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
- 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 and information about complaints handling processes
- A range of communication and interpersonal skills are used to establish client objectives and goals
- Determine submission resource requirements
- Nature of submission required by prospective client is determined
- Skill requirements to prepare submission are identified
- The need for specialist advice or client industry information is sought if required to address issues that professional judgement indicates may require further consideration
- Consultants with required skills are identified and retained as required
- Team is established with team leader identified as required
- Apply risk assessment methodology
- Analyse client risk information
- All information from the client risk assessment process is analysed
- Comprehensive 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 to ensure that the client understood earlier questions and that information received by them is relevant and complete is undertaken
- Identify appropriate insurance program
- Appropriate insurance/risk management program based on risk assessment and client needs is determined
- Proposed program is compared with appropriate checklist and other similar clients and significant changes identified
- 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 are made
- Identify market availability
- Make submission to prospective client
- Required written submission is provided to client in format required by the organisation
- Options that specify benefits and advantages are identified for the prospective 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
- Distribution of relevant disclosure documents is established