline how to establish a loss reporting program
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Explain how to assess loss reports to identify and review loss trends
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Describe how to formulate and recommend a loss control program.
National Competencies:
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FNSINBK505B Assess and negotiate complex risk portfolio for broker client at renewal
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FNSINBK301B Implement insurance program for broking clients
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FNSRISK501B Undertake risk identification
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FNSRISK502B Assess risks.
| 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:
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Demonstrate an understanding of the insurance broking industry and typical broking structures
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Explain the organisational requirements and other obligations of an Australian Financial Services Licensee as set out in Policy Statement 164 Licensing: Organisational capacities
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Develop an operational business plan for a broking organisation
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Identify the key tasks involved in the financial management of a broking organisation
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Explain the key tasks involved in human resource management of a broking organisation
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Assess market needs and develop a marketing plan for a broking organisation.
National Competencies:
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FNSICSAM505B Assess market needs
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FNSICORG503B Develop an operational business plan.
| IB506 New Zealand Insurance Law and Regulation for Brokers |
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:
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Outline underlying legal concepts
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Explain and apply laws and regulations that are relevant to the general insurance industry in New Zealand
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Outline and apply relevant principles and codes of practice
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Explain and apply occupational health and safety legislation.
National Competencies:
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FNSICGEN304B Apply health and safety practices in the workplace
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FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice.
Discusses the importance of product knowledge, statutory issues,insurance documents and provides insurance product profiles.
Learning Outcomes:
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Describe the different types of insurance and list some of the insurance policies available under each class
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Discuss the risk factors associated with the different types of insurance policies
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Identify and describe the structure of insurance policies
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Identify and describe the different insurance documents used within the insurance industry and explain their purpose
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Explain the importance of maintaining product knowledge
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Explain how emerging technologies have affected the insurance industry.
National Competencies:
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FNSICGEN302B Use technology in the workplace
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FNSICPRO401B Develop and maintain in-depth knowledge of products and services used by your organisation or sector.