INSU07033 2022 Practice of General Insurance Broking 1 (Theory)

Identify and apply the key aspects of the legal and regulatory environment within which brokers operate.

Demonstrate a detailed knowledge and understanding of the role of the broker in meeting clients' needs and the process of negotiation undertaking in the placing of insurance contracts.

Identify specific criteria used by brokers in insurer selection.

Demonstrate a detailed understanding of the role of the broker in the design and operation of insurance programmes and in the claims negotiation, collection and payment process.

Identify and evaluate the range of services available from insurance brokers and their benefits to clients.

This module is delivered with a blend of self-directed study supplemented by e-learning resources such as online lectures and webinars The teaching and learning modes will include:

Textbook

Dedicated Textbooks for each module in hard copy and downloadable format updated annually to reflect changes in legislation and regulation.  Summaries of each chapter will be provided highlighting key topic areas.

How-To Guides

A range of ‘how to’ guides including a glossary of terminology in Insurance and exam support

Synchronous and Asynchronous Lectures

Online lectures utilise lecture notes with extra reading material. Links from tutorials to textbooks for easy access and review In these sessions.

In-class discussion

The in-class discussion will be used to encourage conversation and debate and to support students to build their networks and apply their learning in their workplace.

Quitch - Gamification App
A gamification app to allow students to test their knowledge on each chapter of the textbook. 

Online Resources

Infographics, videos, and podcasts, Mock Exams and Questions

This module will be assessed by an on-line MCQ exam contributing 10% of the grade and a final written examination contributing 90% of the final grade.

Learners will repeat the failed element of their assessment or both should that be necessary.  The repeat assessment will be an online MCQ exam contributing 10% of the grade and a final written examination contributing 90% of final grade.

LO1 THE BROKING RELATIONSHIP

• Explain the term ‘insurance mediation’ and the types of intermediaries operating in the Irish insurance market.
• Outline the role of the broker, the services they provide and the benefits to customers and insurers.
• Demonstrate how a broker can act as both an agent and a principal in the insurance broking distribution channel.
• Describe the types and content of agreements between brokers and customers, and brokers and insurers.

LO1 REGULATORY ENVIRONMENT

• Outline the concept of conduct risk and the actions taken by the Central Bank to mitigate this risk.
• Demonstrate the scope of the current insurance mediation rules in Ireland, including the key elements of applicable legislation.

LO2 NEGOTIATING AND PLACING A RISK

• Explain the methods by which brokers capture underwriting information for insurers and describe the responsibilities imposed on the parties to the insurance contract by the duty of disclosure.
• Discuss the principles and objectives of good submission drafting, outline the factors relevant to negotiating terms and the action to be taken in the case of declined proposals.
• Describe good practice in the presentation of terms to customers, including information on the contract.
• Explain the various sources of brokers’ income.

LO3 SELECTING AN INSURANCE PROVIDER

• Describe the features of the insurance market cycle and its impact on brokers and their selection of insurers.
• Outline the insurance providers that a broker can place a risk with.
• Apply the main factors for a broker to take into account when selecting an insurance provider, and explain the importance of insurer security and the impact of an insurer’s failure or withdrawal from the market.

LO3 ONGOING CUSTOMER SERVICE AND MANAGEMENT

• Demonstrate the broker’s responsibilities with regard to post-placement activity, administration, errors, complaints and data protection.
• Describe the role of the broker in relation to claims.

LO4 PROGRAMME DESIGN AND OPERATION – LARGE RISKS

• Discuss the factors that impact on the design of an insurance programme and the elements that can form part of an insurance programme.
• Discuss the features, formats, advantages and disadvantages of global insurance programmes.

 LO5 OTHER SERVICES

• Outline the risk management process and the role of the broker in this process.
• Discuss the risk financing and risk transfer options available in the risk management process.
• Describe the specialist risk consultancy services offered by corporate brokers.