Provide Tier 1 General Insurance Advice
This unit describes the skills and knowledge required to deliver all aspects of general insurance personal advice service to clients. It includes dealing with giving personal advice, the initial enquiry for insurance services, identifying and implementing an appropriate program, dealing with a client’s insurance claim and providing follow up services. It also describes the skills and knowledge required to analyse a client’s insurance needs and provide advice ethically and professionally, in compliance with industry regulations and codes of practice.
Students who complete this unit will satisfy the education requirements for ASIC’s RG 146 Tier 1 General Insurance Compliance – Personal Accident and Sickness.
Who should take the course
The unit applies to individuals who use high-level communication and clerical skills to provide personal financial advice and a range of client services, including risk advice that requires specialist knowledge. Individuals may work in small or large insurance organisations dealing with retail and/or commercial clients.
Students in New Zealand are only recommended to complete this unit if you need your RG 146 ASIC compliance to work with Australian clients or intend to work in Australia.
What you'll learn
- Respond to client enquiries for services
- Establish relationships with clients and identify their objectives, needs and financial situation
- Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions
- Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction
- Provide insurance programs for clients
- Agree to plans, policies or transactions and complete documentation
- Place client insurances and confirm cover with clients
- Provide ongoing service where requested by clients
Membership Outcome: eligible to elect for Affiliate CIP member level
- FNSASICN503 Provide Tier 1 personal advice in general insurance
- FNSIAD501 Provide appropriate services, advice and products to client
- Week 1: Economics and the legal framework in Australia
- Week 2: Establishing relationships with clients
- Week 3: How insurance works and collecting client information
- Week 4: General insurance products and client solutions
- Week 5: Providing personal advice and recommendations
- Week 6: Providing ongoing service
1 Exam and 1 Simulation