This unit is only available to students in Singapore.
Skills Unit
BR30003-00

Prepare submissions for new insurance broking business (Singapore)

This unit describes the skills and knowledge required to determine and prepare a submission for new insurance broking business. This unit has application to both life and general insurance brokers, and is applicable to submissions prepared for wholesale and retail clients. It covers the provision of general and personal advice in the context of preparing a submission to retail clients.

It applies to individuals who are skilful communicators and use analytical skills and specialist product knowledge to work effectively with 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.

10 CIP Points
Prepare submissions for new insurance broking business (Singapore)
AUD $425
Insurance Broking General Insurance
5-week Study Period
10 Credit Points
Specialised
Enrol Now

What you'll learn

  • Establish relationship with client 
  • Determine nature of submission and resource requirements 
  • Analyse client risk profile to develop product risk profile 
  • Identify appropriate insurance program 
  • Identify market availability 
  • Make submission to prospective client 
     

Competencies

FNSIBK523 Prepare a submission for new insurance broking business

Topics Covered

Week 1

  • The role of broker 
  • Legal responsibilities 
  • Hawking prohibitions 
  • Core broking services 
  • Extended broking services 
  • Remuneration 
  • Internal dispute resolution 
  • External dispute resolution 

Week 2

  • Getting to know the client 
  • Gathering information 
  • Determining the nature of the submission and resource requirements 

Week 3

  • Risk management 
  • Insurance programs 
  • Market availability 

Week 4

  • Making a submission to the client 
  • Letter of appointment 
  • Written submission 
  • Terms and conditions and relative value of quotations 
  • Effects and possible risks 
  • Content 
  • Documentation preparation 
  • Obtaining cover 
  • The closing 
  • Confirmation and cooling off Edited

Assessment

1 Exams and 1 Simulations

10 CIP Points
Prepare submissions for new insurance broking business (Singapore)
AUD $425
Insurance Broking General Insurance
5-week Study Period
10 Credit Points
Specialised
Enrol Now