Abstract

This subject develops the knowledge and skills required to identify and meet the insurance customers' needs and to provide and maintain quality service. It includes a study of the nature of the economic and financial environment within which insurance needs are generated.

Syllabus

Determination of economic environments Evaluation of economic environments Determination of economic environments for clients Economic business cycles characteristics Interest and exchange rates Inflation Government monetary and fiscal policies Structure of financial markets Australian insurance market characteristics Comparison of key players in financial markets Australian insurance market intermediaries Financial markets interrelationships … For more content click the Read More button below. Financial product concepts Definition of insurance/risk product Alternative types of risk insurance products Conditions exclusions Pricing of risk transfer products Financial products range Risk insurance products alternatives Risk transfer product coverage Pricing Taxation issues identified Taxation issues in relation to markets Taxation issues in relation to insurance products Draft plan preparation Taxes (including GST) Charges Explanation of the role of representatives Explanation of services offered Identification of licensee/principal Fee and charging methodology Complaints handling procedures Client knowledge level Categorise the client Preparation of responses to client Identification of client needs Provision of specific products Provision of client information Issues requiring further clarification Specialist liaison Information analysis Assessing if specialist advice is required Issues requiring further clarification Client referral Research/analysis modelling

Learning outcomes

Upon successful completion of this subject, students should:
1.
be able to analyse the impact of the economic environment on financial services, products and the market in which they operate
2.
be able to analyse the operation of financial markets
3.
be able to analyse financial products in relation to the markets in which they operate
4.
be able to apply the taxation issues in relation to products and market in which they operate
5.
be able to establish relationships with clients
6.
be able to analyse client needs
7.
be able to develop and present appropriate strategies and solutions to the client
8.
be able to negotiate options and strategies with the client
9.
be able to provide ongoing services to clients
10.
be able to implement claims handling for clients where appropriate
11.
be able to analyse the advisory function as it relates to the insurance sector
12.
be able to analyse the specific requirements of general insurance

Enrolment restrictions

Bachelor of Business (Insurance) students only