INSU07034 2022 Practice of General Insurance Broking 2 (Practice)

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

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

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

Act effectively under guidance in a peer relationship with qualified practitioners; learn to act in variable unfamiliar learning contexts managing tasks independently, professionally and ethically.

This module will be delivered through self-directed learning with the support of a supervisor and mentor in the student's workplace. This module complements "The Practice of General Insurance Broking 1" module and allows the student to integrate their academic knowledge gained into a practical work-based setting in the completion of a number of case studies and on-the-job tasks. The student will have ample choice to enable them to pick an agreed number of case studies and tasks from the work-based syllabus. The student should focus on case studies that are appropriate to their working environment. The completed case studies will be submitted through the learning management system having been signed off by their supervisor. The completed case studies will be reviewed by IT Sligo's academic programme leader.

There are specific requirements which must be met by the student in completing the experience-based syllabus. The work-based supervisor is required to validate that the case studies and tasks meet the attainment of the learning outcomes of the module. Specific criteria are provided for each of the case study areas. The student must answer the relevant questions posed in the prescribed format. The work-based supervisor will assess the case study/task on a pass / fail basis and the completed case studies (with the supervisor's report) are uploaded to the learner management system by the student. The case studies will not be considered/accepted as complete if they are not submitted with the supervisor's signature/report.

This module will be assessed 100% by continuous assessment.

This module has been designed to complement ‘The Practice of General Insurance Broking 1’ module. The student will relate the topics covered in that module to their workplace environment and will work on these learnings in a business context.

This assessment examines the student's understanding and application of knowledge.

These questions will require students to link pieces of information together in a cause-and-effect relationship and apply their knowledge and/or understanding to a given set of circumstances.

The answers will involve an essay-type response.

If the work-based supervisor fails to sign-off on the student's submission, the student has a maximum of 3 opportunities to submit their work.

A submission will not be accepted or considered complete if the work-based supervisor has not signed off on the work.

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.