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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 significant risk changes impacting client portfolio
   • Identify significant variations in client’s insurance program by monitoring client requested changes
   • Identify major changes to level of risk exposure by monitoring and analysing external environment against client program
   • Undertake risk assessment in compliance with organisational policies and procedures
   • Seek specialist advice as required and according to organisational procedures
   • Identify precedents through analysis of similar situations
   • Maintain records of risks assessed and actions taken
2. Advise client on changes to insurance program
   • Provide advice based on assessment of current insurance program that considers changes in risk context and external environment
   • Present alternative risk management strategies
   • Undertake a cost-benefit analysis of program options
   • Identify, record and verify client’s preferred program options
   • Obtain client declarations, as required by insurers
3. Negotiate complex changes and renewals with insurers
   • Identify suitable market for client requirements and approach selected insurers according to organisational procedures
   • Obtain client instructions for negotiated outcomes with insurers
   • Negotiate options and alternative portfolio structures with insurers
   • Obtain negotiated outcomes that provide level of cover required by client
4. Obtain client instructions and arrange changes to insurance program
   • Advise client on outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives
   • Explain benefits and disadvantages of available options to client and make recommendations
   • Clarify and document client instructions and communicate change instructions to insurers
   • Issue insurance documents within required timeframes and according to organisational requirements

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:

manage a complex risk portfolio for at least two different insurance broking clients.

In the course of the above, the candidate must:

synthesise and coordinate knowledge of the industry to monitor client’s need for portfolio changes

undertake client interviews, gather information and analyse options based on risk assessment methodologies, for presentation to the client

review insurance benefits, credit stability assessments, claims history, and level of supplier service.

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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 and compliance requirements relating to client management procedures

organisational policies, procedures and authorities in developing management plans for clients with complex portfolios and risks

risk assessment methods and risk management strategies required to develop risk management plans for clients with complex risks

techniques to interpret and analyse client’s needs, including key trends and structure of client’s industry and insurance market

key marketing principles and practices applied when managing complex client portfolios

range of insurance products on the market, including knowledge of complex products

key aspects of cost-benefit analysis used in managing complex client risk portfolios and risk portfolios with high risk volatility

insurance fundamentals and methods to interpret, comprehend and apply policy wording

precedents and previous organisational results for changes in complex risk portfolios.

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