Unit of competency Outline
Date retreived
22/07/2026 6:18 AM AWST
22/07/2026 6:18 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Prepare submissions for new insurance broking business
Prepare submissions for new insurance broking business
Unit of competency
National Code
FNSIBK523
FNSIBK523
State Code
OCI18
OCI18
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
080301 - Business Management
Original Release Date
11/03/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to determine and prepare submissions for new insurance broking businesses.The unit applies to those responsible for providing insurance broking services who use well-developed communication and analytical skills and apply specialist product knowledge when working with wholesale and retail clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Determine client and resource requirements
- 1.1 Determine nature of submission required by client and if letter of appointment is required
- 1.2 Establish availability of skills and resources required to prepare submission and source as required
- 1.3 Identify client objectives, risk needs and financial situation according to organisational policies, procedures and standards
- 1.4 Explain range of insurance products and broking services available according to legislative and organisational requirements
- 1.5 Communicate to client the role and responsibilities of broker, adviser’s conduct, and available complaint-handling processes
2. Develop client and product risk profile
- 2.1 Conduct risk assessment and prepare product risk profile for client according to organisational guidelines
- 2.2 Develop client’s risk profile and prepare risk profile from risk analysis
- 2.3 Maintain records of risk assessment and actions taken
3. Identify suitable insurance program and market availability
- 3.1 Determine suitable insurance or risk management program according to risk assessment and client objectives, risk needs and financial situation according to organisational policies, procedures and standards
- 3.2 Compare proposed program with relevant checklist and other similar clients, and identify required changes
- 3.3 Confirm program meets client objectives, risk needs and financial situation
- 3.4 Identify and analyse availability of market with terms that match client requirements
- 3.5 Select insurers and negotiate terms and communicate outcome to client
4. Make submission to client
- 4.1 Develop and check draft written submission that specifies benefits and advantages for client, according to organisational procedures
- 4.2 Provide written submission to client in required format
- 4.3 Discuss and resolve client concerns and issues relating to submission
- 4.4 Complete and submit final documentation
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR50 | FNSIBK513 | Prepare a submission for new business | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BFX7 | FNS51220 | Diploma of Insurance Broking | Qualification |
| BFX2 | FNS60920 | Advanced Diploma of Paraplanning | Qualification |