CPD / CIP Points = 5
Estimated Duration = 5 Hours (including two short breaks)
Foundations of Insurance for Brokers
Key learning outcomes:
The Foundations of Insurance for Brokers module is designed for new entrants to the insurance industry, including graduates and junior brokers. Its purpose is to build participants’ knowledge, skills and confidence by providing a practical foundation in insurance principles, the role of the broker and the activities involved in day-to-day broking.
The first part of the module examines the fundamentals of risk and insurance, including identifying and managing risk, the purpose of insurance, different types of insurance policies and key insurance principles. Participants will also be introduced to the Insurance Contracts Act, underwriting considerations, insurance market participants and the role and responsibilities of insurance brokers.
The second part explores 12 key personal attributes and professional skills associated with successful insurance brokers.
The final part examines practical aspects of broking, including approaching insurers, understanding insurance market conditions, arranging capacity, insurance premiums and remuneration, policy extensions, letters of appointment and the policy renewal process. Common insurance terminology and acronyms are also explained.
Interactive exercises and progress checks are incorporated throughout the workshop, allowing participants to reinforce their understanding and apply their knowledge to practical broking situations. A short test is available following the workshop.
On completion, participants will be better equipped to understand fundamental insurance principles, recognise the responsibilities of an insurance broker and approach everyday broking activities with greater knowledge and confidence. The module also provides a foundation for further technical, product-specific and skills-based training.