Program Brief

The Diploma in Insurance is a technical and supervisory qualification for insurance staff working across all sectors of the industry, and the logical progression from the Certificate in Insurance. The Diploma will provide you with a firm understanding of insurance fundamentals and will enable you to build towards advanced technical knowledge, thereby ensuring you have the means to function effectively in a challenging environment. Insurance Broking Practice (M81) unit counts towards a Diploma in Insurance, it may also count towards the Advanced Diploma in Insurance. This training program provides participants with knowledge and understanding of the wide range of technical skills required by a professional insurance broker. In addition, they will learn how to handle clients professionally.

Program Goals

At the end of the training program, the participant should be able to:

  • Understand the key aspects of the regulatory and legal environment within which insurance brokers operate.
  • Understand the role of the insurance broker in meeting client needs.
  • Understand the role of the insurance broker in the negotiation and placing of insurance contracts.
  • Understand the role of the insurance broker in selecting insurers.
  • Understand the role of the insurance broker in the design and operation of insurance programs
  • Understand the role of the insurance broker in the claims negotiation, collection and payment process
  • Understand the range of services that may be available from insurance brokers and their benefit to clients.
Program Agenda
Module 1: Key Aspects of the Regulatory and Legal Environment within which Insurance Brokers Operate
  • 1 Describe how the law of agency applies to insurance brokers in respect of the various roles they could undertake

    • 2 Key statutory and contract law applicable to insurance brokers

      • 3 The scope of the financial conduct authority (FCA) and key relevant regulatory definitions

        • 4 Explain how the FCA’s objectives and principles translate into rules and guidance

          • 5 The elements of the Insurance: Conduct of Business Sourcebook (ICOBS)

            • 6 Importance of the fair treatment of customers and achieving positive customer outcomes

              • 7 Main approach to the regulation of intermediaries in countries outside of the UK

                Module 2: Role of the Insurance Broker in Meeting Client Needs
                • 1 The approach to demands and needs and suitability statements

                  • 2 The regulatory and other information brokers disclose to clients

                    • 3 Explain how complaints impact on customer experience

                      Module 3: Role of the Insurance Broker in the Negotiation and Placing of Insurance Contracts
                      • 1 Broker's duty in the presentation of risk to insurers

                        • 2 Principles and objectives of good submission drafting

                          • 3 The duties of other parties when business is placed with a broker

                            • 4 Good practice in the presentation of quotation and contract information to clients

                              • 5 Delivery of contract certainty, key policy documentation and dealing with subjectivities

                                • 6 Legal duties of wholesale brokers

                                  Module 4: Role of the Insurance Broker in Selecting Insurers
                                  • 1 Main factors to be taken into account when selecting insurers

                                    • 2 The need for an insurer to be licensed to write a particular class of business in the UK

                                      • 3 Describe the FCA's scope of service

                                        • 4 General approach to assessing the security of an insurer

                                          Module 5: Role of the Insurance Broker in the Design And Operation Of Insurance Programs
                                          • 1 General approach to the design and operation of insurance programs

                                            • 2 Explain the detail behind complex programs

                                              • 3 Explain the use of global markets

                                                • 4 Operation of schemes, line slips and delegated authorities

                                                  • 5 Post placement activity and administration

                                                    Module 6: Role of the insurance broker in the claims negotiation, collection and payment process
                                                    • 1 The duties of the broker in negotiating claims on behalf of clients and the impact of fraud

                                                      • 2 Different methods of dealing with claims

                                                        • 3 The duties of the broker in handling claim records

                                                          • 4 Duty of a broker to deal with a claim for a former client

                                                            Module 7: Range of services that may be available from insurance brokers and their benefit to clients
                                                            • 1 Risk transfer and the broker's role in the management process

                                                              • 2 Captive insurance company services and alternative risk transfer methods

                                                                • 3 Specialist risk consultancy services

                                                                  Program Requirements
                                                                  • Pass the Professional Exam in Insurance Fundamentals

                                                                  Pass the Professional Exam in Insurance Fundamentals

                                                                  • Pass the Certificate Exam in Insurance, Legal and Regulatory (IF1)

                                                                  Pass the Certificate Exam in Insurance, Legal and Regulatory (IF1)

                                                                  Program Path

                                                                  Names of the training programs that are integrated (enriched) with the training program:

                                                                  Names of the training programs that after the training program:

                                                                  Program Method
                                                                  • Lecture
                                                                  • Case Studies
                                                                  • Brainstroming
                                                                  • Dialogue Teams
                                                                  • Exercises and assignments
                                                                  Evaluation Method
                                                                  • Pre Exam
                                                                  • Post Exam
                                                                  • Simulation Test for professional exam
                                                                  Training Type
                                                                  • In Class Training
                                                                  • Online Training

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