Unit of competency Outline

Date retreived
23/07/2026 5:35 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Deliver professional insurance broking services

Deliver professional insurance broking services

Unit of competency
National Code
FNSIBK406
State Code
AUR44
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
35
Description
This unit describes the skills and knowledge required to deliver all aspects of the insurance broking service to clients. It includes dealing with the initial enquiry for insurance broking services, identifying and implementing an appropriate insurance program, dealing with a client’s insurance claim and providing follow up services.It applies to individuals who use high level communication and clerical skills to provide broking assistance and a range of client services, including risk advice that requires specialist knowledge. Individuals may work in small or large brokerage organisations dealing with retail and/or commercial clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Respond to client enquiries for broking services
  • 1.1 Establish relationship with client and identify nature of broking services required to satisfy enquiry
  • 1.2 Clarify information and research activities required to prepare appropriate and timely response
  • 1.3 Determine relevant legislative and organisational requirements to be met in dealing with enquiry
  • 1.4 Collect and process information and prepare response
  • 1.5 Communicate information to client in suitable format that minimises need for follow up action
  • 1.6 Update organisational records to satisfy organisational policy and guidelines
2. Provide insurance program for broking client
  • 2.1 Determine client’s insurance needs by undertaking assessment of client’s objectives and current risk situation
  • 2.2 Identify changes to client’s current insurance program by thorough analysis of information collected and discussions with client
  • 2.3 Negotiate with insurers as required to obtain terms for renewal and change of client’s insurances as required
  • 2.4 Communicate outcomes of negotiations and detailed information on options available to client
  • 2.5 Make recommendations to client and obtain client instructions to enable precise actions to be taken
3. Place client insurances and confirm cover with client
  • 3.1 Notify details of cover required to insurers and obtain confirmation of interim cover in response to client instructions
  • 3.2 Check interim cover for accuracy and completeness, and confirm with client
  • 3.3 Complete required documentation accurately, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer
  • 3.4 Check insurer’s documentation for omissions and errors prior to making record of confirmed insurance cover
  • 3.5 Remit premiums to insurers in accordance with organisational guidelines and legislative requirements
  • 3.6 Update relevant files and records
4. Provide a claims service to broking client
  • 4.1 Register client’s claim in accordance with organisational guidelines
  • 4.2 Advise insurers and obtain necessary claims documentation
  • 4.3 Provide assistance to clients to provide accurate and complete information on claims documentation when required
  • 4.4 Request reinstatement of sum insured from insurer where required and advise client of reinstatement
  • 4.5 Review terms and conditions of policy and advise clients of claims administration process and their legislative rights and obligations
  • 4.6 Assist client to appoint independent claims service providers where required
  • 4.7 Maintain contact with all insurer and independent service providers to ensure reports and issues dealt with promptly
  • 4.8 Notify client of insurer’s terms of settlement and provide recommendations for client review
  • 4.9 Remit settlement funds to client according to organisational procedures, and update files and records promptly
5. Provide ongoing services where requested by client
  • 5.1 Respond to client requests in line with organisational service standards to maximise business retention
  • 5.2 Offer additional benefits to clients based on review of client information and external conditions
No information
No information
Replaced By
State Code National Code Title Type
OCI68 FNSIBK416 Deliver insurance broking services Unit of competency
State Code National Code Title Type
AVX5 FNS50615 Diploma of Financial Planning Qualification
AWG0 FNS41715 Certificate IV in Insurance Broking Qualification
AWB4 FNS51215 Diploma of Insurance Broking Qualification