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
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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