Unit of competency Outline

Date retreived
22/07/2026 6:19 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.

Deliver insurance broking services

Deliver insurance broking services

Unit of competency
National Code
FNSIBK416
State Code
OCI68
TGA Status
Current
DTWD Status
Approved
Current Release Number
2.00
Current Release Date
27/01/2022
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
11/03/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to deliver insurance broking services to clients. It includes responding to client enquiries for broking services, undertaking risk assessments, and establishing arrangements for providing ongoing services.The unit applies to those who use well-developed communication and administrative skills when providing broking assistance in a range of client services. Individuals may work in small or large brokerage organisations dealing with retail and/or commercial 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. Respond to client enquiries for broking services
  • 1.1 Identify nature of broking services required to satisfy enquiry
  • 1.2 Confirm information and identify research activities required to prepare response to enquiries according to organisational policies and procedures
  • 1.3 Conduct research, collect and process information, and prepare response according to legislative and organisational requirements
  • 1.4 Communicate information to client and seek feedback and additional requirements
  • 1.5 Inform client of disclosure requirements according to legislative and regulatory requirements
2. Undertake risk assessment
  • 2.1 Determine client’s insurance needs based on client objectives and by undertaking assessment of current risk situation
  • 2.2 Identify and discuss insurable and non-insurable risk exposures with client
  • 2.3 Identify cover requirement changes to client’s existing insurance program as advised by client
  • 2.4 Maintain and review record of assessment
3. Assess suitable cover and placement of risk
  • 3.1 Conduct product research to determine most suitable product to meet risk exposure
  • 3.2 Review policy conditions relevant to client’s risk exposures
  • 3.3 Conduct market research to determine suitable insurers
  • 3.4 Negotiate with insurers as required to obtain terms for placement of cover
4. Finalise insurance cover
  • 4.1 Review terms and conditions of insurer’s offer and sums insured with client
  • 4.2 Communicate outcomes of negotiations and detailed information on options available to client
  • 4.3 Make recommendations to client and obtain client instructions to enable precise actions to be taken
  • 4.4 Complete required documentation, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer
  • 4.5 Bind cover as instructed by client and issue documentation as required by organisational policies and procedures
  • 4.6 Monitor payment of premium and hold covered terms
5. Agree to and implement arrangements for providing ongoing service
  • 5.1 Agree to type and form of ongoing services to provide
  • 5.2 Implement procedures for agreed ongoing services according to organisational policies and procedures
  • 5.3 Review client’s claims history regularly and identify additional risk exposures associated with clients who regularly lodge claims
  • 5.4 Undertake immediate changes to insurance program when requested by client
  • 5.5 Review terms of renewals and remarkets if required
  • 5.6 Confirm premium payments are made within required endorsement or renewal offer period
  • 5.7 Provide claims service when required
No information
No information
Replaces
State Code National Code Title Type
AUR44 FNSIBK406 Deliver professional insurance broking services Unit of competency
State Code National Code Title Type
BFX7 FNS51220 Diploma of Insurance Broking Qualification
BFX3 FNS41720 Certificate IV in Insurance Broking Qualification
BFX2 FNS60920 Advanced Diploma of Paraplanning Qualification