This qualification is designed to reflect role 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. The qualification can meet Australian Securities and Investments Commission (ASIC) requirements for licensees and responsible managers in life or general broking organisations.
Possible work functions include:
developing and implementing business plans
managing compliance for the business
developing work processes in broking
developing marketing plans and growth strategies
managing business performance.
Subjects
Packaging Rules
12 units must be achieved
4 core units
plus8 elective units
at least 4 of the required elective units of competency must be selected from the elective bank below containing recommended units for a manager of a broking business or business unit
Two (2) or more electives may be selected from units aligned to Advanced Diploma qualifications in the FNS10 Financial Services or another endorsed Training Package or accredited course
One (1) elective may be selected from units aligned to Diploma qualifications in the FNS10 Financial Services or other endorsed Training Package or accredited course.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.
Core units of competency:
FNSINC401A Apply principles of professional practice to work in the financial services industry
FNSIBK601A Develop guidelines for insurance broking services
FNSIBK602A Implement insurance broking service support systems
FNSIBK605A Manage insurance brokerage service performance
Elective units of competency:
BSBCOM603B Plan and establish compliance management systems
NOTE Certain elective units may be required to progress to membership of relevant professional organisations. Learners should establish such requirements where they apply in order to make appropriate choices.
Pathways...
Qualification Pathway
Preferred pathways for candidates entering this qualification include:
FNS51210 Diploma of Insurance Broking
The primary pathway from this qualification is senior employment in insurance broking.
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
QUALIFICATION SUMMARY
Employability Skill
Industry/enterprise requirements for this qualification include:
Communication
applying effective sales and marketing skills
fostering business relationships and providing a high level of customer service and relationship management developing a rapport with clients
presenting complex information to the client
using interpersonal skills to meet a client's personal needs documenting clients' complex or special needs to protect interests of clients and broker
using negotiation techniques and interpersonal skills to meet a client's personal needs
Teamwork
knowledge of one's own role to achieve team goals building reporting/feedback mechanisms into systems
referring matters to a higher authority as required and outsourcing tasks to internal and external specialists
supervising staff and working as a member of a team
Problem solving
analysing and synthesising information and determining
calculating profit margins, budgets, return on investment and preparing financial forecasts
collecting, comparing and contrasting data using problem solving tools and techniques
developing and managing risk including contingency planning
levels of risk
Initiative and enterprise
aligning customer characteristics to 'best product' continually reviewing and applying emerging industry trends to product and service knowledge
developing innovative approaches to designing and selling financial products and services
Planning and organising
allocating resources and maintaining accurate records
establishing and monitoring performance targets
managing the implementation of compliance systems, policies and procedures and risk strategies
producing a business plan for a financial product
Self-management
managing own time and performance
operating within codes of ethics, codes of professional conduct, legislation and regulations
taking responsibility as required by work role and ensuring all organisational policies and procedures are followed
Learning
contributing to the learning of others reviewing and evaluating training programs
facilitating internal training to ensure staff have the knowledge and skills to implement quality and compliance systems
identifying and documenting training needs to meet ongoing compliance requirements
Technology
conducting web searches and using corporate templates
operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
using business technology to access, organise and monitor information
using research data devices and telecommunication devices and equipment
