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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 required changes to program using checklist or questionnaire
   • Identify alternative risk management strategies to provide client with viable options
   • Review current insurance program to determine whether existing cover can be endorsed and whether new covers are required
   • Seek instructions from client about required changes according to organisational procedures
2. Negotiate change with insurers
   • Establish availability of market with terms relevant to client requirements
   • Negotiate terms required for change with suppliers
   • Identify options for client according to client requirements
   • Communicate negotiation outcome, and benefits and disadvantages of identified options
3. Obtain client instructions for program amendments
   • Assist client to make decisions on program changes according to legislative requirements
   • Record agreed client instructions on changes according to organisational procedures to ensure information is current
   • Confirm client instructions and protect interests of both broker and client
   • Complete required documentation according to organisational procedures
4. Agree to arrangements for providing ongoing service
   • Agree to type and form of ongoing service with client
   • Explain fees and costs for ongoing and specifically defined services, and confirm client understanding
   • Implement procedures and schedule 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 changes to broking client’s insurance program for at least two different clients.

In the course of the above, the candidate must:

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

undertake risk assessment to ensure changed insurance program is suitable

develop a communication strategy that demonstrates gathering and analysis of information and development of options, and shows justification for recommended lines of action.

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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 relating to implementing changes to broking clients’ insurance programs

organisational policies and procedures relating to improving service to broking clients

principles and methods of cost-benefit analysis in recommending changes to client insurance programs

available communication strategies relevant to recommendation of changes to insurance programs

commercial and financial lines product knowledge and offerings available in the market

key features of risk-management strategies available to broking clients

aspects of ongoing service provision, including:

reporting on performance

review of insurance program.

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