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.
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