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

Elements and Performance Criteria

1. Identify required risk changes to insurance program
   • Establish all required changes using appropriate checklist or questionnaire
   • Determine alternative risk management strategies to provide client with viable options
   • Review current insurance program to determine whether existing cover can be endorsed or whether new cover/s are required
   • Seek instructions from client about required changes without delay
2. Negotiate change with insurers
   • Establish availability of market with suitable terms for client requirements
   • Negotiate all terms required for change with suppliers to provide most beneficial outcome for client
3. Communicate options for changes to client
   • Advise client about outcomes of negotiations with insurers to enable informed decision to be made
   • Identify options for client that specify benefits and disadvantages
   • Justify all recommendations
4. Obtain client instructions for program amendments
   • Communicate options for changes clearly so that client can make informed decisions on program changes
   • Obtain clear and concise client instructions to enable precise action to be taken
   • Record client instructions according to operating procedures to ensure information is current
   • Confirm all client instructions to protect interests of both broker and client
   • Complete relevant documentation
5. Provide ongoing service where requested by client
   • Agree with client type and form of ongoing service, including reporting on performance and review of insurance program
   • Explain any fees and costs for ongoing and specifically defined services, and confirm client’s understanding
   • Schedule and provide ongoing service as required

Performance Evidence

Evidence of the ability to:

review existing client portfolio and client insurance history to identify gaps in the portfolio and recommend strategies to cater to client needs

develop a communication strategy that demonstrates gathering and analysis of information, and development of options, and shows how a recommendation for a chosen line of action is justified.

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

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Knowledge Evidence

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

outline application of the principles and practice of cost–benefit analysis in recommending changes to client insurance programs

provide analysis of product offerings available in the market to cater for the varying needs of broking clients that covers evaluation of insurance benefits and supplier services

evaluate the organisation’s policy and procedures that cater to the improvement of service to broking clients

summarise the various risk management strategies available to service broking clients

explain the responsibility for compliance with legislative requirements in recommending changes to insurance programs.

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