To provide knowledge and understanding of the wide range of technical skills required by a professional insurance broker with specific reference to client care.
All employees working at Brokers companies.
By the end of this training, participants will be able to:
- Understand the insurance intermediary market.
- Understand the role and responsibilities of the insurance broker / agent in the provision of insurance products and services.
- Understand contract and agency in relation to insurance brokers / agents and their clients.
- Understand the key legal and regulatory issues affecting insurance brokers / agents.
- Understand issues relating to the conduct and culture of insurance intermediary business.
- Pre and Post training test to measure knowledge and learning levels.
- Engage trainees in exercises and group activities.
- Evaluation form to be filled by trainees.
Module 1: Understand the key aspects of the regulatory and legal environment within which insurance brokers operate
- Describe how the law of agency applies to insurance brokers in respect of the various roles they could undertake.
- Describe the key insurance and non-insurance statutory and contract law applicable to insurance brokers, including key policy documentation.
- Explain the importance of the fair treatment of customers.
Module 2: Understand the role of the insurance broker in meeting client needs
- Describe the approach to demands and needs and suitability statements.
- Describe the regulatory and other information brokers disclose to clients and the various forms this can take.
- Explain the delivery of ‘contract certainty’ and dealing with subjectivities – surveys, proposal forms.
- Explain how complaints are dealt with, the handling of errors and omissions, claims and various forms of compensation.
Module 3: Understand the role of the insurance broker in the negotiation and placing of insurance contracts
- Explain the broker's duty in the presentation of risk to insurers.
- Explain the principles and objectives of good submission drafting, including the Market Reform Contract.
- Describe good practice in the presentation of quotation and contract information to clients.
- Explain the duties when using sub-broking arrangements and the various forms of introducer.
- Explain the legal duties of wholesale brokers – to the producing broker and to the insured.
Module 4: Understand the role of the insurance broker in selecting insurers
- Explain the main factors to be taken into account when selecting insurers and the importance of the broker in this process.
- Explain the need for an insurer to be licensed to write a particular class of business in the KSA.
- Explain the general approach to assessing the security of an insurer.
Module 5: Understand the role of the insurance broker in the design and operation of insurance programmes
- Describe the general approach to the design and operation of insurance programmes including the involvement of self-insurance and captives.
- Explain the detail behind complex programmes.
- Explain the use of global markets, including the use of different markets at different stages of the insurance market cycle.
- Describe the operation of schemes, line slips and delegated authorities.
- Explain post placement activity and administration.
Module 6: Understand the role of the insurance broker in the claims negotiation, collection and payment process
- Explain the duties of the broker in negotiating claims on behalf of clients and the impact of fraud.
- Describe the different methods of dealing with claims.
- Explain the duties of the broker in handling claims records, including disease claims, and the market agreement on employers' liability records.
- Explain the duty of a broker to deal with a claim when the client has been lost.
Module 7: Understand the range of services that may be available from insurance brokers and their benefit to clients
- Explain the fundamentals of risk/risk transfer and the broker’s role in the management process.
- Describe captive insurance company services.
- Describe specialist risk consultancy services.