2027 Insurance Brokers Compliance Update

Topics

Each topic draws on real incidents and on obligations that come from the Corporations Act, Royal Commissions, regulator reviews and other inquiries. Topics are reviewed every year so the content stays relevant to brokers.

Topic 1: AI safety and privacy

Find out why the information you enter into an AI tool does not necessarily stay yours or stay where you left it: it can be used to train future models, stored indefinitely or processed overseas. You will see how AI-related data breaches happen (through unexpected data disclosure and data leakage), illustrated by real-world examples, and how they can put you in breach of Australian Privacy Principles 6 (use and disclosure) and 8 (cross-border disclosure).

You will then work through the safe usage guidance from the Office of the Australian Information Commissioner and the National AI Centre: accountability (you cannot delegate your privacy responsibilities to the tool or its provider), human oversight of AI outputs, telling clients when you use AI, and managing risk. The topic also covers AI and cyber risk.

Topic 2: Renewals

Renewals are one of the most common points where client relationships and compliance obligations meet, and one of the easiest places for a missed step to turn into a problem. This topic shows you what you need to do before a policy expires and how to build a process you can rely on, so no client is left unprotected or surprised. It covers:

• Renewal timeframes: when you need to contact clients ahead of a policy expiring
• How to reliably track policy expiry dates so renewals are never left to chance
• Taking appropriate, professional and timely steps to seek cover and advise clients of their options
• When you need to obtain new informed consent from a retail client, such as when your rate of commission will increase after renewal
• What to record, and a job aid you can download to build the steps into your renewal process

Topic 3: Efficiently, honestly and fairly

‘Efficiently, honestly and fairly’ is the general obligation that sits behind much of what you do as a broker. It is a core requirement for Australian Financial Services (AFS) licensees under the Corporations Act, yet it is often described in broad terms. This topic turns it into practical, observable behaviour so you can see where it applies in your day-to-day dealings with clients. It covers:

• Where the obligation comes from and why it matters to clients, your business and the intermediated insurance market
• What acting efficiently, honestly and fairly looks like in real broker–client interactions, from advice and quoting through to renewals and claims
• How everyday decisions and shortcuts can put you at risk of falling short
• How to show you have met the obligation, including what to document and a job aid you can download to apply it in your own practice

Topic 4: Conflicts of interest

Conflicts of interest are an unavoidable part of broking. What matters is how you identify them, what you do next, and whether you can show it. This topic walks you through the ‘avoid, disclose, manage’ approach set out in ASIC Regulatory Guide 181 and what you are expected to do at each step. It covers:

• How to recognise a conflict of interest, whether it is actual, potential or perceived
• Having policies and procedures to identify and manage conflicts, and applying them consistently
• When a conflict can be managed, when it must be disclosed to the client in a timely and clear way, and when you should not act at all
• Getting the client’s consent before you continue acting where that is required
• How conflicts can arise when you exercise a claims authority
• How to record what you did and why, with a job aid you can download

Assessment

• Opening quiz that assesses your pre-existing knowledge. Your results fast-track you past content you have already mastered, so you spend your time on the gaps.
• End-of-topic quiz with feedback on your answers, so you can see why an answer is right and apply it to your own practice.

Features & Inclusions

• Length: 50 minutes
• Certificate of Completion
• Downloadable collateral: templates, checklists and job aids, with the job aid for each topic available as you go and the complete kit at the end
• Audio content for flexible learning, so you can read the content or listen to it
• 1 CIP point

Note: This course does not include, or prepare you for, the new Insurance Brokers Code of Practice, which takes effect on 1 January 2027. Australian Financial Services (AFS) licensing obligations and compliance breaches are also not covered in detail. To learn more about these areas, complete Beyond Breaches. For a nationally recognised competency, complete ANZIIF’s Compliance requirements for brokers Skills Unit (BR30113-20).

Meet Max: A Broker Under Pressure

When time is short and technology promises a faster way, it's easy to miss important steps.

Watch Max's story to see how a well-intentioned use of AI during a renewal process resulted in significant consequences for his client. This scenario brings to life many of the compliance risks and responsibilities explored throughout this course.