CPD / CIP Points = 2.5
Estimated Duration = 2.5 Hours (including a short break)
Avoiding Broking Errors & Omissions
Key learning outcomes:
The Avoiding Broking Errors & Omissions module begins by examining the importance of effective communication with clients, underwriters and colleagues in reducing E&O exposure. Participants will explore best practices for verbal and written communication, including providing clear advice, managing expectations and establishing responsibilities and timeframes. Particular attention is also given to record keeping, including documenting material conversations, client instructions and recommendations, and maintaining a complete audit trail.
The module then examines how to manage a lack of responsiveness from clients and underwriters, as well as dealing with customer dissatisfaction. The Policy Renewal Process is also explored, with an emphasis on identifying potential errors and omissions when reviewing client information, preparing submissions, comparing policy wordings and quotes, and communicating coverage changes to clients.
The importance of having a “Plan B” is examined, including anticipating renewal difficulties, considering alternative insurance arrangements and managing deadlines. Participants will also explore how to identify, escalate and address errors or omissions when they occur. The module concludes by examining uninsured exposures and the importance of cross-selling in ensuring clients receive appropriate insurance advice and protection.
Interactive exercises and progress checks are incorporated throughout the workshop. Participants will consider how errors arise, their potential consequences and the measures that could prevent or minimise them. A short test is available following the workshop.
On completion, participants will be better equipped to recognise and minimise potential broking errors and omissions through effective communication, thorough review processes, accurate record keeping and proactive management of client and underwriting matters. The module also provides a foundation for further training in The Policy Renewal Process | Level 1, The Policy Renewal Process | Level 2 and Cross-Selling modules.
