Insurance Broking Practice - Searchlight Insurance Training

Insurance Broking Practice

This one day participative workshop provides an excellent introduction to the principles and practices involved in insurance broking. It will be suitable for staff working at technician / front line insurance level with more than 2 years experience in insurance.

The workshop can be used as a good grounding for staff and will provide an introduction to many of the subjects covered by the P81 examination.

 

Level: Intermediate

Duration: 1 day(s) CII CPD Hours: 6
     

WORKSHOP OBJECTIVES

• Describe the legal duties of insurances brokers, differentiating between retail/wholesale producing/placing brokers
• Describe the role of the Financial Services Authority the main elements of ICOBS distinguishing between the different rules for consumers, commercial customers and contracts of large risks
• Explain the purpose of the Financial Services Compensation scheme
• Identify how complaints and errors and omissions can arise and how to deal with them
• Identify the main components of insurance programme design
• Explain the major considerations in selecting an insurer panel and an insurer for a specific risk
• Explain how to deliver contract certainty to clients
• Describe the role of the insurance broker in claims handling
• Outline the risk management and other consultancy services brokers can offer

WORKSHOP CONTENT

• How the law applies to brokers
• To the insured, the underwriter, to other brokers
• The main elements of terms of business agreements
• The regulation of brokers for different types of client and business
• The Financial Services Compensation scheme and how it applies to different types of client and business
• Complaints procedures and the Financial Ombudsman Service
• Errors and omissions
• How they can arise
• How to deal with them
• How to avoid them
• Insurance programme design
• Excess layers and umbrella policies
• Global programmes
• Selecting insurers
• Panels
• Specific risks
• Fair analysis
• Placing risks
• Assessing clients demands and needs
• Submissions to insurers
• Presenting terms to clients
• Contract certainty
• Claims
• The brokers duties
• Risk management and consultancy services
• Benefits to clients
• Captive Insurance Companies