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Insurance Brokers
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Description
ANZSCO 222113 – Private and Public Advertisers (Government, Private & Corporate Professional, Scientific and Technical Services) Positions available 1,000+ NSW VIC QLD SA WA TAS NT ACT
Insurance Broker functions as an autonomous agent, selling various types of insurance such as life, fire, accident, and industrial coverage on behalf of multiple insurance firms.
Indicative Skill Level:
In Australia:
AQF Associate Degree, Advanced Diploma or Diploma (ANZSCO Skill Level 2)
In New Zealand:
NZQF Diploma (ANZSCO Skill Level 2)
Insurance broker requires at least three years of relevant experience which may substitute for the formal qualifications and/or on-the-job training may be required in addition to the formal qualification. Registration or licensing is required. (ANZSCO Skill Level 2).
Estimated salary guide aud$65,000 up to aud$95,000 per year.
Your key responsibilities may vary depending on the specific mining operation and the role you hold within the industry:
- Client Consultation: Engaging with clients to understand their insurance needs, risk profiles, and financial circumstances.
- Risk Assessment: Evaluating the potential risks faced by clients and providing recommendations for suitable insurance coverage to mitigate those risks.
- Insurance Policy Research: Researching and analysing insurance policies from various insurance providers to identify options that align with clients’ needs.
- Coverage Recommendations: Advising clients on the types and levels of insurance coverage that would provide appropriate protection based on their specific situations.
- Quoting and Proposals: Obtaining quotes from different insurance companies and presenting clients with comprehensive insurance proposals, including coverage details and associated costs.
- Policy Customisation: Assisting clients in tailoring insurance policies to their unique requirements, considering factors like coverage limits, deductibles, and exclusions.
- Negotiation: Negotiating with insurance companies to secure favourable terms and premiums for clients.
- Documentation and Paperwork: Handling the documentation and paperwork necessary for policy issuance, changes, and renewals.
- Client Education: Educating clients about insurance concepts, policy terms, and the claims process to ensure they have a clear understanding of their coverage.
- Claims Assistance: Assisting clients in filing insurance claims, providing necessary documentation, and facilitating the claims process with insurance companies.
- Market Trends: Staying informed about industry trends, regulatory changes, and new insurance products to provide up-to-date advice to clients.
- Relationship Management: Building and maintaining relationships with insurance providers to stay informed about their offerings and enhance negotiation capabilities.
- Ethical Conduct: Operating with high ethical standards, including transparency in disclosing commissions and fees to clients.
- Continuing Education: Participating in ongoing professional development to stay updated on insurance regulations, market dynamics, and best practices.
- Client Support: Providing ongoing support to clients throughout the policy term, addressing any questions or concerns that may arise.
- Conflict Resolution: Assisting clients in resolving disputes or issues related to insurance claims or policy matters.
- Compliance: Ensuring compliance with relevant regulations and standards, including any licensing or registration requirements.
- Client Reviews: Periodically reviewing clients’ insurance needs and coverage to ensure their policies remain appropriate and relevant over time.
Your specific responsibilities as an insurance broker can vary based on the brokerage firm, the types of insurance you handle, and your clientele. It is recommended you refer to industry associations, such as the National Insurance Brokers Association (NIBA) Australia, for the most current and accurate information on further insurance broker practices.
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