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Elements and Performance Criteria

1. Determine insurance program requirements
   • Establish client’s knowledge level and type of advice required
   • Identify client’s objectives according to organisational policies and procedures
   • Respond to enquiries for advice on new or renewed insurance program and explain program components
2. Evaluate client objectives and risk situation
   • Gather client information according to organisational procedures to determine client risk profile
   • Complete risk assessment in compliance with brokerage guidelines and applicable legislative and regulatory requirements
   • Confirm effective dates for insurance changes with client
   • Maintain comprehensive records of risks assessed and actions taken according to regulatory requirements and organisational procedures
   • Check and review records regularly to ensure information is current
3. Analyse required changes to client’s insurance program
   • Research and recommend appropriate products based on product comparison and cost-benefit analysis
   • Identify and record required changes to program using information gathered
   • Compare new and additional risks with current insurance program so that discrepancies are clear
   • Consult client throughout analysis and seek advice about required changes within required timeframe
   • Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required and according to organisational policies and procedures
   • Obtain client declarations as required by underwriter
4. Negotiate any program changes with insurers
   • Obtain terms to meet client requirements
   • 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
   • 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 according to organisational timeframe requirements
6. Agree to arrangements for providing ongoing service
   • Explain fees and costs of ongoing service and confirm client understanding
   • Agree to type and form of ongoing service to be provided
   • Implement procedures for agreed ongoing service according to organisational policies and procedures

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement at least one new and one renewed program, each for a different insurance broking client.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements, regulatory and brokerage guidelines relating to implementing insurance programs for insurance broking clients

organisational policies, procedures and authorities relating to implementing new and renewed insurance programs for broking clients, including for:

identifying client needs and objectives

gathering client information

completing risk assessments

maintaining client risk and program records

referring clients to specialist advisers

available insurance products, product types, and broking services and programs, and:

associated fees

charging methodologies

organisational and industry policy wording in developing recommendations for broking clients

key features of client risk assessment, including risk profile

roles and responsibilities of adviser or principal responsible for adviser’s conduct

methods for comparing researched products and completing associated cost-benefit analyses

regulatory requirements for providing advice to retail clients.

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