Insurance Broking Fundamentals

Overview

The intermediary, or insurance broker, is there to help and advise clients, matching their needs to appropriate insurance products. The insurance broker also provides services to the insurer, bringing new clients and allowing insurers to concentrate on the business of insurance.

Suitability

This 2 day training is suitable for: -

• Brokers
• Underwriters
• Brokers Claims Teams
• Insurer Broker Teams
• Business Development and Sales Teams
• Risk and Compliance Officers
• Loss Adjusters and Risk Surveyors

Learning Outcomes

After completing this workshop, participants will be able to:-

• Understand the insurance broking market
• Understand the role and responsibilities of the insurance broker in the provision of insurance products and services
• Understand contract and agency in relation to insurance brokers and their clients
• Understand the key legal and regulatory issues affecting insurance brokers
• Understand the key financial issues affecting insurance brokers
• Understand issues relating to the conduct and culture of insurance broking business

What is Covered

Day One

Understand the insurance broking market.

On completion of this module participants will be able to: -

• Explain the rationale for insurance brokers in the insurance market.
• Describe and understand the role of different types of non-life insurance brokers in the insurance
• Describe the services offered by insurance brokers and the different ways they are remunerated.
• Explain the various roles within an insurance broking organisation.

Understand the role and responsibilities of the insurance broker in the provision of insurance products and services.

On completion of this module, participants will be able to: -

• Explain the role of the insurance broker in meeting client needs by providing insurance products and services.
• Explain the role of the insurance broker in negotiating and placing insurance contracts.
• Explain the role of the insurance broker in selecting insurers.
• Explain the role of the insurance broker in the design and operation of insurance programmes.
• Describe the role of the insurance broker in the claims process.
• Describe the role of the insurance broker in supplying additional services.
• Explain the role and responsibilities of the insurance broker in relation to delegated authority agreements

Understand contract and agency in relation to insurance brokers and their client.

On completion of this module, participants will be able to: -

• Describe the duties of an insurance broker as an agent.
• Explain how conflicts of interest could arise in relation to insurance broking business and how to deal with them.
• Describe the items that should be included in a Terms of Business Agreement (TOBA) between insurance brokers and insurers, and between insurance brokers and their clients exposure.

Day Two

Understand the key legal and regulatory issues affecting insurance brokers.

On completion of this module, participants will be able: -

• Describe the role of the Insurance Regulatory Authority (IRA) in the regulation of insurance brokers.
• Explain the importance of Consumer Duty and achieving positive customer outcomes.
• Describe the purpose of the Insurance: Conduct of Business sourcebook (ICOBS) and the application to insurance brokers.
• Explain the importance of training and competence within insurance broking organisations.
• Explain the responsibilities of insurance brokers in relation to sanctions checking, money laundering, bribery and corruption.
• Explain the responsibilities of insurance brokers as required by data protection legislation

Understand the key financial issues affecting insurance brokers.

On completion of this module, participants will be able to: -

• Explain the different monies held by an insurance brokers.
• Explain the importance of retaining clients and finding new business for insurance brokers.

Understand issues relating to the conduct and culture of insurance broking business.

On completion of this module, participants will be able to: -

• Explain the importance of good conduct in relation to dealing with insurers and clients.
• Explain the impact of culture on the way that business is conducted by an insurance broking
• Describe how insurance brokers handle complaints.
• Explain how errors and omissions occur and are reported and handled in insurance broking
• Explain the issues relating to mis-selling of insurance products.