Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Establish relationship with client
   • Use appropriate communication skills to establish client’s knowledge level and type of advice required
   • Respond to enquiries for advice on new or renewed insurance program by explaining range of insurance products and broking services available, associated fees and charging methodologies, role of adviser or principal responsible for adviser’s conduct and procedures for complaints handling
2. Identify client objectives and risk situation
   • Complete risk assessment in compliance with brokerage guidelines to gather appropriate client information and determine client risk profile
   • Confirm effective dates for insurance changes with client
   • Maintain comprehensive records of risks assessed and actions taken
   • Check and review records regularly to ensure information is current
3. Analyse changes to client’s insurance program
   • Identify and record in writing all required changes using information gathered
   • Compare new and additional risks with current insurance program so that discrepancies are clear
   • Consult with client throughout analysis and seek advice about required changes without delay
   • Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
   • Obtain client declarations as required by underwriter
4. Negotiate program changes with insurers as required
   • Obtain terms to meet client requirements
   • 4.2 Clarify terms required for renewal and change of client's insurance with insurers
5. Communicate options to client and obtain instructions
   • Advise clients about outcomes of negotiation with insurers to enable informed decisions to be made
   • Clarify options for client that specify client benefits and disadvantages
   • Present justified recommendations clearly to clients, responding to questions as required
   • Obtain client instructions to enable precise action to be taken
   • Forward renewal notices to client at least 14 days before policy expiry according to organisational timeframe requirements
6. Provide ongoing service where requested by client
   • Agree on type and form of ongoing service with client
   • Explain fees and costs of ongoing services and confirm client understanding
   • Provide ongoing service as requested by client
7. Analyse changes to client’s insurance program
   • Identify and record in writing all required changes using information gathered
   • Compare new and additional risks with current insurance program so that discrepancies are clear
   • Consult with client throughout analysis and seek advice about required changes without delay
   • Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
   • Obtain client declarations as required by underwriter

Performance Evidence

Evidence of the ability to:

collect information about a client’s risk needs using appropriate brokerage risk assessment tools and guidelines

undertake an assessment of client’s risks

conduct research to identify appropriate products and undertake a product comparison and cost–benefit analysis to support recommendations

use effective communication skills in working with clients and product providers to ensure appropriate insurance program solution is attained.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

---

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline the application of company or organisational policy, procedures and authorities relating to implementing new or renewed insurance programs for broking clients

describe the analysis and application of information on insurance industry trends and developments in the advisory process

outline the analysis of insurance product types and company or industry policy wordings in developing recommendations for broking clients

identify and outline the relevant generic knowledge requirements as identified by the regulator for advice to retail clients.

---