Google Links

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

Elements and Performance Criteria

1. Establish relationship with client
   • Establish knowledge level of client using effective communication skills
   • Explain range of general insurance products and broking services available, and fee and charging methodology
   • Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them
   • Identify client’s objectives, risk needs and financial situation
2. Determine nature of submission and resource requirements
   • Determine nature of submission required by prospective client
   • Assess skills required to prepare submission
   • Identify and retain consultants with required skills as needed
   • Identify and establish team and team leader as required
3. Analyse client risk profile to develop product risk profile
   • Complete risk assessment for client in compliance with guidelines
   • Develop risk profile of client using organisational tools
   • Prepare product risk profile from risk analysis
   • Maintain comprehensive records of risk assessment and actions taken
4. Identify appropriate insurance program
   • Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation
   • Compare proposed program with appropriate checklist and other similar clients, and identify significant changes
   • Confirm program meets needs with client
5. Identify market availability
   • Identify availability of market with suitable terms for client requirements
   • Negotiate required terms with insurers to provide most beneficial outcome for prospective client
6. Make submission to prospective client
   • Obtain letter of appointment that identifies exact nature of appointment as appropriate
   • Provide written submission to client in format required by organisation
   • Identify options that specify benefits and advantages for prospective client
   • Justify proposed recommendations fully and support with relevant information
   • Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding
   • Complete appropriate documentation

Performance Evidence

Evidence of the of the ability to:

maintain and apply knowledge of insurance products, practices, global markets and exposures to tailor specific advice to clients

undertake risk management data collection and analysis to ensure clients are provided with the appropriate choice of products suitable to their requirements

comply with organisational requirements to prepare and deliver client conceptual and quotation submissions.

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

---

Knowledge Evidence

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

research and analyse information relating to the insurance industry and economic and taxation factors impacting on insurance markets or products that is used to set the context for a business submission

explain the evaluation undertaken of a range of insurance products and broking services

explain organisational policy, procedures and standards in the preparation of business submissions

provide an example of the application of the principles of insurance buyer behaviour and marketing to the preparation and presentation of business submission to new and renewing clients

explain the impact of industry compliance requirements and regulatory guidelines in marketing broking services within the context of a business submission

illustrate the application of risk analysis procedures on the development of recommendations.

---