Elements and Performance Criteria
- Prepare to provide advice in insurance broking
- Identify client enquiry and inform client about role of adviser and licensee or principal responsible for adviser’s conduct
- Establish client’s objectives and goals and obtain personal, financial and business details to identify client’s needs
- Respond to enquiries about insurance broking products and services by explaining range of products and services available and their relevant fee and charging methodology
- Establish risk profile in relation to client’s business activities according to organisational procedures
- Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions
- Assess client needs taking into account client’s information, product expectations and specific needs
- Consult client throughout analysis for further clarification where necessary
- Analyse need for higher level or specialist advice and ensure client is referred to appropriate adviser if required
- Assess and confirm risk profile of client, demonstrating ASIC-identified generic and specialist knowledge relevant to products and services being offered
- Determine appropriate strategy to provide for identified needs and outcomes, based on analysis of products and services, client risk profile and assessment of client needs
- Conduct relevant research, analysis and product modelling, and draft appropriate solution and plan, policy or transaction for presentation to client
- Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction
- Apply appropriate knowledge for product or service offered when presenting outcomes of analysis
- Clearly and unambiguously explain proposed transaction to client
- Reinforce required details, terms and conditions of product or service
- Disclose impacts and possible risks of solution in clear and concise manner
- Provide supporting written documentation and guide client through key aspects of documentation
- Discuss and clarify concerns and issues that client has regarding proposed plan, policy or transaction
- Confirm that client understands proposed plan, policy or transaction
- Agree to plan, policy or transaction and complete documentation
- Obtain client’s formal agreement to confirmed plan, policy or transaction
- Explain and confirm client understanding of fees, cost structures and timeframes for execution and processing of agreed plan, policy or transaction
- Obtain signed proposal and statutory and transactional documents required from client
- Exchange copies of signed agreement and other required documentation according to organisational procedures
- Agree to and implement arrangements for providing ongoing service