CPD / CIP Points = 2.5
Estimated Duration = 2.5 Hours (including a short break)
The New Business Process (Recommended Pre-requisite “Avoiding Broking Errors & Omissions”)
Key learning outcomes:
The New Business Process module examines the key stages involved in arranging insurance for a new client, from initial contact with a prospect through to placing the insurance and issuing policy documentation. Participants will explore a structured eight-step process, with particular emphasis on the responsibilities of the broker and ensuring the prospect’s insurance requirements are appropriately addressed.
The module examines the importance of obtaining and thoroughly reviewing information received from prospects, identifying gaps requiring clarification and preparing quality submissions for underwriters. Participants will also explore the key considerations when reviewing and comparing quotes and policy wordings from different insurers.
The process of reviewing subjectivities, negotiating with underwriters and communicating quotes and recommendations to prospects is also examined. Particular attention is given to ensuring the insurance arrangements meet the prospect’s requirements, obtaining clear instructions and checking policy documentation following placement. Practical broker tips are provided throughout the module to help improve the quality and consistency of the new business process.
Interactive exercises and progress checks are incorporated throughout the workshop. These include practical broking situations and broker/prospect conversations that help participants apply the principles discussed. A short test is available following the workshop.
On completion, participants will be better equipped to manage the new business process, identify potential coverage issues, compare insurance options and communicate effectively with prospects and underwriters. These skills can improve new business outcomes, establish stronger client relationships from the outset and help reduce errors and omissions.
