T1GI003-20
Tier 1 Provide Advice in General Insurance
This unit describes the skills and knowledge required to analyse and advise on a client’s general insurance needs in line with current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) in the insurance specialist and generic knowledge areas.
Who should take the course
The unit applies to individuals who apply specialist product knowledge and well-developed interpersonal and communications skills in the provision of advice in general insurance.
Pre-requisite
Students should undertake their Tier 2 General Insurance compliance before commencing this unit. The Tier 2 studies (from ANZIIF or any other education provider) will provide the foundational knowledge around Tier 2 financial products which will not be covered in this Tier 1 unit. It is expected that students enrolling in this Tier 1 unit have completed the required Tier 2 knowledge to ensure their success.
The required Tier 2 knowledge can be completed by enrolling in ANZIIF's Tier 2 General Insurance offerings - the T2GI-20 Tier 2 General Advice or the T2GP-20 Tier 2 General and Personal Advice.
What you'll learn
- Establish relationship with client and identify objectives
- Analyse client risk information and identify risk solutions
- Present and confirm solutions with client
- Coordinate implementation of agreed solution
- Provide arrangements for ongoing service, where requested by client
Membership Outcome: eligible to elect for Affiliate CIP Member Level.
Competencies
- FNSASICN513 Provide advice in general insurance
Topics Covered
- Tier 1 legislation and regulations
- The insurance industry and markets
- Your role as an adviser and your responsibilities
- Providing financial advice, and your duty and obligations
- Personal accident and sickness insurance
- The importance of building relationships and connecting with your clients
- Techniques to identify client needs, objectives and financials, and collect information
- Compliance requirements when actively pursuing new business
- Analysing client needs and identifying client risk solutions
- Understanding the risk for effective risk transfer
- When to refer to specialists
- Preparing to present client risk solutions in multiple forms
- Complaint handling and dispute resolution
- The placement process to implement your client's agreed solution
- Insurance contracts and the law
- The importance of maintaining documentation and client records
- Thinking strategically for ongoing services
Assessment
1 Exam, 1 Integrated Workbook and 1 Observation Checklist
See the Assessment and Academic Calendar pages for more information.