Application
This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Develop marketing plan for the brokerage | 1.1. The brokerage vision statement is developed/reviewed 1.2. Brokerage objectives are developed/reviewed 1.3. Target markets are identified/refined 1.4. Market research data is obtained 1.5. Competitor analysis is obtained 1.6. Market position is developed/reviewed |
2. Develop brokerage promotion plans | 2.1. Brokerage brand is developed 2.2. Benefits of practice/brokerage products/services are identified 2.3. Promotion tools are selected/developed within applicable legislation |
3. Develop brokerage sales plans | 3.1. Plans to increase yield per existing client are developed 3.2. Plans to add new clients are developed 3.3. Proposed plans are ranked according to agreed criteria 3.4. An action plan to implement the top ranked plans is developed and agreed 3.5. Brokerage work practices are reviewed to ensure they support plans |
4. Implement promotional strategy | 4.1. Promotional package is created to meet the requirements of the sales plan and enhance the business corporate image and all relevant legislative requirements 4.2. Promotional strategy is implemented within budget in the timeframes specified |
5. Prepare sales and distributional channels | 5.1. Required distribution channels are obtained 5.2. Training of the distribution channels is undertaken to ensure service knowledge and quality customer service is maximised 5.3. Promotional materials are distributed within appropriate timeframes |
6. Monitor and review sales and promotional plan implementation | 6.1. Criteria to measure the effectiveness of the sales/ promotional strategy are established 6.2. Performance criteria for distribution channels are established so attainment of forecast sales target can be monitored 6.3. Adjustments to the promotional strategy or service distribution are made as necessary to ensure the required result is being obtained |
Required Skills
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Required skills |
highly developed communication skills to: negotiate with clients and others determine and confirm information, using questioning and active listening techniques liaise with others, share information, listen and understand use language and concepts appropriate to cultural differences numeracy and IT skills to: use database management use statistical/data analysis and interpretation perform calculations related to achieving required outcomes use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes access and update records electronically access web based information services well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information research and analysis skills for accessing and interpreting relevant information well-developed interpersonal skills organisational skills, including the ability to plan and sequence work project management skills marketing skills presentation skills well-developed problem solving skills well-developed planning skills |
Required knowledge |
current industry/organisation product and marketing mix how to acquire and interpret relevant data industry compliance requirements industry market position relative to product/line of business IT and communications systems marketing principles organisation industry policy wording, policy and procedures relevant common law, legal systems and procedures underwriters guidelines and authorities |
Evidence Required
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: identify the key market data (accurate and relevant) and the range of available information sources analyse data and determine areas of improvement negotiate required improvements to ensure implementation evaluate systems against brokerage requirements and form recommendations and/or make recommendations. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to organisation records access to organisational policies and procedures. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency observing processes and procedures in workplaces verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports setting and reviewing workplace projects and business simulations or scenarios. |
Guidance information for assessment |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
Brokerage objectives may be: | achievable measurable realistic time defined. |
Market research data may include: | Australian Bureau of Statistics (ABS) chambers of commerce information client surveys data about existing clients data about possible new clients data from external sources such as: data from internal sources industry reports internet libraries mail surveys personal interviews primary market research such as: secondary market research (available research by other people) small business surveys telephone surveys trade associations/journals. |
Competitor analysis may include: | competitor offerings competitor profile in the market place competitor promotion strategies and activities. |
Marketing position should include data on: | communication cost components distribution strategies market position marketing channels new/changed products place price pricing objectives: profit market penetration pricing strategies: cost plus supply/demand ability to pay product product differentiation from competitive products product mix promotion promotion budget promotional strategies target audience the augmented product (total package of consumer features/benefits) the core product (what is bought) the good or service provided the tangible product (what is perceived). |
Brokerage brand may include: | AIDA (attention, interest, desire, action) brokerage image brokerage logo/letter head/signage facility decor phone answering protocol slogans style guide templates for communication/invoicing writing style. |
Benefits may include: | benefits as perceived by the client features as perceived by the client. |
Promotion tools include: | advertising brochures direct mail networking and referrals newsletters (print and/or electronic) press releases publicity and sponsorship seminars telemarketing/cold calling websites. |
Applicable legislation includes: | Carriers Act Compulsory Third Party Motor Vehicles Act Financial Services Reform Act Insurance Act Insurance Contracts Act Local Government Act Marine Insurance Act Trade Practices Act. |
Yield per existing client may be increased by methods including: | packaging fees raising charge out rates/fees reduce discounts sell more services to existing clients. |
Promotional package may consist of materials such as: | client newsletters or bulletins media advertising (radio, television, newspapers, trade journals, direct marketing) product service brochures promotion may include sponsorship. promotional packages can be directed to existing or new clients promotional products or give-a-ways and third party services. |
Distribution channels may include: | associations authorised representatives common interest groups broker's in-house staff direct response existing clients other brokers telemarketing trade journals. |
Sectors
Unit sector | Insurance broking |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.