Elements and Performance Criteria
- Establish relationship with client
- A range of communication and interpersonal skills are used to establish the knowledge level of client and clarify the level of insurance broking advice to be provided
- Broker authorisation to deal with the client's needs is established and referral to appropriate adviser for higher level/specialist advice made, if required
- Enquiries are responded to by explaining the range of general insurance products and broking services available and their relevant fee and charging methodology
- Role of the broker and the licensee/principal responsible for the adviser's conduct is advised to the client
- Client is informed of the brokerage procedures for complaints handling
- Identify client objectives and risk situation
- Regulations, codes and procedures set out in organisation compliance manuals for the personal advice process are complied with including delivery of appropriate disclosure documents
- A range of communication and interpersonal skills are used to establish client objectives and goals
- Appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details
- Analyse client risk information
- All information from the client risk assessment process is analysed
- The need for specialist advice or client industry information is sought if required to address issues that professional judgement indicates may require further consideration
- Records of risks assessed and actions taken are checked to ensure information is current and comprehensive
- Required insurance program and/or products are fully identified using an appropriate checklist
- Clients are consulted throughout the analysis for further clarification where necessary
- Follow-up questioning is undertaken to ensure that the client understood earlier questions and that information received by them is relevant and complete
- Identify changes to insurance program
- Current insurance program is compared with the checklist and new and additional risks identified so that discrepancies are clear
- Available options are identified and assessed using information from risk analysis
- Relevant product research is conducted
- Advice for presentation to the client is prepared in accordance with organisational policy
- Checks to ensure the advice has been scaled and suitable to the requirements of the advice situation are made
- Checks that restricted words are used appropriately in the delivery of advice are made
- Checks are made that the reasoning behind the advice and any conflicts of interest that affect the advice have been disclosed
- Present appropriate solutions to the client
- Features of the advice are explained to the client in a clear and unambiguous way
- Relevant details, terms and conditions of the underlying products/services are explained to the client
- Requirements to put the recommended program into effect are explained to the client
- Client is provided with written supporting documentation and guided through the key aspects of the documentation
- Advice from the client on required changes is sought without delay
- Client declarations as required by underwriter are obtained
- Negotiate program changes with insurers as required
- Terms for the client requirements are obtained
- Terms required for renewal and change of client's insurance are clarified with insurers
- Outcomes of negotiation with insurers are advised to client to enable an informed decision to be made
- Options that specify benefits and disadvantages are clarified for the client based on application of broker's industry knowledge
- Justified recommendations are presented and clarified in accordance with organisational and regulatory requirements for provision of advice
- Client instructions are obtained to enable precise action to be taken