This qualification is designed to reflect job roles in insurance broking in a range of organisations as a team member or leader in a large organisation/small business practice or as a sole operator.
For current advice on ASIC compliance under RG146 refer to the advice bulletin on the IBSA website or contact ASIC.
Possible work functions include:
identifying risk within a client’s broking portfolio
monitoring a client’s broking portfolio including monitoring complex domestic and business risk portfolios
negotiating and resolving disputes
negotiating with insurers on behalf of their clients in an insurance claim
prepare new business proposals for insurance broking clients
reviewing and reporting losses
working as an insurance broking account executive in the life general or reinsurance sector.
Subjects
13 units must be achieved:
5 core units
plus8 elective units
6 elective units must be selected from the elective units listed below.
The remaining 2 elective units may be selected from the elective units listed below, any endorsed Training Package or accredited course. 1 of these elective units may be selected from a Certificate IV qualification; 2 of these elective units may be chosen from a Diploma qualification.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
Core units of competency:
FNSIBK405A Meet industry and legislative guidelines and organisational procedures relating to insurance broking
FNSIBK505A Undertake risk analysis for an insurance broking client
FNSIBK507A Review broking client service performance
FNSIBK508A Implement changes to broking clients insurance program
As well as demonstrate evidence for assessment of the knowledge and skills requirements in this unit of competence, with specific reference to the Specialist Insurance Broking Knowledge in the Evidence Guide.
In addition, where advice is being given in life insurance and/or general insurance the following applies:
To achieve Tier 1 competence in Life Insurance, participants must provide evidence for assessment of these units of competence.
FNSINC501A Conduct product research to support recommendations
FNSIAD501A Provide appropriate services, advice and products to clients
FNSCUS505A Determine client requirements and expectations
FNSCUS506A Record and implement client instructions.
As well as demonstrate evidence for assessment of the knowledge and skills requirements in this unit of competence, with specific reference to the Specialist Life Insurance Knowledge in the Evidence Guide.
FNSASICM503A Provide Tier 1 personal advice in life insurance.
To achieve Tier 2 competence in General Insurance, participants must provide evidence for assessment of this unit of competence with specific reference to the Specialist Knowledge for General Insurance in the Evidence Guide.
FNSASIC305A * Provide Tier 2 personal advice in general insurance
* This unit does not include Generic knowledge this component may be addressed through FNSASICY503A .
Pathways...
Preferred pathways for candidates entering this qualification include:
Certificate IV in Insurance Broking
The primary pathway from this qualification is employment as an insurance broker.
A further learning pathway utilising qualifications such as Advanced Diploma of Insurance Broking would support career progression.
A further learning pathway could be study in relevant higher education programs. Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification.
Entry Requirements
Not applicable.
Licensing Information
Not applicable.
Employability Skills
The following table contains a summary of the employability skills required by industry for this qualification. The employability skills facets described here are broad industry requirements that may vary depending on qualification packaging options.
Employability Skill
Industry/enterprise requirements for this qualification include:
Communication
building trust and a rapport with clients
developing and writing reports to specifications
interpreting client requirements and tailoring products or services to meet their needs
preparing and presenting correspondence in appropriate electronic format
the ability to negotiate solutions with clients and colleagues
using effective telephone techniques
using excellent customer service skills and maintaining an ongoing relationship with clients
Teamwork
coaching and mentoring staff to reach minimum customer service standards
contributing to team cohesion and developing team plans
managing workplace relationships including counselling staff as required
monitoring performance and conducting performance appraisals
negotiating and agreeing with staff on performance standards
providing feedback, support and encouragement to team members
Problem solving
checking the accuracy of calculations
collecting, comparing and contrasting data
comparing products and services in order to offer clients different options
determining the viability of new opportunities
identifying OHS hazards and risk control
resolving poor performance issues within scope of responsibility
using problem solving tools and techniques
working proactively with management to resolve workplace issues
Initiative and enterprise
applying referral skills
applying the learning of ergonomics to develop improved processes
building and implementing reward and recognition strategies for customer loyalty
continually reviewing and applying emerging industry trends to product and services knowledge
exploiting business opportunities
identifying and investigating risk as it relates to new business
Planning and organising
contributing to the planning process by researching and validating information
maintaining systems, records and reporting procedures
planning for the business including establishing KPIs and monitoring staff performance
planning work considering resources, time and other constraints
using organisational skills to locate information on statutory and legislative requirements
Self-management
acting as a role model for others
taking to management about concerns with own level of responsibility
understanding and acting upon compliance matters
working ethically and complying with all industry codes of practice and legislative requirements
Learning
developing and monitoring an organisational training plan and individual training plans
encouraging continuous education and professional development
facilitating internal and external training
identifying and documenting training needs for ongoing compliance
seeking specialist financial advice on behalf of clients as required
Technology
conducting effective web searches
operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
using business technology to access, organise and monitor information
using corporate software templates
using research data devices and telecommunication devices and equipment
