CPD / CIP Points = 5
Estimated Duration = 5 Hours
Foundations of Insurance for Brokers
Key learning outcomes:
The Foundations of Insurance for Brokers module has been specifically created to build confidence and propel a junior broker’s career in the industry. As such, it is designed for new entrants to the insurance industry including graduates.
The module is split into three key segments.
The first segment examines foundations of risk and insurance by discussing such topics as: what is risk, dealing with risk, the purpose of insurance, types of insurance policies, basic principles relating to insurance, The Insurance Contracts Act, underwriting considerations, insurance market participants, and the broker’s role.
The second segment is a deep analysis of the 12 personality traits and skills of successful brokers.
The third segment examines matters that brokers need to understand to perform their day-to-day activities. The topics here include: marketing to insurers, soft vs hard markets, building capacity, what’s in a premium, commission vs net accounts, extensions, letters of appointment, the policy renewal process, and insurance acronyms.
There will be several short breaks throughout the unit with a longer pause in the middle of it. There are interactive exercises and progress checks throughout the module. A 25-question test is completed at the end of the session or post-session via a link.
Once this module is completed, the learner will have a deep understanding of key foundational principles associated with risk, insurance, and the role of the broker. The learner will also be in a strong position to apply knowledge gained to practical daily broker activities/challenges and participate in further product, skills-based, risk management, technical, and/or sales training modules.