Tier 1 Insurance Broking

Tier 1 Insurance Broking Course

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

Designed for brokers handling SME business including Farm (optional), the course is broken down into six (6) learning modules, one of which is optional. Exemptions may apply to some of these modules if recognition of prior learning has been assessed through a pre-gap assessment test. The last three modules focus on the formative technical training required to operate as an insurance broker, including the importance of gathering information about the risk, risk exposure and risk assessment, generic product knowledge – traps and pitfalls of policy wordings, placement of risk.

This short course comprises nationally recognised units of competency which contribute to partial completion of FNS51215 Diploma of Insurance Broking.

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

Students who successfully complete the Tier 1 course and wish to move on to completing the full Diploma will have two remaining modules to complete the Diploma of Insurance Broking.

These modules are:

  • Managing Complex Renewals.
  • Managing Complex Claims.

For students dealing primarily with retail domestic lines (excluding personal accident and illness) we recommend our Tier 2 General Insurance Course.

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 course covers the following nationally recognised units of competency:   This course provides for partial completion only of FNS5125 Diploma of Insurance Broking.

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