Diploma of Insurance Broking

FNS51215 - Diploma of Insurance Broking

NRT

LMI College Pty Ltd – Provider Number 31916 offers nationally recognised qualification courses specifically designed for the General Insurance sector.

This nationally recognised 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. Module 1 of this qualification course meets ASIC’s requirements for Tier 1 Insurance Broking.

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 claims 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.

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The below diagram illustrates the learning pathways we have developed over the past 15 years with successful outcomes as our ‘Pathway to Diploma’.

To achieve a Diploma in Insurance Broking, 10 units of competency must be achieved.  Our Tier 1 accreditation course covers 5 units of competency from this qualification.  We have incorporated this qualification into our learning pathway which is outlined in this document above.

Please note, Certificate III is not a pre-requisite to Diploma.

Learners will be allocated a timeline for completion on their learner dashboard.  The average timeline for completion is between 12 and 18 months depending on the learner’s previous experience and exposure to practical application within the work environment.

Course Content

This course contains the following modules and units of competency

  • Module 1 – RG146 Tier 1 Insurance Broking

This short course covers the knowledge and skills, required to meet ASIC RG146 Tier 1 Insurance Broking.

Designed for advisers handling SME Business in a general insurance broking environment, this course is broken down into five (5) ‘bite size’ learning modules. Exemptions may apply to some of these modules if recognition of prior learning has been assessed through gap assessment test or provision of validated Tier 2 certificate.

Learning modules include:

  • ASIC Generic Knowledge Requirements
  • Fundamental Insurance Law
  • Arranging insurance for a Trades or Mobile Business
  • Arranging Insurance for a Professional Person
  • Alternative to the above – Arranging Farm Insurance
  • Arranging Insurance for SME Business

The assessment process for this short course will include:

    • Gap assessment test- this test determines the student’s current level of knowledge and skills. The test allows us to determine gap training requirements and to give consideration to prior knowledge. (This is not required by students who have no experience in commercial lines)
    • Combination True/False, multiple choice and short answer questions.
    • Case studies and practical assessments (students unable to complete practical assessments will be provided with additional case studies and additional methods of assessment as required). However, the course is more suited to those working in the industry or returning to the industry.
    • Trainer/Assessor or supervisor’s observation in the workplace.

This module includes the following units of competency:

FNSIBK406 Deliver professional insurance broking services
FNSIBK508 Implement changes to broking client’s insurance program
FNSIBK513 Prepare submission for new business
FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector
FNSASICY503 Provide advice in Insurance Broking
  • Module 2 – Managing Complex Risks

This module covers the knowledge and skills required to develop client relationships, manage complex renewals and changes to insurance portfolios.

The assessment process for this module will include:

    • Combination True/False, multiple choice and short answer questions.
    • Case studies and practical assessments (students unable to complete practical assessments will be provided with additional case studies and additional methods of assessment as required). However, the course is more suited to those working in the industry or returning to the industry.
    • Final verification questions via telephone.

This module  covers the following units of competency:

FNSIBK515 Monitor broking client requirements and establish loss control programs
FNSIBK514 Manage complex risk portfolio for a broking client
FNSIBK507 Review Service Performance
  • Module 3 – Managing Complex Claims

This module provides an overview of the laws relating to insurance claims and the management processes for claims in an insurance broking environment.

  • Combination True/False, multiple choice and short answer questions.
  • Case studies and practical assessments (students unable to complete practical assessments will be provided with additional case studies and additional methods of assessment as required). However, the course is more suited to those working in the industry or returning to the industry.
  • Final verification questions via telephone.

This module covers the following units of competency:

FNSIBK512 Negotiate complex claims settlement for insurance broking client
BSBRES401 Analyse and present research information