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Qualification Details

FNS51210 - Diploma of Insurance Broking

Recognition of Prior Learning (RPL)

FNS51210 Diploma of Insurance Broking Qualification is offered by Get Qualified Australia via our RTO partners using a combination of Recognition of Prior Learning (RPL) and Skills Recognition.

Wherever possible, the qualification will be fully assessed using your career experience without the need for further study. If required, gap training is available from our RTO partners.

Description

This qualification reflects the skills and knowledge required of individuals in insurance broking in a range of organisations as a team member or leader in a large organisation/small business practice or as a sole operator.

Possible work functions include:

• identifying risk within a client’s broking portfolio
• monitoring a client’s broking portfolio including monitoring complex domestic and business risk portfolios
• negotiating and resolving disputes
• negotiating with insurers on behalf of their clients in an insurance claim
• prepare new business proposals for insurance broking clients
• reviewing and reporting losses
• working as an insurance broking account executive in the life general or reinsurance sector.

Entry Requirements

Not applicable.

Packaging Rules

• 13 units  must be achieved.

• 5 core units 

• 8 elective units 

6 elective units  must be selected from the  elective units listed  below.

The remaining 2 elective units  may be selected from the elective units listed below, any endorsed Training Package or accredited course. 1  of these elective units  may be selected from a Certificate IV qualification; 2  of these elective units  may be chosen from a Diploma qualification.

Elective units must be relevant to the work outcome, local industry requirements and the qualification level.

Core units

FNSIBK405A Meet industry and legislative guidelines and organisational procedures relating to insurance broking

FNSIBK505A Undertake risk analysis for an insurance broking client

FNSIBK506A Monitor broking clients

FNSIBK507A Review broking client service performance

FNSIBK508A Implement changes to broking client's insurance program

Elective units

FNSASIC305A Provide Tier 2 personal advice in general insurance

FNSASICM503A Provide Tier 1 personal advice in life insurance

FNSASICX503A Provide advice in Life Insurance

FNSASICY503A Provide advice in Insurance Broking

FNSCUS402A Resolve disputes

FNSCUS505A Determine client requirements and expectations

FNSCUS506A Record and implement client instructions

FNSIAD501A Provide appropriate services, advice and products to clients

FNSIBK403A Implement an agreed insurance program for a broking client

FNSIBK501B Provide general advice in general insurance broking products and services

FNSIBK502B Provide general advice in life insurance broking products and services

FNSIBK503B Provide personal advice in general insurance broking products and services

FNSIBK504B Provide personal advice in life insurance broking products and services

FNSIBK509A Identify and advise on significant risk changes to broking client insurances

FNSIBK510A Assess and negotiate complex risk portfolio for broker client at renewal

FNSIBK511A Review incidence of loss for broking clients

FNSIBK512A Negotiate complex claims settlement for insurance broking client

FNSINC501B Conduct product research to support recommendations

BSBCCO405A Survey stakeholders to gather and record information.

BSBRES401A Analyse and present research information

BSBSUS501A Develop workplace policy and procedures for sustainability

Prerequisite Units

FNSASICX503A Provide advice in Life Insurance

Pre-requisite units required

FSNINC501A Conduct product research to support recommendations

SIAD501A Provide appropriate services, advice and products to clients

SCUS505A Determine client requirements and expectations

SCUS506A Record and implement client instructions

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FNSASICY503A Provide advice in Insurance Broking

Pre-requisite units required

FNSIBK506A Monitor broking clients

SIBK403A Implement an agreed insurance program for a broking client

SIBK507A Review broking client service performance

SIBK508A Implement changes to broking client’s insurance program

Licencing Information

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. You should refer to the IBSA website (www.ibsa.org.au) or the relevant regulator for specific guidance on requirements.

Employability Skills

The following table contains a summary of the employability skills required by industry for this qualification. The employability skills facets described here are broad industry requirements that may vary depending on qualification packaging options.

Industry/enterprise requirements for this qualification include: 

Communication

• building trust and a rapport with clients
• developing and writing reports to specifications
• interpreting client requirements and tailoring products or services to meet their needs
• preparing and presenting correspondence in appropriate electronic format
• the ability to negotiate solutions with clients and colleagues
• using effective telephone techniques
• using excellent customer service skills and maintaining an ongoing relationship with clients

Teamwork

• coaching and mentoring staff to reach minimum customer service standards
• contributing to team cohesion and developing team plans
• managing workplace relationships including counselling staff as required
• monitoring performance and conducting performance appraisals
• negotiating and agreeing with staff on performance standards
• providing feedback, support and encouragement to team members

Problem solving

• checking the accuracy of calculations
• collecting, comparing and contrasting data
• comparing products and services in order to offer clients different options
• determining the viability of new opportunities
• identifying OHS hazards and risk control
• resolving poor performance issues within scope of responsibility
• using problem solving tools and techniques
• working proactively with management to resolve workplace issues

Initiative and enterprise

• applying referral skills
• applying the learning of ergonomics to develop improved processes
• building and implementing reward and recognition strategies for customer loyalty
• continually reviewing and applying emerging industry trends to product and services knowledge
• exploiting business opportunities
• identifying and investigating risk as it relates to new business

Planning and organising

• contributing to the planning process by researching and validating information
• maintaining systems, records and reporting procedures
• planning for the business including establishing KPIs and monitoring staff performance
• planning work considering resources, time and other constraints
• using organisational skills to locate information on statutory and legislative requirements

Self-management

• acting as a role model for others
• taking to management about concerns with own level of responsibility
• understanding and acting upon compliance matters
• working ethically and complying with all industry codes of practice and legislative requirements

Learning

• developing and monitoring an organisational training plan and individual training plans
• encouraging continuous education and professional development
• facilitating internal and external training
• identifying and documenting training needs for ongoing compliance
• seeking specialist financial advice on behalf of clients as required

Technology

• conducting effective web searches
• operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
• using business technology to access, organise and monitor information
• using corporate software templates
• using research data devices and telecommunication devices and equipment

Pathway Information

Pathways into the qualification 

Preferred pathways for candidates entering this qualification include:

• Certificate IV in Insurance Broking

Pathways from the qualification 

The primary pathway from this qualification is employment as an insurance broker.

A further learning pathway could be study in relevant higher education programs. Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification.