Diploma of Insurance Broking

Diploma of Insurance Broking

FNS51220 - Diploma of Insurance Broking

Overview

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. Modules 1 to 3 of this qualification course meet 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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Duration of Course

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

  • Modules 1 to 3 – 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 three (3) 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 1 certificate.

Learning modules include:

  • ASIC Generic Knowledge Requirements
  • Fundamental Insurance Law
  • Arranging Insurance for a Trade or Business
  • Arranging Insurance for a Professional Person
  • Arranging Insurance for SME Business

Assessment Process

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 (if required).

Units of Competency

This module includes the following units of competency:

FNSIBK416 Deliver professional insurance broking services
FNSIBK518 Implement changes to insurance programs of broking clients
FNSIBK523 Prepare submissions for new insurance broking business
FNSINC412 Apply and maintain knowledge of financial products and services
FNSIBK415 Meet compliance requirements relating to insurance broking
FNSASICY513 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.

Assessment Process

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.

Units of Competency

This module  covers the following units of competency:

FNSIBK525 Monitor insurance broking client programs
FNSIBK524 Manage complex risk portfolio for insurance broking clients
  • Module 3 – Claims (Handling)

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

Assessment Process

  • 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.

Units of Competency

This module covers the following units of competency:

FNSIBK522 Negotiate complex claims settlement for insurance broking client
FNSISV405 Analyse insurance claims
FNSISV408 Manage handling and settlement of routine insurance claims for retail clients