Australian and New Zealand Institute of Insurance and Finance
Institute Handbook www.theinstitute.com.au 1 Australian and New Zealand The head office of the Australian and New Zealand Institute of Institute of Insurance and Finance Insurance and Finance is based in Melbourne, Australia. Level 8, 600 Bourke Street All events, courses, qualifications, enrolments and membership Melbourne Victoria 3000 Australia services are administered at head office. Questions or concerns about Telephone +61 3 9613 7280 course enrolment, study or membership should be directed to the Facsimile +61 3 9642 4166 Institute’s Customer Service team. [email protected] © Australian and New Zealand Institute of Insurance and Finance. Copyright 2010. The www.theinstitute.com.au information presented in this Institute Handbook is true and correct at the time of publication. ABN 56 004 320 076 The Australian and New Zealand Institute of Insurance and Finance reserves the right to A Company Limited by Guarantee amend the information contained herein. Any amendments made to the handbook during Incorporated in Victoria Australia 2010 will be made available on the Institute’s website at www.theinstitute.com.au.
2 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Contents
Welcome...... 4 Award Courses...... 29
Our Services...... 5 General Insurance...... 29 Certificate III in Financial Services Industry Product Guides...... 6 – General Insurance...... 29 General Insurance...... 6 Certificate IV in Financial Services Life Insurance...... 7 – General Insurance...... 31 Insurance Broking...... 8 Diploma of Financial Services Loss Adjusting...... 9 – General Insurance...... 32 Financial Planning...... 9 Life Insurance...... 36 Risk Management...... 9 Certificate IV in Financial Services Workers Compensation...... 9 – Life Insurance...... 36
Compliance...... 10 Diploma of Financial Services – Life Insurance ...... 37 Tier 2 General Insurance – General Advice ...... 10 Insurance Broking...... 39 Tier 2 General Insurance – Personal and General Advice...... 11 Certificate III in Financial Services Tier 1 Personal Accident and Sickness (General Insurance)...11 – Insurance Broking...... 39 Providing Personal Accident and Sickness Insurance Advice...... 12 Diploma of Financial Services Personal Accident and Sickness Knowledge for Life Insurers...... 12 – Insurance Broking...... 41 General Insurance Personal Accident and Sickness Financial Planning...... 44 Knowledge for Brokers...... 13 Diploma of Financial Services Providing Insurance Advice for Broking Clients...... 13 (Financial Planning)...... 44 Tier 1 Insurance Broking (Accelerated Compliance)...... 14 Advanced Diploma of Financial Services Diploma Progression from Tier 1 (Financial Planning)...... 45 Accelerated Broking Compliance...... 14 Loss Adjusting...... 47 Providing Advice in Life Insurance Certificate IV in Financial Services (Accelerated Compliance)...... 15 – Loss Adjusting ...... 47 Financial Planning (Accelerated Compliance)...... 15 Diploma of Financial Services Managed Investments (Accelerated Compliance)...... 16 – Loss Adjusting...... 48 Securities (Accelerated Compliance)...... 16 Risk Management ...... 52 Derivatives (Accelerated Compliance)...... 17 Diploma of Financial Services Superannuation (Accelerated Compliance)...... 17 – Risk Management...... 52 Professional Development...... 19 Advanced Diploma of Financial Services – Risk Management...... 53 Insite...... 19 Workers Compensation...... 55 Workshops and Events...... 20 Diploma of Personal Injury Management Introduction to General Insurance...... 21 – Workers Compensation...... 55 Introduction to Liability Insurance...... 21 Studying with the Institute...... 56 Essentials of Life Insurance and Superannuation/ Essentials of Life Insurance...... 22 Membership...... 60 Essentials of Insurance Law/Essentials of New Zealand Student Membership...... 60 Insurance Law and Regulation...... 22 Membership Benefits...... 61 General Insurance Code of Practice Training Program...... 23 CIP Membership Levels...... 62 Professional Indemnity and Directors Non-CIP Membership Levels...... 62 and Officers Insurance...... 23 CIP Fellowship...... 63 Workers Compensation Case Management...... 24 Membership Administration...... 64 Essentials of Business Interruption Insurance...... 24 How to Elect to Become a Member...... 64 Essentials of Risk Management...... 25 How to Renew Annual Membership...... 65 Commercial Insurance Fundamentals...... 25 How to Upgrade a Member Level...... 65 Essentials of Industrial Special Risks Insurance...... 26 How to Reinstate Membership...... 65 Introduction to Reinsurance...... 26 Academic Calendar...... 66 Business Advantage: Making Regulation Work for You...... 27 Creating Value in General Insurance...... 27 www.theinstitute.com.au 3 Welcome to the Institute Handbook
The Institute’s range of practical and comprehensive financial The Institute is proud to introduce our key product services qualifications, contained within, are supported by a range for 2010. complete collection of student support services, ensuring that the The Institute is the premier professional membership body for people who study with us are competent, compliant and confident the insurance industry and is the leading insurance and financial in their careers. educators in the Asia-Pacific region. This handbook outlines the As a Registered Training Organisation (RTO), the Institute’s Institute’s most popular products and services, including: qualifications are developed by industry and education experts • award qualifications in General Insurance, Loss Adjusting, under the Australian Quality Training Framework (AQTF), and are Insurance Broking, Financial Planning, Life Insurance internationally recognised. They incorporate traditional distance and Superannuation, Risk Management and Workers learning education with up-to-date best-practice thinking across Compensation a range of specialist fields. • professional membership and the recognition of skills and knowledge that goes along with the ANZIIF post-nominal During the course of their studies students • compliance products that ensure ASIC regulations are met become Student Members of the Institute and staff can become productive as soon as possible – taking advantage of all of the professional • workshops across a range of introductory, intermediate and specialist subject areas and industry sectors membership benefits on offer and joining • Insite, the Institute’s online professional development more than 12,000 insurance professionals in management tool. more than 40 countries. On completion of their Institute qualification students automatically become fully qualified members and are able to use an ANZIIF CIP post-nominal to be recognised for their knowledge and skills.
4 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Our Services
The Institute offers a vast range of award-winning services, which are broken up into the following categories:
education
Whilst this handbook provides an extensive list of the educational and professional development products we offer, it is just the tip of the iceberg. Visit our website for more information on what else we have to offer. www.theinstitute.com.au/education
consulting
Working closely with industry and education experts, the Institute assists insurance and financial services companies in analysing their staff’s training needs and customising education and professional development solutions. For more information on how we can tailor our products for your company, visit our website. www.theinstitute.com.au/consulting
community
From high-school education to insurance careers and Generation i, the Institute is continually pursuing industry-wide initiatives to further enhance the professionalism and profile of the insurance and financial services industry. For more information on how you and your company can get involved, visit our website. www.theinstitute.com.au/community
membership
The Institute is the leading professional membership association for the insurance industry. Our Certified Insurance Professionals (CIPs) set the standard of professionalism in the industry, and are internationally recognised for their skills and knowledge. Overview For more information on membership visit our website. www.theinstitute.com.au/membership
www.theinstitute.com.au 5 Industry Product Guides
General Insurance
The following product guide is designed to make it easier for you to find the most appropriate general insurance education products for your staff. For more information on our complete range of general insurance education products, visit www.theinstitute.com.au/gi.
New Entrant 1–3 years’ experience Over 3 years’ experience GI (or support staff)
ASIC Compliance • Tier 2 General Insurance • Tier 1 Personal Accident and compliance (p.10-11) Sickness (General Insurance) • Tier 1 Personal Accident and (p.11) Sickness (General Insurance) • Providing Personal Accident and (p.11) Sickness Insurance Advice • Insite – Online compliance (Bridging module) (p.12) solution (p.19) • Providing Insurance Advice for Broking Clients (Bridging module) (p.13)
Professional Online Programs Online Programs Online Programs Development • Privacy* Insite – Online professional Insite – Online professional • General Insurance Code of development solution (p.19) development solution (p.19) Practice (p.23) Workshops Workshops Workshops • Business Interruption Insurance • Business Advantage – Making • Introduction to General Insurance Claims* Regulation Work for You (p.27) (p.21) • Professional Indemnity and • Creating Value in General • Causes & Effects of Directors and Officers Insurance Insurance (p.27) Underinsurance* (p.23) • Masterclass workshops* • Essentials of Business Interruption • Essentials of Industrial Special Insurance (p.24) Risks Insurance (p.26) • Commercial Insurance • Commercial Claims Events Fundamentals (p.25) Fundamentals* Institute events and conferences • Introduction to Personal Accident • Essentials of Risk Management (p.20) and Sickness Insurance* (p.25) • Essentials of Insurance Law • Effective Presentation Skills* (p.22) • Introduction to Liability Insurance Events (p.21) Institute events and conferences (p.20) • Fundamentals of Motor Vehicle Insurance*
Events Generation i (p.20)
Qualifications/ • Certificate III in General Insurance • Tier 1 Personal Accident and • Diplomas of General Insurance, Membership – Traineeship (p.29) leading to Sickness (General Insurance) Insurance Broking, Risk ANZIIF Ordinary Member level (p.11) leading to ANZIIF Member Management, Loss Adjusting and membership. level membership. Workers Compensation • Tier 1 Personal Accident and • Certificate IV in General Insurance (p.32–55), all leading to ANZIIF Sickness (General Insurance) (p.31) leading to ANZIIF Associate Senior Associate CIP membership. compliance (p.11) leading to CIP membership. • Advanced Diploma of Risk ANZIIF Member level membership. Management (p.55) leading to ANZIIF Senior Associate CIP membership. • Fellowship pathways (p.63)
*For more information on these Institute workshops, visit www.theinstitute.com.au/workshops.
6 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Life Insurance
The following product guide is designed to make it easier for you to find the most appropriate life insurance education products for your staff. For more information on our complete range of life insurance education products, visit www.theinstitute.com.au/life.
New Entrant 1–3 years’ experience Over 3 years’ experience LI (or support staff)
ASIC Compliance • Accelerated Life Insurance • Personal Accident and Sickness compliance (p.15) Knowledge for Life Insurers • Insite – Online compliance (p.12) solution (p.19)
Professional Workshops Online Programs Online Programs Development Essentials of Life Insurance (p.22) Insite – Online professional Insite – Online professional development solution (p.19) development solution (p.19) Events Generation i (p.20) Workshops Workshops Effective Presentation Skills* • Business Advantage – Making Regulation Work for You (p.27) Events • Masterclass workshops* Institute events and conferences (p.20) Events Institute events and conferences (p.20)
Qualifications/ • Certificate III in Life insurance Diploma of Life Insurance (p.37) • Diplomas of Life Insurance, Membership (p.36) leading to ANZIIF Ordinary leading to ANZIIF Senior Associate Financial Planning and Risk Member level membership CIP membership. Management (p.37–52), each • Tier 1 Accelerated Life Insurance leading to ANZIIF Senior Associate compliance (p.15) leading to CIP membership. ANZIIF Member level membership. • Advanced Diplomas of Financial • Certificate IV in Life Insurance Planning (p.45) and Risk (p.36) leading to ANZIIF Associate Management (p.53), each leading CIP membership to ANZIIF Senior Associate CIP membership. • Fellowship pathways (p.63)
*For more information on these Institute workshops, visit www.theinstitute.com.au/workshops. Overview
www.theinstitute.com.au 7 Industry Product Guides
Insurance Broking
The following product guide is designed to make it easier for you to find the most appropriate insurance broking education products for your staff. For more information on our complete range of insurance broking education products, visit www.theinstitute.com.au/broking.
New Entrant 1–3 years’ experience Over 3 years’ experience IB (or support staff)
ASIC Compliance • Tier 1 Accelerated Insurance • Tier 1 Accelerated Insurance Broking compliance (p.14) Broking compliance (p.14) • Providing Insurance Advice for • General Insurance Personal Broking Clients (Bridging module) Accident and Sickness (p.13) Knowledge for Brokers (p.13) • Insite – Online compliance solution • Diploma Progression from Tier 1 (p.19) Accelerated Broking Compliance (p.14)
Professional Workshops/ Online Programs Online Programs Online Programs Development • Code of Practice for Brokers* Insite – Online professional Insite – Online professional • Introduction to General Insurance development solution (p.19) development solution (p.19) (p.21) • Causes & Effects of Workshops Workshops Underinsurance* • Essentials of Industrial Special • Business Advantage – Making Risks Insurance (p.24) Regulation Work for You (p.27) • Essentials of Business Interruption Insurance (p.24) • Professional Indemnity and • Masterclass workshops* Directors and Officers Insurance • Commercial Insurance (p.23) Events Fundamentals (p.25) • Essentials of Risk Management Institute events and conferences (p.20) Events (p.25) Generation i (p.20) • Effective Presentation Skills*
Events Institute events and conferences (p.20)
Qualifications/ • Certificate III in Insurance Broking • Tier 1 Accelerated Insurance • Diploma of Risk Management Membership – Traineeship (p.39) leading to Broking compliance (p.14) (p.52) leading to ANZIIF Senior ANZIIF Ordinary Member level leading to ANZIIF Member level Associate CIP membership. membership. membership. • Advanced Diploma of Risk • Tier 1 Accelerated Insurance • Diploma of Insurance Broking Management (p.53) leading to Broking compliance (p.14) leading (p.41) leading to ANZIIF Senior ANZIIF Senior Associate CIP to ANZIIF Member level Associate CIP membership. membership. membership. • Fellowship pathways (p.63)
*For more information on these Institute workshops, visit www.theinstitute.com.au/workshops.
8 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Loss Adjusting
The following product guide is designed to make it easier for you to find the most appropriate loss adjusting education products for your staff. For more information on our complete range of loss adjusting education products, visit www.theinstitute.com.au/loss.
New Entrant 1–3 years’ experience Over 3 years’ experience LA (or support staff)
Professional Workshops Online Programs Online Programs Development • Introduction to General Insurance Insite – Online professional Insite – Online professional (p.21) development solution (p.19) development solution (p.19) • Causes & Effects of Underinsurance* Events Workshops • Essentials of Business Interruption Institute events and conferences • Business Advantage – Making Insurance (p.24) (p.20) Regulation Work for You (p.27) • Commercial Insurance • Masterclass workshops* Fundamentals (p.25) Events Events Institute events and conferences Generation i (p.20) (p.20)
Qualifications/ Certificate IV in Loss Adjusting Diploma of Loss Adjusting (p.48) • Diploma and Advanced Diploma Membership Traineeship (p.47) leading to ANZIIF leading to ANZIIF Senior Associate Risk Management (p.52–53) Associate CIP membership. CIP membership. leading to ANZIIF Senior Associate CIP membership. • Fellowship pathways (p.63)
*For more information on these Institute workshops, visit www.theinstitute.com.au/workshops.
Financial Services
The following product guide is designed to make it easier for you to find the most appropriate financial services education products for your staff. For more information on our complete range of financial services education products, visit www.theinstitute.com.au/education.
FP Financial Planning RM Risk Management WC Workers Compensation
ASIC RG 146 Compliance Workshops Qualifications/ Membership • Financial Planning (p.15) Essentials of Risk Management (p.25) Diploma of Personal Injury Management – • Life Insurance (p.15) Workers Compensation (p.55) leading to • Managed Investments (p.16) Professional Development ANZIIF Senior Associate CIP membership. Insite – Online professional development • Securities (p.16) solution (p.19) Professional Development • Derivatives (p.17) Insite – Online professional development • Superannuation (p.17) Qualifications/ Membership solution (p.19) • Diploma of Risk Management (p.52) Professional Development • Advanced Diploma of Risk Management Workshop Insite – Online professional development (p.53) • Workers Compensation Case Management solution (p.19) Both qualifications lead to ANZIIF Senior (p.24) Associate CIP membership (p.61). Qualifications/ Membership
Diploma of Financial Planning (p.44) leading Overview to ANZIIF Senior Associate CIP membership.
Visit www.theinstitute.com.au/fp Visit www.theinstitute.com.au/risk Visit www.theinstitute.com.au/wc for more details. for more details. for more details.
www.theinstitute.com.au 9 Compliance
ASIC RG 146 Compliance
The Financial Services Reform Act 2001 mandates that licensees and principals must ensure that their financial product advisers Tier 2 General Insurance are competent, skilled and experienced, and receive adequate – General Advice training to provide financial services advice. Australian Securities and Investments Commission Regulatory GI [FSI015] Guide 146 (ASIC RG 146) sets out minimum training standards for financial product advisers, either at Tier 1 or Tier 2 level – Fee appropriate to the complexity of their activities and their Workshop Price dependent on location and clients’ needs. For further details refer to the ASIC website numbers. Contact an Institute at www.asic.gov.au. Business Relationship Manager for more details. As a Registered Training Organisation (RTO), the Institute’s compliance training programs are listed on the ASIC Training online A$395 Register, which can be accessed directly via the ASIC website. DURATION Workshop Online Tier 1 and Tier 2 Compliance Full-day 6 hours DELIVERY method Workshop or online There are two levels of compliance within ASIC RG 146, Tier 1 and Tier 2. outcOme ASIC Tier 2 General Insurance – General Advice compliance Tier 1 compliance Tier 1 compliance is compulsory for those giving advice in A requirement for anyone providing general advice to retail insurance broking, life insurance, superannuation, financial clients about general insurance products and services (other planning, managed investments, derivatives, securities and than personal accident and sickness), this program covers personal accident and sickness products. the skills and knowledge required to obtain ASIC Tier 2 General Insurance – General Advice compliance. Tier 2 compliance Both the online and facilitator-led programs feature extensive Tier 2 General Insurance compliance is required for those who case studies and interactivity to give students a chance to provide advice on all general insurance products except personal apply the skills and knowledge gained. accident and sickness. Topics include More Information • the insurance environment • the legal environment For more information on the Institute’s range of compliance • principal legislation solutions, visit www.theinstitute.com.au/compliance. • General Insurance Code of Practice • privacy • insurance processes. More information
For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance.
10 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Tier 2 General Insurance Tier 1 Personal Accident and – Personal and General Advice Sickness (General Insurance)
GI [FSI020] GI [FSI401]+ [FSI402]
FEE FEE A$825 per module
Workshop Price is dependent on location and DURATION Two modules: Each study period numbers. Contact an Institute lasts 12 weeks. (Students are able Business Relationship Manager for to study more than one module per more details. study period). online A$550 DELIVERY method Distance learning DURATION Workshop Online outcOme ASIC Tier 1 Personal Accident and Full-day 6 hours Sickness (General Insurance) compliance DELIVERY method Workshop or online
outcome ASIC Tier 2 General Insurance – Students can obtain ASIC Tier 1 Personal Accident and Personal and General Advice Sickness (General Insurance) compliance by studying the compliance first two modules of the Institute’s Certificate IV in Financial Services – General Insurance. A requirement for anyone providing personal advice Modules (including general advice) to retail clients about general insurance products and services (other than personal FSI401 Serving the Customer accident and sickness), this program covers the skills and Explains the impact of the economic environment on knowledge required to obtain ASIC Tier 2 General Insurance financial services products, explores creating a relationship – Personal and General Advice compliance. with the client in order to establish general insurance needs and thereby identify appropriate products. Both the online and facilitator-led programs feature extensive case studies and interactivity to give students a chance to FSI402 Insurance Law and Regulation apply the skills and knowledge gained. Deals with legal framework, laws, regulations, Code of Topics include Practice and relevant Acts that govern the general insurance industry in Australia. It also covers health and • the financial environment safety in the workplace. • the insurance environment More information • the legal environment • principal legislation For more information on this and other compliance • General Insurance Code of Practice solutions, visit www.theinstitute.com.au/compliance. • privacy • insurance processes • customer service. More information
For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. COMPL I ANC E
www.theinstitute.com.au 11 Compliance
Providing Personal Accident and Personal Accident and Sickness Sickness Insurance Advice Knowledge for Life Insurers
GI [FSI011] GI LI [FSI012L]
FEE A$240 FEE A$375
DURATION 15–20 hours self-paced learning DURATION 7 weeks
DELIVERY method Distance learning DELIVERY method Distance learning
Prerequisite ASIC Tier 2 General Insurance – PREREQUISITE ASIC RG 146 Life Insurance Personal Advice compliance compliance from the Institute
outcOme Credit towards FSI401 Serving outcOme ASIC Tier 1 Personal Accident the Customer and Sickness compliance
Providing credit towards the module FSI401 Serving the This seven-week course offers those who have already Customer, the completion of this bridging module provides obtained RG 146 Life Insurance compliance with the students with a pathway into the Institute’s Certificate IV in Institute a bridge to Tier 1 Personal Accident and Sickness Financial Services – General Insurance. compliance. It builds on the knowledge and skills already acquired from FSL500 and focuses exclusively on Topics include sickness and accident insurance from a life insurance adviser’s perspective. • personal accident and sickness insurance products • pre-existing conditions Topics include • the role of the insurance advisor • personal accident and sickness product profile • establishing the client relationship • responsibilities of the insured • identifying and analysing customer needs • group personal accident and sickness cover • developing, presenting and negotiating solutions • personal accident and sickness cover in context • providing ongoing service. • general insurance law. More information More information For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance.
12 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 General Insurance Personal Accident Providing Insurance Advice and Sickness Knowledge for Brokers for Broking Clients
GI IB [FSI012] IB GI [FSB011]
FEE A$375 FEE A$375
DURATION 7 weeks DURATION 15–20 hours self-paced learning over a maximum of 40 days DELIVERY method Distance Education DELIVERY method Distance learning PREREQUISITE ASIC Tier 1 Insurance Broking compliance PREREQUISITE ASIC Tier 1 Personal Accident and Sickness (General Insurance) outcOme • ASIC Tier 1 Personal Accident compliance and Sickness (General Insurance) compliance OUTCOME • ASIC Tier 1 Insurance Broking • Credit towards FSI401 Serving compliance the Customer • Credit towards FSB501 Providing Customer Advice This seven-week course has been designed to provide • Credit towards FSB502 a bridge from Tier 1 Insurance Broking compliance to Insurance Law and Regulation for Tier 1 Personal Accident and Sickness (General Insurance) Brokers (conditions apply– compliance. On successful completion of this module, see below) students will be eligible for a full credit for FSI401 Serving the Customer (from the Institute’s Certificate IV in Financial The completion of bridging module FSB011 Providing Studies – General Insurance) and obtain Tier 1 Personal Insurance Advice for Broking Clients, provides students Accident and Sickness (General Insurance) compliance. with a pathway from Tier 1 Personal Accident and Sickness (General Insurance) compliance to Tier 1 Insurance Topics include Broking compliance and into the first module in the • personal accident and sickness insurance Institute’s Diploma of Financial Services – Insurance Broking – FSB501 Providing Customer Advice. • establishing relationships with customers • the role of the insurance adviser Students who have previously studied FSI402 Insurance Law and Regulation, from the Institute’s Certificate IV in • disclosure Financial Services – General Insurance, will also be given • identifying and analysing customer needs credit towards the second module of the Institute’s • developing, presenting and implementing solutions. Diploma of Financial Services – Insurance Broking More information (FSB502 Insurance Law and Regulation for Brokers). Topics include For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. • advising clients • broking operations • Code of Practice and dispute resolution • providing advice on changes to client insurances • monitoring and reviewing service performance. More information
For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. COMPL I ANC E
www.theinstitute.com.au 13 Compliance
Tier 1 Insurance Broking Diploma Progression from Tier 1 (Accelerated Compliance) Accelerated Broking Compliance
IB [FSB500] IB [FSB510]
FEE A$990 FEE A$375
DURATION 7 weeks DURATION 7 weeks
DELIVERY method Online DELIVERY method Online
outcOme ASIC Tier 1 Insurance Broking PREREQUISITE ASIC Tier 1 Insurance Broking compliance compliance
OUTCOME Credit towards the first two The Institute has streamlined the content in the Tier 1 modules of the Diploma of Insurance Broking (Accelerated Compliance) course so Financial Services – Insurance that it is tailored specifically to the knowledge and skill Broking (FSB501 and FSB502). requirements of RG 146. That means your broking staff will gain the best possible combination of practical knowledge and required skills within seven weeks. This seven-week course offers those who have already obtained Tier 1 Insurance Broking compliance with the Topics include Institute a bridge into the Diploma of Financial Services – Insurance Broking so that they can continue their studies • the market in which intermediaries operate and achieve Senior Associate membership of the Institute • establishing relationships with clients – the benchmark of industry professionalism. • analysing clients’ needs, objectives, financial situations and risk profiles Topics include • developing appropriate insurance strategies and solutions • financial and insurance markets • maintaining necessary documentation and statutory • being a broker records • identifying and assessing client needs • identifying implications of laws and regulations relevant • developing an insurance program and advising clients to general insurance. • managing insurance placements More information • managing client information and providing ongoing service For more information on this and other compliance • codes of practice and dispute resolution solutions, visit www.theinstitute.com.au/compliance. • monitoring and reviewing service performance. More information
For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance.
14 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Providing Advice in Life Insurance Financial Planning (Accelerated Compliance) (Accelerated Compliance)
LI [FSL500] FPIB [FSP511]
FEE A$990 FEE A$990
DURATION 7 weeks DURATION 14 weeks
DELIVERY method Online DELIVERY method Online
OUTCOME ASIC RG 146 Life Insurance OUTCOME ASIC RG 146 Financial Planning compliance compliance
In order to ensure staff are trained and ready to work as The Institute’s Financial Planning (Accelerated Compliance) soon as possible, the Institute has created Providing course means students can obtain ASIC RG 146 Financial Advice in Life Insurance (Accelerated Compliance), a Planning compliance over a period of 14 weeks. comprehensive and cost-effective solution for those working in life insurance that will have staff giving advice Topics include within seven weeks. The Practice of Financial Planning Topics include • working in the industry • key obligations of licensees and representatives • establishing relationships with clients • practising as an ethical professional • analysing clients’ needs, objectives, financial situations • the legal environment – disclosure & compliance and risk profiles • advisory functions. • developing appropriate strategies and solutions • maintaining necessary documentation and statutory record The Economic Environment • identifying changes and implications of laws and • the economy and financial markets regulations. • taxation and structures • selecting investments. More information Providing Financial Planning Advice For more information on this and other compliance • the skills involved in implementing the financial process solutions, visit www.theinstitute.com.au/compliance. with clients. More information
For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. COMPL I ANC E
www.theinstitute.com.au 15 Compliance
Managed Investments Securities (Accelerated Compliance) (Accelerated Compliance)
FP [FSP512] FP [FSP513]
FEE A$990 FEE A$990
DURATION 7 weeks DURATION 7 weeks
DELIVERY method Online DELIVERY method Online
PREREQUISITE ASIC RG 146 Financial Planning PREREQUISITE ASIC RG 146 Financial Planning compliance compliance
OUTCOME ASIC RG 146 Managed outcOme ASIC RG 146 Securities Investments compliance compliance
For students that have already obtained ASIC RG 146 For students that have already obtained ASIC RG 146 Financial Planning compliance, the Institute’s Managed Financial Planning compliance, the Institute’s Securities Investments (Accelerated Compliance) course means (Accelerated Compliance) course means students students can also obtain ASIC RG 146 Managed can also obtain ASIC RG 146 Secutities compliance Investments compliance in just seven weeks. in just seven weeks. Topics include Topics include
• managed investments and their importance • an introduction to securities • the range of managed investments • risks associated with securities • types of investment managers • analysing and selecting securities • taxation and fees • investment strategies • analysing investments • taxation issues • selecting managed investments. • regulation and compliance issues. More information More information
For more information on this and other compliance For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. solutions, visit www.theinstitute.com.au/compliance.
16 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Derivatives Superannuation (Accelerated Compliance) (Accelerated Compliance)
FP [FSP514] FP [FSP515]
FEE A$990 FEE A$990
DURATION 7 weeks DURATION 7 weeks
DELIVERY method Online DELIVERY method Online
PREREQUISITE ASIC RG 146 Financial Planning Prerequisite ASIC RG 146 Financial Planning compliance compliance
outcOme ASIC RG 146 Derivatives OUTCOME ASIC RG 146 Superannuation compliance compliance
For students that have already obtained ASIC RG 146 For students that have already obtained ASIC RG 146 Financial Planning compliance, the Institute’s Derivatives Financial Planning compliance, the Institute’s (Accelerated Compliance) course means students can Superannuation (Accelerated Compliance) course means also obtain ASIC RG 146 Derivatives compliance in students can also obtain ASIC RG 146 Superannuation just seven weeks. compliance in just seven weeks. Topics include Topics include
• derivatives and the derivative market • superannuation funds and the superannuation industry • types of derivatives • different types of contributions • short and long-term interest rate derivatives • preservation requirements • futures – their purpose and risks • superannuation legislation • exchange-traded options • superannuation benefits • administrative requirements • social security issues applicable to superannuation • the trading system. • self-managed superannuation • retirement income streams. More information More information For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. For more information on this and other compliance solutions, visit www.theinstitute.com.au/compliance. COMPL I ANC E
www.theinstitute.com.au 17 "My course is practical and relevant and has helped me with the knowledge I need for my role."”
Lucas Koraitsas Sales Underwriter – Commercial Lines | Zurich |
18 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Online Professional Development for the Insurance Industry
Fee Members Non-Members Learn The new Insite offers a huge variety of learning activities to $A355 A$695 maintain knowledge and skills through constantly updated NZ$420 NZ$775 quizzes, case studies and articles relevant to the modern insurance professional. Maintaining compliance and ensuring that knowledge and skills are up-to-date can be an expensive and time-consuming process. Topics covered include: Attendance at conferences, in-house training, workshops, and • Insurance broking • Life insurance other professional development activities is costly and take • Business skills • Loss adjusting staff away from the business. Tracking and maintenance of • Insurance claims • Marine insurance professional development records is also a time-consuming administrative process. • Commercial lines insurance • Personal lines insurance Insite offers a flexible and efficient online professional • Financial planning • Reinsurance development alternative, allowing you to plan, deliver and • General interest • Risk management monitor your staff’s training while they maintain their professional • Health and medical • Superannuation development and compliance requirements at their own pace – all • Law and regulation • Insurance underwriting without leaving their desk. • Liability insurance • Workers compensation Through Insite, Users can: • Maintain up-to-date knowledge and skills wherever there is Plan and track Internet access. With Insite it is easy to create an activity plan for yourself or your • Create their own personal learning plans. staff to ensure that all knowledge and compliance requirements • Track their personal progress against company or individual are met. Progress is then easily tracked in real time. learning plans. • Generate regular reports on their professional development Report progress in line with organisational and professional Keeping professional development records and reporting on membership requirements. staff progress can be a major drain on time and resources. Through Insite, Managers can: Insite automatically records staff progress and makes it easy to • Ensure all staff within the organisation maintain compliance with generate reports for distribution to management and regulators. regulatory and professional membership requirements. • Set organisation or department-wide development plans – ANZIIF Member Discount creating extensive plans which include Insite activities, in-house Insite allows ANZIIF members, regardless of their location, to training and external development events such as conferences access a world of professional development opportunities. To and seminars. ensure that professional development is always within easy reach, • Track and report against their company’s compliance and all ANZIIF members receive a discount of almost 50% on an training requirements – allowing them to easily manage Insite subscription. and monitor the professional development from the entire organisation down to any individual. Subscribe • Track and monitor long-term training and development records For more information and to arrange a trial, visit for archive and analysis. www.theinstitute.com.au/insite.
www.theinstitute.com.au 19 Workshops and Events
From workshops, seminars, conferences and forums, to networking and social functions.
The Institute holds more than 250 events each year – attended The members of Generation i represent the future of the by professionals from across the insurance and financial industry. The positive response to Generation i demonstrates services industry. the enthusiasm young insurance professionals have for this program, which encompasses not only great opportunities for These events include: professional development but also the chance to build networks • ANZIIF/AICLA Claims Convention and relationships that will continue to benefit them throughout • General Insurance Law Review their professional lives. • Industrial Special Risks Masterclass For more information and to get involved in Generation i, visit • Life Insurance Law Review www.theinstitute.com.au/gen-i. • Life Insurance Conference • New Zealand Claims Conference Workshops and Short Courses • New Zealand Liability Conference Available throughout Australia and New Zealand the Institute’s • New Zealand Life Insurance Conference introductory workshops and ongoing discussion groups • Professional Indemnity Masterclass assist those new to the industry in gaining a practical working • Reinsurance Rendezvous knowledge. They are also an invaluable refresher for those • Reinsurance Study Course who would like to sharpen their skills. Additionally, specialist • State Annual Lunches forums covering specific issues and knowledge streams provide • Sunshine Seminar experienced staff with the opportunity to maintain their knowledge • The Australia and New Zealand Insurance Industry Awards and professional edge. • Women in Insurance Events • Workers Compensation Conference These workshops include: For more information about the events and conferences held • Business Advantage – Making Regulation Work for You by the Institute, visit www.theinstitute.com.au/events. • Business Interruption Insurance Claims • Causes and Effects of Underinsurance Generation i • Commercial Insurance Claims Fundamentals The key focus of the Generation i program is to engender • Commercial Insurance Fundamentals a stronger sense of community in young insurance • Creating Value in General Insurance professionals. The program achieves this primarily through a • Effective Presentation Skills range of regular networking events that make it easy for like- • Essentials of Business Interruption Insurance minded professionals to meet and engage with people from • Essentials of Industrial Special Risks Insurance other facets of the industry – to learn, network and develop • Essentials of Insurance Law (Australia) relationships that will continue to benefit them throughout their • Essentials of Life Insurance (New Zealand) professional lives. • Essentials of Life Insurance and Superannuation (Australia) The aim of these events is to draw as many young insurance • Essentials of New Zealand Insurance Law and Regulation professionals together as possible and give them a collective • Essentials of Risk Management identity and voice, which is actively supported by their industry. • Fundamentals of Motor Vehicle Insurance Generation i events range from social networking to education, • General Insurance Code of Practice (online program) professional development opportunities and career building events with the cost to participants kept to a minimum to • General Insurance Code of Practice for Brokers (online program) ensure the highest possible attendance. • Insurance Claims Service Providers Program (online program) Generation i events represent the perfect opportunity, either • Introduction to General Insurance through event sponsorship or staff participation, to place • Introduction to Liability Insurance your company front and centre as a progressive supporter • Introduction to Personal Accident and Sickness Insurance of talent and an employer of choice with this vitally important • Introduction to Reinsurance demographic. Generation i committees operate in all states • Privacy (online program) across Australia. These committees are responsible for the • Professional Indemnity and Directors and Officers Insurance strategic direction of the program and offer a valuable insight • Workers Compensation Case Management into this industry demographic for those organisations involved For more information about the workshops held by the Institute, in the program. visit www.theinstitute.com.au/workshops.
20 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Introduction to General Insurance Introduction to Liability Insurance
GI WORKSHOP GI WORKSHOP
FEE Members Non-members FEE Members Non-members
A$560* A$785* A$285* A$395* NZ$675 NZ$945 NZ$340 NZ$475
DURATION Full-day DURATION Half-day
DELIVERY Facilitated workshop DELIVERY Facilitated workshop
CIP Points 6 CIP Points CIP Points 3 CIP Points
LEVEL Introductory LEVEL Introductory
LOCATIONS Melbourne, Sydney, Perth, LOCATIONS Melbourne, Sydney, Auckland, Auckland, Wellington, Christchurch Wellington, Christchurch
Introduction to General Insurance is a one-day facilitated The Introduction to Liability Insurance workshop provides workshop created to enable participants to develop a participants with a basic knowledge and understanding of broad understanding of the key concepts of insurance liability insurance and the opportunity to apply their and the insurance sector within Australia or New Zealand learning to work-based scenarios. respectively. The content covers the need for liability insurance, its Who should attend purpose, main benefits and particular features. Key underwriting and claims evaluation issues are also This workshop is designed for new entrants to the general identified and explained. insurance sector, those contemplating a career in general insurance or those working in any capacity in the financial Who should attend services, or other sectors who wish to gain a broad This program is suitable for new entrants to the insurance knowledge and understanding of general insurance. sector and those considering a career path encompassing Learning outcomes liability insurance.
Upon completion of the program, participants should be Learning outcomes able to define and explain: Upon completion of the program, participants should be • insurance and the concept of spreading risk able to identify and explain: • the key players in the Australian insurance industry • the purpose of liability insurance • the key legislative requirements and regulations • the various types of liability insurance governing the insurance industry • the key considerations for underwriting liability • the key roles within the insurance industry insurance • the main classes of insurance • the general principles applying to liability claims. • current challenges and opportunities in the insurance industry. More information More information For more information on this and other Institute workshops, visit www.theinstitute.com.au/workshops. For more information on this and other Institute workshops, visit www.theinstitute.com.au/workshops. P R OF E SS I ONAL D EVE LOPM E NT
*Australian prices subject to GST *Australian prices subject to GST
www.theinstitute.com.au 21 Workshops and Events
Essentials of Life Insurance Essentials of Insurance and Superannuation/Essentials Law/Essentials of New Zealand of Life Insurance Insurance Law and Regulation
LI WORKSHOP GI WORKSHOP
Fee Members Non-members Fee Members Non-members
A$285* A$395* half-day (AUST) A$285* A$395* NZ$340 NZ$475 FULL-day (NZ) NZ$675 NZ$945
DURATION Half-day DURATION Australia New Zealand
DELIVERY Facilitated workshop Half-day Full-day
CIP Points 3 CIP Points DELIVERY Facilitated workshop
LEVEL Introductory CIP Points 3 CIP Points
LOCATIONS Essentials of Life Insurance LEVEL Introductory and Superannuation: Melbourne, Sydney LOCATIONS Essentials of Insurance Law: Melbourne, Sydney, Perth Essentials of Life insurance: Auckland, Wellington Essentials of New Zealand Insurance Law and Regulation: Auckland, Wellington, Christchurch Essentials of Life Insurance and Superannuation is offered in Australia. Essentials of Life Insurance is offered in New Zealand. Essentials of Insurance Law is offered in Australia. Each workshop provides an introduction to life insurance Essentials of New Zealand Insurance Law and Regulation is in either Australia or New Zealand. The workshop offered offered in New Zealand. in Australia goes further to look into the role and fundamental concepts of superannuation. These workshops provide participants with a sound knowledge and understanding of the legal system and key Who should attend legislation that governs the practice of general insurance in either Australia or New Zealand. This program is suitable for participants who are undertaking or, about to undertake, a career path Who should attend encompassing life insurance (and superannuation). This program is suitable for both new entrants to the The Essentials of Life Insurance, held in New Zealand, is insurance industry and those already working in the sector aimed at a slightly higher level and it is recommended with a need for a more comprehensive knowledge and that participants have been working in the insurance understanding of insurance law and regulations, and how industry for two to three years. they impact on work practices. Learning outcomes Learning outcomes
Upon completion of the workshop, participants should Upon completion of the program, participants should be be able to: able to identify and explain: • explain recent trends in life insurance and the key • some key aspects of the relevant legal system underwriting and claims management issues • the features of common law and statute law • describe life insurance (and superannuation) • key legislation affecting the general insurance sector customers • the concepts of duty of utmost good faith, the duty of • explain major risks and how they can be insured disclosure and average against under life policies • the key regulatory bodies (Aust) • describe the key features and benefits of various types of life insurance policies and contracts • the purpose of consumer protection legislation, including the Fair Insurance Code of 2001 (NZ) • explain the main Acts that govern life insurance (and superannuation) • the difference between complaints and disputes (NZ) • describe the fundamental concepts of superannuation • the requirements for internal and external dispute (Australia only). resolution procedures (NZ). More information More information For more information on this and other Institute workshops, For more information on this and other Institute workshops, visit www.theinstitute.com.au/workshops. visit www.theinstitute.com.au/workshops.
*Australian prices subject to GST *Australian prices subject to GST
22 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 General Insurance Code of Practice Professional Indemnity and Directors Training Program and Officers Insurance
GI ONLINE GI IB WORKSHOP
FEE Members Non-members FEE Members Non-members
A$205* A$285* A$165* A$230*
DURATION 3–4 hours NZ$195 NZ$275
DELIVERY Online DURATION 1–2 hours
CIP Points 3 CIP Points DELIVERY Facilitated workshop CIP Points 1 CIP Point LEVEL Introductory LEVEL Introductory LOCATIONS Available throughout Australia LOCATIONS Available throughout Australia The General Insurance Code of Practice Training Program (subject to minimum numbers) provides participants with a comprehensive coverage of the Insurance Council of Australia’s General Insurance Code of This seminar has been designed to provide a broad Practice. Participants will learn about the objectives and understanding of Professional Indemnity and Directors principles of the Code and how they apply in relation to and Officers (PI and D&O) insurances. Participants will customers buying insurance and making claims. look at definitions and key features, major underwriting considerations and risk factors, the different nature and Who should attend range of claims as well as current issues facing this field This program is a must for members of the Insurance of insurance. Council of Australia and other industry participants and service providers who sign up to the Code. Who should attend Learning outcomes This seminar is suitable for those who are entry level or relatively new to the insurance sector and are seeking Upon completion of the program, participants should be broad understanding of a range of insurance products or able to identify and explain: those with considerable insurance sector experience but • the nature, purpose and importance of the Code little or no exposure to PI and D&O insurance. • the objectives of the Code Learning outcomes • the parties and the insurance products covered by the Code At the conclusion of the workshop, participants should be • the standards imposed by the Code in relation to able to: customers buying insurance • explain the key features of PI and D&O insurance • the standards imposed by the Code in relation to the • explain the major underwriting considerations and risk handling of claims by insurers factors related to PI and D&O insurance • the Code’s requirements for the handling of • describe the range of claims related to PI and D&O complaints and disputes insurance. • the responsibilities of the parties to the Code in relation to Code monitoring and enforcement More information • the sanctions that may be imposed on an insurer For more information on this and other Institute workshops, under the Code. visit www.theinstitute.com.au/workshops.
Related products P R OF E SS I ONAL D EVE LOPM E NT
The Institute also offers a General Insurance Code of Practice for Brokers workshop. More information
For more information on these and other Institute workshops, visit www.theinstitute.com.au/workshops.
*Australian prices subject to GST *Australian prices subject to GST
www.theinstitute.com.au 23 Workshops and Events
Workers Compensation Case Essentials of Business Management Interruption Insurance
WORKSHOP/ WC WORKSHOP GI IB LA ONLINE FEE Members Non-members Fee Members Non-members A$560* A$785* workshop A$285* A$395* DURATION Full-day NZ$340 NZ$475 DELIVERY Facilitated workshop ONLINE A$205* A$285* CIP Points 6 CIP Points NZ$245 NZ$345
LEVEL Introductory DURATION Workshop Online
LOCATIONS Available throughout Australia Half-day 2–4 hours (subject to minimum numbers) DELIVERY Facilitated workshop or online
Workers Compensation Case Management is a one-day CIP Points 3 CIP Points workshop which introduces participants to the medical LEVEL Introductory/Intermediate environment, common injury types, the injury management process and treatment plans. It also looks at return to work LOCATIONS Melbourne, Sydney, Auckland, plans and the barriers to returning injured persons to work. Hamilton, Wellington, Christchurch Who should attend Delivered in either an online or facilitated workshop format, This seminar is suitable for those who are entry level or the Essentials of Business Interruption Insurance is relatively new to the insurance sector and are seeking designed to provide participants with a sound working broad understanding workers compensation case knowledge and understanding of the key concepts and management or those with considerable insurance issues related to business interruption insurance. sector experience but little or no exposure to workers compensation case management. Who should attend Learning outcomes This workshop is suitable for new entrants to the insurance sector and anyone requiring a broad At the conclusion of the workshop, participants should understanding of business interruption insurance to be able to: enhance their knowledge and understanding of general • describe basic medical terminology and basic insurance products. anatomy • explain common injury types, their typical duration and Learning outcomes typical treatment regimes Upon completion of the program, participants should • explain the injury management process be able to: • describe the return to work process and the potential • describe business interruption insurance and its barriers to a successful return to work. common features and sections More information • describe the common extensions available for business interruption insurance For more information on these and other Institute • define the underwriting considerations workshops, visit www.theinstitute.com.au/workshops. • calculate sums insured. Related products
The Institute also offers a Business Interruption Insurance Claims workshop. More information
For more information on these and other Institute workshops, visit www.theinstitute.com.au/workshops.
*Australian prices subject to GST *Australian prices subject to GST
24 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Essentials of Risk Management Commercial Insurance Fundamentals
GI IB RM WORKSHOP GI IB LA WORKSHOP
Fee Members Non-members Fee Members Non-members
A$560* A$785* A$560* A$785* NZ$675 NZ$945 NZ$675 NZ$945
DURATION Full-day DURATION Full-day
DELIVERY Facilitated workshop DELIVERY Facilitated workshop
CIP Points 6 CIP Points CIP Points 6 CIP Points
LEVEL Introductory/Intermediate LEVEL Intermediate
LOCATIONS Available throughout Australia LOCATIONS Melbourne, Sydney and the Asia-Pacific region (subject to minimum numbers) The Commercial Insurance Fundamentals workshop looks at the classes of commercial insurance associated with Essentials of Risk Management is an interactive commercial property, business interruption and liability. facilitator-led workshop, providing participants with a It focuses on the underwriting principles and risk broad knowledge and understanding of risk management assessment processes related to commercial insurance. and its relationship to client insurance risk exposures. Who should attend The workshop consists of four sections covering an overview of risk management, the process of risk This program is suitable for participants who are undertaking management, treatment and financing of risk, and or, about to undertake, a career path encompassing monitoring and review of risk management programs. commercial insurance. It is recommended that participants should have been working in the insurance industry for two Who should attend to three years. This program is suitable for new entrants to the general Learning outcomes insurance and insurance broking sectors and for those already working in these sectors who require a broader At the conclusion of the program, participants should be knowledge and understanding of risk management in able to: relation to client insurance risk exposures. • describe the cover provided by contract works Learning outcomes insurance, industrial special risks insurance and business packs Upon completion of the program, participants should be • describe the strategies used and the issues associated able to identify and explain: with underwriting commercial insurances • the principal benefits of risk management • describe the scope of cover provided under the business • how to apply the risk-management process interruption sections of office and business packs • the treatment options for dealing with risk exposures • outline the cover provided by liability insurance. • the different methods of transferring and financing risks Related products • how to monitor and review the performance of a risk management program, including risk loss and control The Institute also offers a Commercial Claims measures. Fundamentals workshop. More information More information P R OF E SS I ONAL D EVE LOPM E NT For more information on this and other Institute workshops, For more information on these and other Institute visit www.theinstitute.com.au/workshops. workshops, visit www.theinstitute.com.au/workshops.
*Australian prices subject to GST *Australian prices subject to GST
www.theinstitute.com.au 25 Workshops and Events
Essentials of Industrial Introduction to Reinsurance Special Risks Insurance GI IB WORKSHOP GI IB WORKSHOP/ ONLINE FEE Members Non-members A$560* A$785* FEE Members Non-members NZ$675 NZ$945 Workshop A$285* A$395* DURATION Full-day online A$205* A$285* DELIVERY Facilitated workshop DURATION Workshop Online CIP Points 6 CIP Points Half-day 4 hours LEVEL Intermediate DELIVERY Facilitated workshop or online LOCATIONS Melbourne, Sydney, Auckland CIP POINTS Workshop Online
3 CIP Points 4 CIP Points Introduction to Reinsurance is a one-day interactive facilitator-led workshop designed to provide participants LEVEL Intermediate with a broad understanding of the reinsurance industry. LOCATIONS Melbourne, Sydney, Darwin, Perth Key topics and issues covered include: the role of and Australia-wide online reinsurance, the legislative framework, classes of reinsurance, methods of reinsurance, the role of brokers, key markets and reinsurance placement. Delivered in either an online or facilitated workshop format, Essentials of Industrial Special Risks Insurance provides Who should attend participants with a basic knowledge and understanding of industrial special risks (ISR) insurance in Australia and the This program is a suitable introduction for new entrants to opportunity to apply their learning to work-based scenarios. the reinsurance sector, or anyone with previous insurance knowledge with an interest in reinsurance. The program Who should attend assumes some prior knowledge of general insurance. This program is suitable for new entrants to the insurance Learning outcomes sector who require an overview of industrial special risks insurance, to enhance their knowledge and understanding Upon completion of the program, participants should be of general insurance products. It is also suitable for those able to identify and explain: with some insurance experience who have not been • the purpose of reinsurance exposed to the concepts behind ISR insurance and the • the key types, methods and classes of reinsurance role it plays in relevant insurance programs. • the role of reinsurance brokers Learning outcomes • the major considerations for reinsurance placement • how the Insurance Act 1973 (Cwlth) and prudential Upon completion of the program, participants should be standards govern the practice of reinsurance. able to identify and explain: • the purpose and features of industrial special risks More information insurance For more information on this and other Institute workshops, • underwriting issues relevant to industrial special risks visit www.theinstitute.com.au/workshops. insurance • the key considerations in evaluating industrial special risks insurance claims. More information
For more information on this and other Institute workshops, visit www.theinstitute.com.au/workshops.
*Australian prices subject to GST *Australian prices subject to GST
26 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Business Advantage: Making Creating Value in General Insurance Regulation Work for You GI WORKSHOP GI LI LA WORKSHOP FEE Manager Series Executive Series
FEE A$500* A$500* A$1,300*
DURATION Half-day DURATION Half-day
DELIVERY Facilitated workshop DELIVERY Facilitated workshop
CIP Points 3 CIP Points CIP Points 3 CIP Points
LEVEL Advanced LEVEL Advanced
LOCATIONS Available throughout Australia LOCATIONS Available throughout Australia (subject to minimum numbers) and the Asia-Pacific region (subject to minimum numbers) Transform the burdens of regulation into an advantage for your business. This workshop is designed to provide those within general The Institute’s Business Advantage: Making Regulation insurance companies with management or executive Work for You workshop will assist you to develop and responsibilities, and those aspiring to such a role, with the manage your company’s compliance in a way that does skills and knowledge to maximise value generation. more than merely satisfy regulatory requirements. It outlines the key functions and result areas at every level Through this half-day interactive session, you will learn of a general insurance company’s operations in relation to how to implement corporate governance procedures, revenue generation, cost management, financial capital which will assist your company to develop an management and business environment management. organisational environment that thrives within the Participants will also gain insights that contribute to their Australian regulatory environment. company’s value within their own and related fields. Who should attend Who should attend
This workshop is aimed at the board, executive and This program is suitable for participants with boardroom senior management levels where the responsibility for or executive responsibilities or those who are establishing the culture and ethical values of an institution undertaking, or about to undertake, such a role in lies. It also affords opportunities for aspiring managers general insurance operations. to become aware of the regulatory imperatives and provides insights into how this can be part of the day-to- Learning outcomes day business. At the conclusion of the workshop, participants should Learning outcomes be able to: • explain the key drivers of revenue generation and cost At the conclusion of the workshop, participants should be management in an insurance company able to: • articulate the relevance of financial capital and • explain the key regulatory requirements of insurance business environment management in an insurance companies company. • establish a cultural framework within the company to enable honest and transparent disclosure. More information More information For more information on these and other Institute workshops, visit www.theinstitute.com.au/workshops.
For more information on this and other Institute workshops, P R OF E SS I ONAL D EVE LOPM E NT visit www.theinstitute.com.au/workshops.
*Australian prices subject to GST *Australian prices subject to GST
www.theinstitute.com.au 27 Larni McDonald Office Manager|Simplex Insurance| "My Traineeship has provided me with knowledge and a qualifcation I can use in the industry."” ”
28 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 General Insurance
Certificate III in Financial Services – General Insurance [FNS30107]
Fee A$3,885 (Government funding available for Course structure eligible Australian students) The Certificate III in Financial Services – General Insurance Duration 1–2 years depending on state requirements is broken up into the following ten sections:
Membership Ordinary Member Section 1 – Working in an office environment Outcome Examines the basic skills required to work successfully in an office environment. It looks at company procedures, effective ASIC Tier 2 General Insurance– Personal and Compliance General Advice (Australian modules only) communication, using technology and managing conflict. This section also discusses managing change within the work The starting point for school leavers or anyone wishing to develop environment, and occupational health and safety issues. a career in insurance at entry level, the Certificate III traineeship Section 2 – The insurance market is a government-subsidised employment-based training program Analyses the specific features of the general insurance market that gives new entrants a solid introduction to the insurance and discusses the place of the insurance industry in the wider industry and provides a foundation for further development. economic and financial environment. This section also looks at some common features of insurance policies and looks at how Traineeships insurance products are priced and sold. Institute traineeships are an ideal way to bring young people into Section 3 – The financial environment your company and train them in your business culture. Delivered Introduces the Australian economic and financial environment and by a mix of distance learning resources, support from Institute identifies various financial markets, the products that are bought staff and coaching by the employer’s personnel in the workplace, and sold, and the key players in these markets. This section also the traineeship allows you the flexibility to develop your new discusses how the economic environment influences the various employees into skilled, versatile and productive workers. financial markets. Institute traineeships also offer the advantage of government funding and employers can receive a significant government Section 4 – The legal environment subsidy of up to $4,000, subject to pre-existing conditions such Introduces the Australian legal system. First it looks at the key as previous funding and prior qualifications. bodies that regulate the financial services industry and then Visit www.theinstitute.com.au/traineeships for more details. presents an overview of two specific pieces of legislation – the Trade Practices Act and the Australian Securities and Investment Commission (ASIC) Act. Section 5 – The Insurance Contracts Act Examines the concepts contained in the Insurance Contracts Act that affect the general insurance industry and work practices.
www.theinstitute.com.au 29 Certificate III in Financial Services – General Insurance [FNS30107]
Section 6 – The Corporations Act Provides an overview of the Corporations Act, including the effects of the Act on day-to-day work, with particular emphasis on disclosure requirements. Section 7 – Privacy Discusses privacy principles and focuses on the procedures that should be followed to ensure the information gathered about customers remains confidential. Section 8 – Code of Practice and dispute resolution Examines specific features of the General Insurance Code of Practice, including the role of the Code in setting standards of practice for the insurance industry and highlights how the Code affects day-to-day work. It also discusses the handling of disputes and presents models of both internal and external dispute handling systems. Section 9 – Working with customers Highlights the importance of excellent customer service and sets out what is involved in advising customers and meeting their insurance needs. Section 10 – Claims Presents an overview of the claims process and how customers can be assisted with their claims.
More information A complete listing of all AQTF competencies covered in each of the certificate sections is available on the Institute’s website at www.theinstitute.com.au/gi.
Further education For those wanting to go on to study the Certificate IV in Financial Services – General Insurance, the Certificate III along with the completion of a bridging module gives you credit for FSI401 Serving the Customer. For more information visit www.theinstitute.com.au/bridging_modules.
Enrol To enrol visit our website www.theinstitute.com.au/enrol or give our Customer Service Team a call on (+61 3) 9613 7280.
30 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Certificate IV in Financial Services - General Insurance [FNS40107]
FSI403 Insurance Products Fee Australia New Zealand Covers the range of products and policies available, and Distance A$825 per module NZ$910 per module describes their structure, features and benefits. It also explains Learning how emerging technologies have affected the insurance industry. Traineeship A$3,885 (Government funding available for eligible Australian students) FSI404 Introduction to Underwriting Covers the key categories of risk and the steps involved in Duration Five modules – Each study period lasts 12 weeks. (Students are able to study more than managing risk. It also describes the functions of underwriting, the one modules per study period.) underwriting process and the most common forms of reinsurance, insurance contracts and processing proposals. Membership Associate CIP Outcome FSI405 Claims Handling Describes the types of insurance policies available and covers the ASIC Tier 1 Personal Accident and Sickness (General Compliance Insurance) (Australian modules only) start-to-end process of handling a claim, including, registering claims, obtaining the relevant information from the client along with proper documentation, deciding whether further investigation The essential qualification for those who handle claims, issue is required and finalising claims. domestic insurance contracts, deal with customer enquiries, appoint intermediaries to investigate standard claims and initiate claims recovery, the Certificate IV in Financial Services – General More information Insurance is a great start to a career in insurance. A complete listing of all AQTF competencies covered in each of Upon completion of the Certificate IV, graduates will become an the certificate modules is available on the Institute’s website at Associate Certified Insurance Professional (CIP) of the Institute. www.theinstitute.com.au/gi. Successful completion of FSI401 Serving the Customer and FSI402 Insurance Law and Regulation will also meet Traineeships in Australia requirements for ASIC Tier 1 Personal Accident and Sickness Institute traineeships are an ideal way to bring young people into (General Insurance) compliance. your company and train them in your business culture. Delivered by a mix of distance learning resources, support from Institute Course content staff and coaching by the employer’s personnel in the workplace, the traineeship allows you the flexibility to develop your new The Certificate IV comprises of five modules and it is suggested employees into skilled, versatile and productive workers. that each module will encompass 50–70 hours of study time. The modules are: Institute traineeships also offer the significant advantage of government funding and employers can receive a significant FSI401 Serving the Customer government subsidy of up to A$4,000, subject to pre-existing Explains the impact of the economic environment on financial conditions such as previous funding and prior qualifications. services products, explores creating a relationship with the client Visit www.theinstitute.com.au/traineeships for more details. in order to establish general insurance needs and thereby identify appropriate products. Further education Upon completion of the Certificate IV, students are eligible to enrol FSI402 Insurance Law and Regulation (Australian in the Diploma of Financial Services – General Insurance. Visit and non-New Zealand students) www.theinstitute.com.au/gi or see the following page for details. Deals with legal framework, laws, regulations, the Code of Practice and relevant Acts that govern the general insurance Completion of the Certificate IV also provides credit into the industry in Australia. It also covers health and safety in the Bachelor of Business (Insurance) at Charles Sturt University. Visit www.theinstitute.com.au/uni_pathways for more information. workplace. GI OR
Enrol a w
FSI406 New Zealand Insurance Law and Regulation To enrol visit our website www.theinstitute.com.au/enrol or a r d co ur s e (New Zealand students) give our Customer Service Team a call on (+61 3) 9613 7280 Covers health and safety in the workplace as well as the Acts, (New Zealand freecall 0800 103 675). regulations and the codes of practice that govern a general insurer’s day-to-day job – as well as formal requirements for internal and external dispute resolution.
www.theinstitute.com.au 31 Diploma of Financial Services - General Insurance [FNS50107]
FeeS Australia New Zealand Personal lines
A$995 per module NZ$1120 per module FSI503 Personal Lines Claims Management Covers the start-to-end process of handling a personal lines Duration Four modules – each study period lasts 12 claim, including processing and finalising both routine and weeks. (Students are able to study more than non-routine claims settlements, processing facultative and treaty one modules per study period.) claims, resolving claims disputes and reviewing settlements and Membership Senior Associate CIP policies and procedures. Outcome FSI504 Personal Lines Underwriting Management Specialties • Liability Covers the principles of personal lines underwriting, analysing Available • Personal Lines risks and choosing a policy form and modifying as necessary, and • Commercial Lines providing a quotation. • Marine • Statutory Classes Commercial lines Prerequisite Certificate IV in Financial Services – General Insurance FSI505 Commercial Lines Claims Management Covers the principles and processes of commercial lines claims including commercial lines property and motor claims, The Diploma of Financial Services – General Insurance is portfolio management, negotiating settlement and using dispute designed for general insurance employees who lead a claims settlement processes. or underwriting team, handle complex claims, underwrite complex risk, initiate and respond to legal action in relation to FSI506 Commercial Lines Underwriting Management claims, survey risk exposure, implement claims recovery and Covers the principles and processes of underwriting commercial review portfolio performance. Completion of this provides Senior lines (property), portfolio management, negotiating settlement and Associate CIP membership of the Institute – the benchmark for dispute settlement processes. industry professionalism. Marine Course content FSI507 Marine Claims Management The Diploma is comprised of four modules and it is suggested Covers the legal terms and concepts, and explains the process, that each module will encompass 50–70 hours of study time. principles and adjustment of claims. It also covers the general The Diploma modules are paired under specialty classes, each average and salvage and their application to hull and cargo claims of which includes one module on underwriting and one on and analysis, and adjustments to marine land-based claims. claims management. Students must complete at least one whole specialty class (two modules) and then select their remaining two FSI508 Marine Underwriting Management modules according to work requirements and aspirations. Explains the legal terms, concepts, principles and classes of marine insurance. It also explains risk factors, carriers’ liability, marine Liability liability insurance, cargo insurance for marine ventures and inland transit and covers reviewing performance of marine portfolios. FSI501 Liability Claims Management Covers the general principles of managing liability claims and the start-to-end process of evaluating non-routine liability claims, including participating in negotiations, resolving disputes, finalising settlements and reviewing claims performance. FSI502 Liability Underwriting Management Covers analysing liability risks, policy wording for liability risks, underwriting liability risks, providing a quote, negotiating with brokers, reviewing and interpreting portfolio performance.
32 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Statutory classes
FSI509 Statutory Classes Claims Management Covers principles and concepts of statutory classes claims management, investigating and settling non-routine claims, the dispute resolution process and reviewing claims settlement policies and procedures. FSI510 Statutory Classes Underwriting Management Discusses the principles and concepts related to statutory classes underwriting management, describes potential risk exposures and identifies how to issue a non-routine contract of insurance in workers compensation and/or compulsory motor accident compensation. Also deals with the underwriting process and reviewing the portfolio performance.
Additional modules
FSI511 Reinsurance Covers the need for and purpose of reinsurance, how to comply with requirements, the process of placement, how to process facultative and treaty claims and how to calculate the costs of recovery – including reinstatements of reinsurance claims. FSI512 Risk Management Covers the benefits and process of risk management, the treatment options and methods of transferring and financing risks. This module also looks at identifying and reviewing loss trends and changes in risk exposure as well as how to assess whether changes to programs are required.
More information A complete listing of all AQTF competencies covered in each of the Diploma modules is available on the Institute’s website at www.theinstitute.com.au/gi.
Further education Completion of the Diploma provides credit into the Bachelor of Business (Insurance) at Charles Sturt University (CSU). Further information regarding university pathways is available on the Institute’s website at www.theinstitute.com.au/uni_pathways.
Enrol To enrol, visit our website www.theinstitute.com.au/enrol or GI give our Customer Service Team a call on (+61 3) 9613 7280
(New Zealand freecall 0800 103 675). a w a r d co ur s e
www.theinstitute.com.au 33 34 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 "Studying with the Institute has provided me with a solid platform to build on my experience in the industry and position me to take advantage of opportunities."
Tendai Hatendi Individual Personal Accident and Sickness Underwriter |Chartis|
www.theinstitute.com.au 35 Life Insurance Certificate IV in Financial Services – Life Insurance [FNS40107]
FeeS Australia New Zealand Elective modules FSL500 Providing Advice in Life Insurance Distance A$825 per module NZ$910 per module Learning Covers the skills and knowledge required to provide services and advice in life insurance in line with ASIC RG 146 Life Insurance Traineeship A$3,885 (Government funding available for compliance and industry and professional codes of practice. eligible Australian students)
Duration Five modules – Each study period lasts 12 FSL503 Life Insurance Distribution weeks. (Students are able to study more than Covers the skills required to create and document life insurance one module per study period.) product distribution plans, and action those plans within established parameters. Membership Associate CIP Outcome FSL505 Life Insurance Underwriting Gives an understanding of the fundamental underwriting ASIC ASIC RG 146 Life Insurance compliance can be Compliance achieved by completing the module FSL500 concepts for life insurance products, including surveying and Providing Advice in Life Insurance. assessing risks in the life insurance context and identifying reinsurance needs. The Institute’s Certificate IV in Financial Services – Life Insurance is designed for employees starting out in life insurance. Developed FSL506 Life Insurance Claims Management to meet industry standards and compliance, the Certificate IV Covers the process of determining the validity of a claim, provides the technical knowledge and skills needed to provide assessing its impact and calculating payments for claims made quality services to clients and can be undertaken through a against each of the major policy types. traineeship or distance learning. Exit Points Course content Students wishing to exit the Certificate IV early may be eligible To be awarded the Certificate IV, students must complete four for the Certificate III in Financial Services – Life Insurance, provided core modules and one elective module. It is suggested that each they have satisfied the requirements for that award. Visit www. module will encompass 50–70 hours of study time. theinstitute.com.au/life for more information. Core modules More information Core competencies online A complete listing of all AQTF competencies covered in each of the Certificate modules is available on the Institute’s website at Comprising four online programs, this section looks at the www.theinstitute.com.au/life. skills and knowledge necessary for working safely in an office environment and how to apply principles of professional practice Further education to work in the financial services industry. Upon completion of the Certificate IV, students only need to FSL401 Life Insurance Products study two more of the elective modules to obtain the Diploma This module will provide students with an in-depth knowledge of of Financial Services – Life Insurance. To learn more about the products and services used in the life insurance sector. Diploma visit www.theinstitute.com.au/life or see the following page for details. FSL402 Customer Service Provides students with the skills and knowledge to help them Enrol respond to customer enquiries, process customer complaints, deliver professional services to customers and maintain To enrol visit our website www.theinstitute.com.au/enrol or customer relationships. give our Customer Service Team a call on (+61 3) 9613 7280 (New Zealand freecall 0800 103 675). FSL403 Life Insurance Policy Looks at the information and skills required to process, issue and manage life insurance policies. It also deals with the handling of policy payments, alterations and terminations.
36 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Diploma of Financial Services – Life Insurance [FNS50107]
FeeS Australia New Zealand Elective modules FSL500 Providing Advice in Life Insurance A$810 per module NZ$890 per module Covers the skills and knowledge required to provide services and Duration Seven modules – each study period lasts 12 advice in life insurance in line with ASIC RG 146 Life Insurance weeks. (Students are able to study more than compliance and industry and professional codes of practice. one module per study period.) FSL503 Life Insurance Distribution Membership Senior Associate CIP Covers the skills required to create and document life insurance Outcome product distribution plans, and action those plans within ASIC ASIC RG 146 Life Insurance compliance can be established parameters. Students will also learn how marketing Compliance achieved in the Diploma by completing the tools are developed and made available within budget, module FSL500 Providing Advice in Life and how to review and revise their strategy while measuring Insurance. ongoing results. FSL505 Life Insurance Underwriting The Institute’s Diploma of Financial Services – Life Insurance Gives an understanding of the fundamental underwriting is designed for employees working in life insurance and concepts for life insurance products, including surveying and provides Senior Associate Certified Insurance Professional assessing risks in the life insurance context and identifying (CIP) membership of the Institute – the benchmark for industry reinsurance needs. professionalism. Developed to meet industry standards and compliance, the FSL506 Life Insurance Claims Management Diploma provides the technical knowledge and skills needed to Covers the process of determining the validity of a claim, provide quality services to clients and effectively manage a life assessing its impact and calculating payments for claims made insurance business. against each of the major policy types.
Course content Exit points To be awarded the Diploma, students must complete four core Students who only complete the core modules for this course are modules and three elective modules. It is suggested that each eligible for the Certificate III in Financial Services – Life Insurance. module will encompass 50–70 hours of study time. Those who continue on further and study one of the elective modules are eligible for the Certificate IV in Financial Services – Core modules Life Insurance. Visit www.theinstitute.com.au/life for more details. Core competencies online The core competencies section of this course, comprising four More information online programs, looks at the skills and knowledge necessary for A complete listing of all AQTF competencies covered in each of working safely in an office environment and how to apply principles the Diploma modules is available on the Institute’s website at of professional practice to work in the financial services industry. www.theinstitute.com.au/life. FSL401 Life Insurance Products This module will provide students with an in-depth knowledge of Further education products and services used in the life insurance sector. Completion of the Diploma provides credit into the Bachelor of FSL402 Customer Service Business (Insurance) at Charles Sturt University (CSU). Further information regarding university pathways is available on the This module will provide students with the skills and knowledge Institute’s website at www.theinstitute.com.au/uni_pathways. to help them respond to customer enquires, process customer complaints, deliver professional services to customers and maintain customer relationships. Enrol LI To enrol visit our website www.theinstitute.com.au/enrol or give FSL403 Life Insurance Policy a our Customer Service Team a call on (+61 3) 9613 7280 w This module looks at the information and processes required a r d co ur s e (New Zealand freecall 0800 103 675). to process, issue and manage life insurance policies. It also deals with the handling of policy payments, alterations and terminations.
www.theinstitute.com.au 37 Maureen Fielding Claims Officer – Public Liability| QBE| "Studying with the Institute has provided me with a really strong grounding in insurance and I'm excited about what lies ahead."
38 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Insurance Broking
Certificate III in Financial Services – Insurance Broking [FNS30107]
FeeS A$3,885 – (Government funding available for Course content eligible Australian students) The Certificate III in Financial Services – Insurance Duration 1–2 years depending on state requirements Broking is divided into the following ten sections: Membership Ordinary Member Section 1: Working in an office environment Outcome Examines the basic skills required to work successfully in an ASIC Tier 2 General Insurance – Personal and office environment. It looks at company procedures, effective Compliance General Advice (Australian modules only) communication, using technology and managing conflict. This section also discusses managing change within the work The starting point for school leavers or anyone wishing to develop environment, and occupational health and safety issues. a career in insurance at entry level, the Certificate III traineeship is Section 2: The insurance market a government-subsidised, employment-based training program Analyses the specific features of the general insurance market that gives new entrants a solid introduction to the insurance and discusses the place of the insurance industry in the wider industry and provides a foundation for further development. economic and financial environment. This section also looks at some common features of insurance policies and examines how Traineeships insurance products are priced and sold. Institute traineeships are an ideal way to bring young people into Section 3: The financial environment your company and train them in your business culture. Delivered Introduces the Australian economic and financial environment and by a mix of distance learning resources, support from Institute identifies various financial markets, the products that are bought staff and coaching by personnel in the workplace, the traineeship and sold, and the key players in these markets. This section also allows you the flexibility to develop your new employees into discusses how the economic environment influences the various skilled, versatile and productive workers. financial markets. Institute traineeships also offer the advantage of government funding and employers can receive a significant government Section 4: The legal environment subsidy of up to $4,000, subject to pre-existing conditions such Introduces the Australian legal system. First it looks at the key as previous funding and prior qualifications. bodies that regulate the financial services industry and then Visit www.theinstitute.com.au/traineeships for more details. presents an overview of two specific pieces of legislation – the Trade Practices Act and the Australian Securities and Investment Commission Act (ASIC). Section 5: The Insurance Contracts Act Examines the concepts contained in the Insurance Contracts Act that affect the general insurance industry and work practices. Section 6: The Corporations Act Provides an overview of the Corporations Act, including the effects of the Act on day-to-day work, with particular emphasis on disclosure requirements.
www.theinstitute.com.au 39 Certificate III in Financial Services – Insurance Broking [FNS30107]
Section 7: Privacy Discusses privacy principles and focuses on the procedures that should be followed to ensure client information gathered about customers remains confidential. Section 8: Code of Practice and dispute resolution Examines specific features of the General Insurance Code of Practice, including the role of the Code in setting standards of practice for the insurance industry and highlights how the Code affects day-to-day work. It also discusses the handling of disputes and presents models of both internal and external dispute handling systems. Section 9: Working with clients Gives an overview of the Corporations Act and discusses the effects of the Act on the day-to-day work of a broker, with particular emphasis on disclosure requirements. Section 10: Claims Presents an overview of the claims process and how brokers can assist their clients with their claims.
More information A complete listing of all AQTF competencies covered in each of the certificate modules is available on the Institute’s website at www.theinstitute.com.au/broking.
Further education The next step in a career in insurance is the Diploma of Financial Services – Insurance Broking. Visit www.theinstitute.com.au/broking or see the following page for details.
Enrol To enrol visit our website www.theinstitute.com.au/enrol or give our Customer Service Team a call on (+61 3) 9613 7280.
40 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Diploma of Financial Services – Insurance Broking [FNS50107]
FSB503 Claims Handling for Brokers FeeS Australia New Zealand Covers the start-to-end process of handling a claim, including A$825 per module NZ$910 per module registering claims, obtaining the relevant information from the Duration Five modules – Each study period lasts 12 client along with proper documentation, and advising insurers weeks. (Students are able to study more than and liaising with service providers. It also covers the basics of one module per study period.) reviewing the incidence of loss for clients, and dispute resolution.
Membership Senior Associate CIP FSB504 Risk Assessment and Management Outcome Covers how to implement an insurance program for clients, ASIC RG 146 Tier 1 Insurance Broking and identifying and assessing risks and assessing and negotiating Compliance RG 104 and 105 (Australian modules only) complex risk portfolios. Elective modules The Institute’s Diploma of Financial Services – Insurance Broking is designed for general insurance brokers employed at an FSB505 Managing Broking Operations account executive or broking manager level, and provides Senior Provides an overview of broking operations, followed by sections Associate Certified Insurance Professional (CIP) membership of on licensing obligations, business plans, marketing, financial the Institute – the benchmark for industry professionalism. management and human resources. The Diploma develops technical knowledge and skills to FSB507 Insurance Products effectively manage a broking business and provide quality Discusses the importance of product knowledge, statutory issues, insurance services to clients. insurance documents and provides insurance product profiles. Successful completion of FSB501 Providing Customer Advice and FSB502 Insurance Law and Regulation for Brokers will also provide More information ASIC Tier 1 Insurance Broking compliance. A complete listing of all AQTF competencies covered in each of the Diploma modules is available on the Institute’s website at Course content www.theinstitute.com.au/broking. To be awarded the Diploma, students must complete four core modules and one elective module. It is suggested that each Further education module will encompass 50–70 hours of study time. Completion of the Diploma provides credit in to the Bachelor of Core modules Business (Insurance) at Charles Sturt University (CSU). Further FSB501 Providing Customer Advice information regarding university pathways is available on the Institute’s website at www.theinstitute.com.au/uni_pathways. Covers the start-to-end process of advising the broking customer, including developing a relationship with the client, identifying and assessing needs, preparing and presenting solutions to the client, Enrol preparing business submissions, implementing changes to the To enrol visit our website www.theinstitute.com.au/enrol or client’s insurance program and advising on risk, as well as reviewing give our Customer Service Team a call on (+61 3) 9613 7280 the client’s insurance program and the broker’s performance. (New Zealand freecall 0800 103 675).
FSB502 Insurance Law and Regulation for Brokers (Australian and non-New Zealand students) Covers health and safety in the workplace as well as the Acts, regulations and the Code of Practice, relevant to Australia, which govern a broker’s day-to-day job. IB OR a
FSB506 New Zealand Insurance Law and Regulation w for Brokers (New Zealand students) a r d co ur s e Covers health and safety in the workplace as well as the Acts, regulations and the code of practice, relevant to New Zealand, which govern a broker’s day-to-day job.
www.theinstitute.com.au 41 42 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 "Studying with the Institute has helped me hone my technical general insurance knowledge and skills."
Grant Pattison Business Analyst |CGU|
www.theinstitute.com.au 43 Financial Planning
Diploma of Financial Services (Financial Planning) [FNS50804]
FSP503 Investment Planning FeeS Australia New Zealand Covers the drivers that influence the economy, taxation issues, A$810 per module NZ$890 per module different types of investment and examines the risk vs. return trade-off. Duration Four modules – Each study period lasts 12 FSP504 Providing Financial Planning Advice weeks. (Students are able to study more than Covers every aspect of the financial planning process from the one module per study period.) first client interview, gathering information, carrying out the tasks Membership Senior Associate CIP and implementing the financial strategy recommendations, to the Outcome production of a Statement of Advice and the review process that ASIC Financial Planning, Managed Investments, is needed to maximise ongoing service. Compliance Derivatives, Securities, Life Insurance and Superannuation. (Australian modules only) More information A complete listing of all AQTF competencies covered in each The Institute’s Diploma of Financial Services (Financial Planning) of the diploma modules is available on the Institute’s website at is an invaluable qualification for employees entering or already www.theinstitute.com.au/fp. working within the financial planning industry. The Diploma provides compliance and develops the skills and knowledge Further education required to provide a range of financial planning services. Successful completion of the diploma provides you with entry into Course content the Institute’s Advanced Diploma of Financial Planning. To learn To be awarded the Diploma students must complete the following more about this next career move, visit www.theinstitute.com.au/fp four modules. It is suggested that each module will encompass or see the following page for details. 50–70 hours of study time. Students who wish to continue their studies to Bachelor level will be eligible for credit into the Bachelor of Business (Insurance) FSP501 Financial Planning Practice at CSU. Upon successful completion of the Diploma students Covers many of the skills and knowledge required to gain ASIC will also be eligible to receive credit towards the Charles Sturt RG 146 Financial Planning compliance, including analysing the University’s (CSU) Master of Applied Finance (Financial Planning). legal, regulatory and ethical responsibilities within the financial Further information regarding university pathways is available on planning industry. This module also covers the steps in the the Institute’s website at www.theinstitute.com.au/uni_pathways. financial planning process, how to comply with a financial Successful completion of the Diploma also provides students with a planning organisation’s operational and practice guidelines, and pathway to study for the Certified Financial Planner (CFP) program. how to develop and maintain ongoing professional development. FSP502 Planning for Risk and Retirement Enrol Analyses general insurance, life insurance and superannuation To enrol visit our website www.theinstitute.com.au/enrol or needs as well as the information required to recommend give our Customer Service Team a call on (+61 3) 9613 7280 appropriate products and maximise government entitlements. (New Zealand freecall 0800 103 675). Also covered are the issues of estate planning and business succession planning.
44 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Advanced Diploma of Financial Services (Financial Planning) [FNS60404]
FeeS Australia New Zealand More information A complete listing of all AQTF competencies covered in each A$995 per module NZ$1,120 per module of the Advanced Diploma modules is available on the Institute’s Duration Three modules – Each study period lasts 12 website at www.theinstitute.com.au/fp. weeks. (Students are able to study more than one module per study period.) Further education Prerequisite Diploma of Financial Services Studying with the Institute opens many doors – studies in (Financial Planning) the Advanced Diploma provide credit towards Charles Sturt University’s Master of Applied Finance (Financial Planning). The Institute’s Advanced Diploma of Financial Services (Financial The Advanced Diploma gives credit in to FIN560 Introduction Planning) focuses on client-centred advice and management to Financial Planning. For more information visit processes, and is essential in developing the skills and www.theinstitute.com.au/uni_pathways. knowledge of experienced financial planners who are serious about their career prospects. Enrol Course content To enrol visit our website www.theinstitute.com.au/enrol or give our Customer Service Team a call on (+61 3) 9613 7280 To be awarded the Advanced Diploma of Financial Services (New Zealand freecall 0800 103 675). (Financial Planning) students must complete a Diploma of Financial Planning and the following three Advanced Diploma modules. It is suggested that each module will encompass 50–70 hours of study time. FSP601 Understanding Your Client Builds on the skills learnt in the Diploma with more in-depth information about legal and regulatory requirements. Students will learn to assess product performance and construct portfolios for their clients. FSP602 Innovative Financial Planning Strategies Covers the skills and knowledge required to establish a client’s goals, the scope of advice required, how to identify key issues that might affect the quality of that advice, and finally, to develop an innovative or complex financial strategy to include in the FP Statement of Advice. a FSP603 Providing Professional Guidance w a r d co ur s e Covers managing a financial planning business, including best practice, professional guidelines, applying regulatory requirements and implementing processes. Also in this module students learn how to develop their staff with technical guidance and ways to review and maintain up-to-date practices.
www.theinstitute.com.au 45 Dannielle Louise Van Gils Trainee Broker |Simplex Insurance| "My studies with the Institute have uncovered a bunch of opportunities that wouldn't have previously been available to me."
46 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Dannielle Louise Van Gils Trainee Broker |Simplex Insurance| Loss Adjusting
Certificate IV in Financial Services - Loss Adjusting Traineeship [FNS40107]
FeeS A$3,885 (Government funding available for More information eligible Australian students) A complete listing of all AQTF competencies covered in each of the certificate modules is available on the Institute’s website at Duration 1–2 years depending on state requirements www.theinstitute.com.au/loss. Membership Associate CIP Outcome Traineeships in Australia Institute traineeships are an ideal way to bring young people into The Institute’s Certificate IV in Financial Services – Loss Adjusting your company and train them in your business culture. Delivered Traineeship is ideal for loss adjusting companies wanting to by a mix of distance learning resources, support from Institute develop the skills of their employees, by having them complete staff and coaching by personnel in the workplace, the traineeship a nationally recognised accredited qualification and become an allows you the flexibility to develop new employees into skilled, Associate Certified Insurance Professional (CIP) of the Institute. versatile and productive workers. Course content Institute traineeships also offer the advantage of government funding and employers can receive a significant government The Certificate IV in Financial Services – Loss Adjusting Traineeship subsidy of up to A$4,000, subject to pre-existing conditions comprises five modules. It is suggested that each module will such as previous funding and prior qualifications. encompass 50–70 hours of study time. The modules are: Visit www.theinstitute.com.au/traineeships for more details. FSI401 Serving the Customer Explains the impact of the economic environment on financial Further education services products, explores ‘creating a relationship’ with the client Upon completion of the Certificate IV, students are eligible to enrol in order to establish their general insurance needs and thereby in the Diploma of Financial Services – Loss Adjusting. Visit identify appropriate products to offer. www.theinstitute.com.au/loss or see the following page for details. FSI405 Claims Handling Describes the types of insurance policies available and covers AICLA the start-to-end process of handling a claim, including: registering The traineeship program also incorporates three of the four claims, obtaining the relevant information from the client along modules required to obtain the Australian Institute of Chartered with proper documentation, deciding whether further investigation Loss Adjuster’s (AICLA) Certificate in Loss Adjusting Practice. is required and finalising claims. For more information visit AICLA’s website at www.aicla.org. FSA501 Introduction to Loss Adjusting See the following page for module description. Enrol To enrol visit our website www.theinstitute.com.au/enrol or give FSA502 Loss Adjusting Practice our Customer Service Team a call on (+61 3) 9613 7280. See the following page for module description. FSA504 Loss Adjusting Law and Regulation See the following page for module description.
www.theinstitute.com.au 47 Diploma of Financial Services – Loss Adjusting [FNS50107]
FSA504 Loss Adjusting Law and Regulation FeeS Australia New Zealand Explains why loss adjusters need to know about the law, including A$755 per module NZ$830 per module researching the law, the legal system, how laws are developed Duration Eight modules – Each study period lasts 12 and interpreted, underlying legal concepts, applying relevant laws, weeks. (Students are able to study more than regulations, codes and principles. one module per study period.) FSA505 Managing Operations Membership Senior Associate CIP Covers the characteristics of loss adjusting businesses, including Outcome their scope, operations and client groups. Students will look at how the role of the manager contributes to the effective Developed for employees already practising loss adjusting operational management of an organisation and the purpose and and who are ready to take the next step in their career. The characteristics of business plans. Institute’s Diploma of Financial Services – Loss Adjusting is This module will also cover the process of developing business essential for those seeking expertise and a qualification in plans and the key steps involved in monitoring operational the specialist area of claims assessment and provides Senior performance. Associate Certified Insurance Professional (CIP) membership of the Institute – the benchmark for industry professionalism. FSA506 Property and Casualty Loss Adjustment This module looks at the role of the loss adjuster in relation to Course content property claims, the purpose of property cover and loss, insurable To be awarded the Diploma, students must complete six core interest, property policies, the cover provided and issues relating modules and two elective modules. It is suggested that each to property cover. module will encompass 50–70 hours of study time. Students will also study the reasons for physical measurement or photographic evidence when verifying loss, interviewing Core modules processes of an insured, types of combustions, fire spreads, FSA501 Introduction to Loss Adjusting common causes of ignition and evidence of forced entry in a Covers how the loss adjusting industry has evolved and the roles, fire loss. Also covered is commercial stock loss, the insured and responsibilities and the key skills required of a loss adjuster, insurers rights in loss mitigation, the purpose of casualty cover including the parties they may deal with. and the effects of a casualty loss. This module will also cover general insurance and the legal knowledge a loss adjuster needs to possess, the key elements of a loss adjuster’s terms of engagement and the steps involved in the loss adjusting process. FSA502 Loss Adjusting Practice Concentrates on the types of instructions received by loss adjusters, the terms of reference and how they impact on the loss adjusting assignment, and the steps involved in planning loss adjusting investigation. This module also covers the key techniques used when collecting and analysing evidence, the steps involved in validating a claim and establishing quantum, and recovery rights and demands. FSA503 Negotiating Effective Settlements Examines how negotiation applies to loss adjusting, including the skills needed for successful negotiation, and analysing the cost– benefit on settlement options. Students will also learn to document and administer negotiation meetings, and the key options for resolving negotiation disputes.
48 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Elective modules FSA511 Construction Loss Adjustment FSA507 Business Interruption Loss Adjustment Investigates the cover provided by a typical construction insurance policy including policy cover, extensions, exclusions Discusses the business interruption policies available, the and conditions, and their effect on construction loss. purpose of business interruption cover and the effect business interruption can have on business. This module also covers the types of contracts that can be encountered on a construction project and their implications for Students will learn about the role of the loss adjuster in the a construction loss and the loss adjustment process. Students preparation and assessment of business interruption claims, the will also learn what is required for the successful completion of claim triggers to business interruption and the calculations and a construction loss adjustment, relevant case law and legislation preparation costs needed to assess a claim under an Industrial applicable to construction losses and types of enquiries that are Special Risks (ISR) policy. required for a specific construction loss situation. FSA508 Liability Loss Adjustment Examines the purpose of liability cover and the effects of legal More information liability, determining circumstances of a claim, establishing liability A complete listing of all AQTF competencies covered in each and triggering indemnity under a liability policy. of the Diploma modules is available on the Institute’s website at This module will also look at the types of liability policies available www.theinstitute.com.au/loss. and the cover they provide, defences to liability claims and the role of the loss adjuster in: Further education (a) the preparation and assessment, and Completion of the Diploma provides credit in to the Bachelor of (b) the investigation and verification of liability claims. Business (Insurance) at Charles Sturt University (CSU). Further FSA509 Building Loss Adjustment information regarding university pathways is available on the Looks at the purpose of building insurance and what constitutes a Institute’s website at www.theinstitute.com.au/uni_pathways. loss, insurable interest and proximate cause, differences between the building insurance policies available and the types of issues AICLA when conducting a building loss adjustment. Successful completion of FSA501, FSA502, FSA504 and FSA506 This module also covers the loss adjuster’s role in building claims, fulfils the educational requirements to obtain AICLA’s Certificate the process of investigation and verification of a building claim in Loss Adjusting Practice. For more information visit AICLA’s and investigating a loss caused by fire. website at www.aicla.org. FSA510 Theft, Money and Fidelity Loss Adjustment Enrol Concentrates on the role of the loss adjuster in theft, money and fidelity loss, including the effects of each type of loss, the policies To enrol visit our website www.theinstitute.com.au/enrol or available, their purpose, scope of cover and typical claim triggers. give our Customer Service Team a call on (+61 3) 9613 7280 (New Zealand freecall 0800 103 675). Students will learn about the concepts of limit of liability and sum insured, conditions, exclusions and extensions, settlement, investigation and reconciling stock loss. The module will also cover physical measurement, photographic evidence and market intelligence in claims evaluation, minimising loss through salvage, contribution, recovery and restitution and common physical security considerations used to protect a risk.
LA a w a r d co ur s e
www.theinstitute.com.au 49 50 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 "Being a member of the Institute provides me with professional development resources I can apply to my job and has helped me establish strong working relationships with other members in the industry."
John De Felice ANZIIF (Assoc) CIP Team Manager |Calliden|
www.theinstitute.com.au 51 Risk Management
Diploma of Financial Services – Risk Management [FNS50107]
FSR503 Operational Management of Risk FeeS Australia New Zealand Develops the knowledge and skills required to identify the A$810 per module NZ$890 per module interrelationship of operational areas within an organisation. Duration Four modules – Each study period lasts 12 Students will learn how to establish risk management processes weeks. (Students are able to study more than across operational areas, identify risk exposures and develop a one module per study period.) risk register. This module will also teach students how to design and analyse treatment plans. Membership Senior Associate CIP Outcome FSR504 Management of Specific Risk Exposures Builds on the student’s knowledge of the risk management The Institute’s Diploma of Financial Services – Risk Management process and practicalities, exploring techniques and strategies is designed for those employed in or managing operational for addressing risk associated with undertaking projects, events areas, strategic planning, occupational health and safety, fraud and outsourcing, preserving reputation and financial performance, and project management. assessing environmental and occupational health and safety For those looking for the next step in their career, the Diploma impacts as well as protecting against fraud and privacy breaches. will develop technical knowledge and skills to provide effective management of risk. More information Course content A complete listing of all AQTF competencies covered in each of the certificate modules is available on the Institute’s website at To be awarded the Diploma, students must complete the following www.theinstitute.com.au/risk. four modules. It is suggested that each module will encompass 50–70 hours of study time. Further education FSR501 Introduction to the Management of Risk Successful completion of the diploma provides you with entry into Covers the principles and processes of risk management within the Institute’s Advanced Diploma of Risk Management. To learn an organisation. This module introduces the concepts of a risk more visit www.theinstitute.com.au/risk or see the following page management framework, risk identification, risk analysis and for details. evaluation, risk treatment and monitoring, and review of a risk Successful completion of the Diploma also gives credit into management program. Deakin University’s Master of Insurance and Risk Management. FSR502 Integrated Management Visit www.theinstitute.com.au/uni_pathways for more information. Develops the knowledge and skills required to integrate risk management within the whole organisation while working Enrol with the principles, practices, structure and language of To enrol visit our website www.theinstitute.com.au/enrol or management. This module explores the link between developing give our Customer Service Team a call on (+61 3) 9613 7280 an organisational framework and the organisation’s strategic (New Zealand freecall 0800 103 675). planning, aims and management.
52 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Advanced Diploma of Financial Services – Risk Management [FNS60104]
FSR605 Business Continuity Management FeeS Australia New Zealand Students will examine the different areas that need to be analysed A$995 per module NZ$1,120 per module for creating a business continuity management strategy and learn the skills needed to implement the strategy in a crisis situation. Duration Four modules – Each study period lasts 12 weeks. (Students are able to study more than one module per study period.) More information A complete listing of all AQTF competencies covered in each Prerequisite Diploma of Financial Services – Risk Management of the Advanced Diploma modules is available on the Institute’s website at www.theinstitute.com.au/risk.
The Institute’s Advanced Diploma of Financial Services Successful completion of the Advanced Diploma also gives – Risk Management is a general risk management program for credit into Deakin University’s Master of Insurance and Risk experienced risk managers. It develops the skills and knowledge Management. Visit www.theinstitute.com.au/uni_pathways for required to provide a comprehensive range of services and more information. explores innovative strategies for dealing with complex risk management issues. Enrol To enrol visit our website www.theinstitute.com.au/enrol or Course content give our Customer Service Team a call on (+61 3) 9613 7280 To be awarded the Advanced Diploma, students must complete (New Zealand freecall 0800 103 675). a Diploma of Financial Services – Risk Management and the following four Advanced Diploma modules. It is suggested that each module will encompass 50–70 hours of study time. FSR601 Corporate Governance and Compliance Examines the general frameworks, principles and guidelines for corporate governance. This module also examines the reporting and compliance requirements of corporate governance as well as the roles and responsibilities of stakeholders and of the risk manager in this process. FSR602 Risk Treatment and Financing Practices Gives an overview of the processes of risk treatment and risk financing, and the steps in implementing, monitoring and reviewing initiatives. RM
FSR603 Risk Management Framework and a w
Documentation a r d co ur s e Looks at how to plan, implement and monitor risk management frameworks and documentation, as well as the process of establishing a risk management audit committee.
www.theinstitute.com.au 53 "My studies with the Institute have given me a greater understanding of all aspects of the industry, particularly the areas that I do not regularly work in."
David Fischer Account Manager |CGU|
54 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Workers Compensation
Diploma of Personal Injury Management – Workers Compensation [FNS51407]
FSW503 Workers Compensation Claims Processes FeeS Australia New Zealand Provides an overview of the workers compensation/injury A$810 per module NZ$890 per module management claims handling process and identifies the milestones in this process, as well as regulatory obligations. Duration Four modules – Each study period lasts 12 Students will learn OH&S and workers compensation legislative weeks. (Students are able to study more than obligations around documentation requirements, procedural one module per study period.) fairness and recoveries, injury notification and reporting. The Membership Senior Associate CIP module will also cover claim estimation, investigation processes, Outcome liability, payment entitlements and monitoring, reviewing and closing a claim file. The Institute’s Diploma of Personal Injury Management – Workers FSW504 Workers Compensation Case Management Compensation is designed for workers compensation claims and underwriting personnel, and provides Senior Associate Examines the role of the case manager and the case Certified Insurance Professional (CIP) membership of the Institute. management process, the medical environment, the injury The Diploma develops the technical knowledge and skills required management process, and the return to work process. This to provide quality workers compensation and personal injury module will provide an overview of case management techniques management for all schemes, in all jurisdictions in Australia – and the medical environment including terminology, basic human including the self-insurance environment. anatomy, common injury types and typical duration of treatment. Students will also learn about dispute resolution processes Course content and negotiation skills, injury management and treatment plans, rehabilitation and return to work plans and rights and obligations To be awarded the Diploma, students must complete the following of parties to workers compensation/injury management claims. four modules. It is suggested that each module will encompass 50–70 hours of study time. More information FSW501 Workers Compensation Framework A complete listing of all AQTF competencies covered in each Provides a snapshot of workers compensation and the different of the Diploma sections is available on the Institute’s website at schemes operating in Australia. The module covers a history www.theinstitute.com.au/wc. and overview of the political, social and economic landscape and examines current issues in workers compensation and Enrol stakeholder relationships. Students will learn the role of a To enrol visit our website www.theinstitute.com.au/enrol or claims and compensation claims officer, risk identification and give our Customer Service Team a call on (+61 3) 9613 7280 underwriting concepts and occupational health and safety (OH&S). (New Zealand freecall 0800 103 675). FSW502 Workers Compensation Law and Regulation Looks at the relevant Acts that impact on workers compensation in each of the jurisdictions in Australia, and the key legal elements and compensation principles when establishing claims. Students will learn how to maintain company records in claims management to assist in legal defence and the impact of the Privacy Act, Freedom of David Fischer Information (FOI) Act and OH&S Act. This module will also examine Account Manager |CGU| the role of the supervisor in a workers compensation environment.
www.theinstitute.com.au 55 Studying with the Institute
The Institute offers students the option of distance learning, or Commencing in 2010 all Institute examinations will be conducted recognition of prior learning to ensure they can find the best way online. Students will now have the ability to choose to sit to study, reflecting their own experience and learning preferences. their examination at an Institute venue or at their own place While studying, the Institute’s award-winning support services of work, using an Institute-approved person to act as their ensure that students are able to get the most out of their studies examination supervisor. and always have the assistance that they need to succeed. For those students who are completing their examination at an Institute venue, students may request one of four possible Course delivery examination times throughout the exam day, however the Institute The Institute offers two ways to gain credit for its modules and will not be able to accommodate all requests and preference will complete a qualification: be given to those students who enrol early. 1. Distance learning Final results are available from the Institute’s website approximately three weeks from the examination date (please 2. Recognition. refer to the Academic Calendar on page 66 for specific dates). 1. Distance learning Results Distance learning is a flexible method of study where Results are available online from 10.00am AEST on the day results comprehensive learning and assessment materials are provided are released. Official Statements of Attainment are issued by mail in a printed or online format, allowing you to study at your own within three business days of the results being released online. pace. Study and assessment takes place within a study period Key dates which has fixed dates for beginning and completing your studies. For easy reference, the 2010 Academic Calendar includes all key Study Periods dates for each Study Period and can be found on page 66. There are six Study Periods throughout 2010, which are broken into 2. Recognition two separate Study Streams. The enrolment intake dates are every The Institute acknowledges skills and knowledge from a range of two months throughout the year. Students can pick one of either of learning settings (formal, informal and non-formal): the two Study Streams, or mix-and-match between Study Streams. • Formal Each Study Stream allows students to complete three modules – Credit Transfer (Exemption) in one year without overlapping their studies. The study periods – Credit Transfer (National Recognition) within each stream are approximately 12 weeks in duration. Once a student completes a Study Period and has received their • Informal and Non-Formal results they have ample time to enrol in their next subject. – Recognition of Prior Learning (RPL). Study materials For more information on RPL and to find out if you are eligible, All students, with the exception of re-enrolments, are sent study visit www.theinstitute.com.au/rpl. materials. Students who enrol early will receive their study materials by the commencement of the study period. All other students will receive their materials within 10–15 business days of enrolling. In addition to the hardcopy, all students will have access to softcopy materials, including the assignment, three weeks prior to the commencement of the study period via the Institute’s website. Assessment During an elected Study Period students must successfully complete an assignment and an exam to pass the module. The assignments will be due for all students three weeks prior to their examination and all students will receive their assignment results one week prior to the examination.
56 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Student Support services Online support and references The Institute provides a range of online materials and services The true value of the Institute and what distinguishes it from designed to support and assist students to learn effectively and other education providers, is the comprehensive and supportive apply their knowledge and skills in the workplace. This includes learning environment provided. The Institute offers the following online discussion forums, which they can use to submit enquiries support to assist students while they are studying: regarding their studies and be answered by an industry expert. Customer Service The Institute’s website also features guidelines for writing the The Institute’s expert Customer Service team are available to assignment, preparing for exams and a glossary of financial assist students with any queries that they may have relating to the services terminology. administration of their enrolment, such as course details, Study Education Support program Period transfers and special consideration, as well as Recognition The Institute’s Education Support program provides access of Prior Learning, assessment and membership. to experienced and qualified insurance professionals in a Please contact the Customer Service team directly on one-on-one mentoring situation to support students with their (+61 3) 9613 7280 (New Zealand freecall 0800 103 675) or studies. Mentors are experts in their field and are ready and able email [email protected]. to provide assistance and guidance with studies. Student Support staff Student newsletters To ensure that students get the most out of their learning Institute student newsletters provide the latest information on experience, the Institute’s dedicated Student Support staff are module and assessment requirements, learning and study tips available to provide them with guidance and assistance while and forthcoming workshops and conferences. they work towards their qualification. Student Support provide Institute study groups assistance ranging from assistance with study material content queries, to explaining assignment and exam requirements, Institute study groups are an ideal way to make contact with other making the most of online study and mentoring, to advising on students who have enrolled in the same module, and who have credit transfers and educational pathways. nominated to participate in a study group. The study groups are initiated by Student Support, but run by Subject Matter Experts the students themselves. Study group members can choose to The Institute has Subject Matter Experts (SMEs) to assist students interact via email, phone or face-to-face if suitable. Study groups throughout their study. Contacted via the Institute’s online discussion can be a great support to learning and provide a way to network forums, they hold a wealth of financial services knowledge and with industry contacts from all over the world. respond to requests for assistance within one to two business days. The latest learning resources More information Institute modules have comprehensive printed learning resources For more information on student administration, course delivery, that provide substantial technical detail, with self-help questions assessment, student support services and academic awards and and answers. The Institute’s SMEs are drawn from the who’s who scholarships visit www.theinstitute.com.au/study. of financial services, and it shows in the quality of the materials.
Many modules have printed learning materials to use in addition st u d to the online materials, providing an opportunity for peer learning. yi n g wi t h he i nst u e
www.theinstitute.com.au 57 Membership
58 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 " The insurance industry is a rewarding career choice given the variety of matters and human issues I deal with on an everyday basis and also the fact that it is fundamental to our country's economy and lifestyle. To be a part of this is tremendous."
Sampath Soysa ANZIIF (Mem) Senior Associate | Moray & Agnew Solicitors|
www.theinstitute.com.au 59 Student Membership
Student Membership aims to support and enhance Scholarships the careers of students while they are studying towards a Student Members have access to a number of amazing industry professional qualification. scholarships that can open the doors to career opportunities and Upon enrolling, a student automatically becomes a Student send recipients to insurance conferences and seminars in London, Member, joining thousands of other insurance and finance the United States, Asia and Australia. students and over 12,000 professionals who are committed Higher education to fostering high professional standards and contribute to an Student Members have exclusive access to graduate and innovative, vibrant and competitive industry. postgraduate university programs so they continue their studies to Institute membership demonstrates a high level of specialisation the highest levels. and expertise attained through industry recognised qualifications and backed by continuous professional development. Being a Instant recognition upon qualification member is often a requirement for career progression in many The Institute’s Certified Insurance Professional (CIP) program sets insurance companies. the standard of professionalism for the insurance and financial services industry. Student Members are able to take advantage of a range of membership benefits including: Upon completion of a qualification, Student Members are automatically upgraded to the appropriate professional level Membership card of ANZIIF membership and become a Certified Insurance Students are issued with a membership card to display Professional with access to the use of internationally recognised membership of the Institute and use as a reference. post-nominals to indicate the level of industry qualification Access achieved. Student Members have discounted access to all of the hundreds To find out more about Student Membership please visit of conferences, seminars, and training events the Institute runs www.theinstitute.com.au/membership. each year to support members’ study and career development. Information Student Members receive the ANZIIF Journal in print and online which keeps them up-to-date on industry issues and trends, profiles of industry leaders, and provides the latest HR issues and news. The Journal covers every field of insurance and is the longest running and most widely read insurance publication in the Asia-Pacific region. Networking Student Members are part of a vast community of insurance professionals committed to their industry. Through networking events such as the Generation i program for young insurance and finance professionals, or the hundreds of other events that the Institute runs each year we assist members to connect with the right people and build long-lasting professional relationships. Professional development Through professional development events, discussion groups, mentoring programs and online forums, Student Members are able to tap into a vast bank of knowledge and experience.
60 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 Membership
CIP Membership – Be Recognised
ANZIIF’s Certified Insurance Professional (CIP) Membership The Institute Journal sets the standard of professionalism for the insurance industry, An industry magazine, delivered in print and online, which focuses demonstrating an insurance professional’s level of skill, on current issues in the insurance and financial services markets. qualification and commitment to higher standards and their career. Membership certificate and card CIPs are internationally recognised and highly regarded A membership certificate and membership card to proudly display throughout the financial services industry as insurance CIP membership level and act as a reference for member details. professionals who distinguish themselves through an Institute qualification or recognised equivalent, maintain up-to-date My Institute technical skills and knowledge through a program of professional Another benefit is access to the Institute’s online membership development, and abide by the ANZIIF Code of Ethics, ensuring portal, My Institute. This allows members to make the most of best standards of professional practice and integrity. Institute information and services that best suit their industry CIP membership is very often a requirement for employment and location. My Institute also contains each member’s Personal and career progression in many insurance companies as it Learning Portfolio, which members can use to track their demonstrates a high level of specialisation and expertise, attained professional development, report activities to their employer and through completion of the Institute’s internationally recognised to record CIP points. education programs. Discounted events and professional development CIP status also provides an invaluable tool for Australian financial Exclusive and/or discounted access to a comprehensive range of services professionals to demonstrate that they are maintaining professional development programs including: compliance with ASIC RG 146, and for professionals in Hong Kong • discounts to Institute events – more than 250 annually and Singapore to demonstrate that they are meeting their continuing professional development requirements within their country. • almost 50% discount on a subscription to Insite – the Institute’s online professional development and learning management ANZIIF actively promotes CIP throughout the financial services system industry and broader community, as the symbol of insurance and finance professionalism. • selected complimentary online learning activities and education resources. Membership benefits Exclusive access to member services Institute members receive a range of benefits to assist them in Access to a range of special member services including: their careers, promoting their professionalism and supporting • exclusive access to graduate and postgraduate university them in professional development. These include: programs International recognition via the ANZIIF CIP • exclusive and/or discounted access to specialist discussion post-nominal groups and networking and social activities A designation that displays to employers, colleagues, and the • eligibility for scholarships established by the Institute in public, the level of skills and expertise and the professionalism of partnership with leading industry organisations. all ANZIIF Certified Insurance Professionals. ANZIIF post-nominal Fellow ANZIIF (Fellow) CIP Senior Associate ANZIIF (Snr Assoc) CIP Associate ANZIIF (Assoc) CIP Member ANZIIF (Mem) Ordinary no post-nominal m e ber s hi p
www.theinstitute.com.au 61 Membership
CIP membership levels Non-CIP membership There are several levels of CIP membership that reflect the Non-CIP membership is available for those who work in the different levels of qualifications and experience of Institute industry but have not completed an industry qualification. Non-CIP members. CIPs enjoy all the benefits of membership and members receive all of the same membership benefits, including the support of an international community of like-minded the Journal, membership card and discounts to Insite and Institute professionals. The CIP post-nominal designates members events, however they are not able to become Certified Insurance who undertake an annual program of continuous professional Professionals. The Non-CIP membership table explains the levels development to maintain their skills and knowledge at the highest of Non-CIP membership and the eligibility requirements for each. levels. The CIP membership table below explains the levels of CIP membership and the eligibility requirements for each.
CIP membership
CIP Level Eligibility Post-Nominal Election Fee Annual Fee
Fellow Fellowship is the most prestigious level of ANZIIF (Fellow) CIP A$170 Australia A$360 membership, representing insurance professionals NZ$205 New Zealand who have completed postgraduate qualifications in International A$170 NZ$325 financial services and have strong technical International A$250 knowledge of, and experience in, the industry.
Senior Senior Associate membership represents financial ANZIIF (Snr Assoc) CIP A$170 Australia A$300 Associate services professionals who have completed a NZ$205 New Zealand specific insurance/finance qualification equivalent International A$170 NZ$285 to the Institute Diploma or Advanced Diploma level. International A$225
Associate Associate membership represents financial ANZIIF (Assoc) CIP A$170 Australia A$270 services professionals who have completed a NZ$205 New Zealand specific insurance/finance qualification equivalent International A$170 NZ$240 to the ANZIIF Certificate IV level. International A$200
Non-CIP membership
Member Level Eligibility Post-Nominal Election Fee Annual Fee
Member Available to anyone who is ASIC RG 146 Tier 1 ANZIIF (Mem) A$170 Australia A$235 compliant or has completed a tertiary degree in any NZ$205 New Zealand NZ$215 discipline. International A$170 International A$170
Ordinary An open level of membership available to anyone. No post-nominal A$170 Australia A$235 member NZ$205 New Zealand NZ$215 International A$170 International A$170
The information in this table is true and correct at the time of publishing. The Australian and New Zealand Institute of Insurance and Finance reserves the right to amend the information contained herein. Any amendments made to these tables during 2010 will be made available on the Institute’s website at www.theinstitute.com.au.
Gaining CIP membership with overseas qualifications The Institute offers special membership arrangements for graduates with overseas qualifications. The Overseas Qualification Table available on the Institute’s website (www.theinstitute.com.au/membership_pathways), lists all of the existing Institute CIP and membership arrangements for overseas graduates. If your qualification is not listed, you may submit your qualification for consideration of membership eligibility to [email protected].
62 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 CIP Fellowship Members are eligible to upgrade their membership to the most Prospective CIP Fellows are able to allocate and combine the prestigious Institute membership level of CIP Fellow by obtaining points under each category, as relevant to their situation, to attain 100 points through the Fellowship Passport system. the required 100 points to be eligible for CIP Fellowship. The Fellowship Passport system considers a variety of factors in Fellowship passport criteria and point allocation an applicant’s professional knowledge and experience, including: The table shown below outlines the Fellowship Passport points postgraduate qualifications, industry contribution, relevant allocation system. A total of 100 points and a minimum of two university studies and professional development that contribute years’ insurance/finance industry work experience are required to to the requirements for CIP Fellowship. Each factor is assigned a be eligible for election to Fellowship. Applicants will be required to specific value using a points-based system. supply certified documentation supporting their application.
Fellowship criteria and point allocation
Category Points
Deakin University (Australia): Graduate Diploma of Insurance, Graduate Diploma of Financial Services (Insurance), 100 Graduate Diploma of Financial Services (Financial Planning), Master of Insurance and Risk Management, MBA and Masters of Commerce (Insurance/Financial Planning specialisations is required) Charles Sturt University (Australia): Master of Applied Finance^ Nankai University (China): Postgraduate qualification with at least six subjects majoring in insurance The Central University of Finance and Economics (CUFE) (China): Postgraduate qualification with at least six subjects majoring in insurance
Completion of an Institute recognised postgraduate qualification with at least four subjects directly applicable to 80 the insurance/finance sector (This includes insurance, life insurance, superannuation, financial planning, reinsurance, risk management, actuarial studies, loss adjusting, distribution and insurance law)*
Completion of an Institute recognised postgraduate qualification in finance, commerce, business, law, economics, 60 accounting, management, marketing*
Charles Sturt University (Australia): Master of Management 60
Advanced Diplomas of Financial Planning or Risk Management 25
Charles Sturt University (Australia): Bachelor of Business (Insurance) 25
Senior Associate CIP of the Institute or the completion of a recognised specific insurance/finance qualification equivalent 25 to the ANZIIF Diploma level**
University of Technology Sydney (UTS) (Australia) – Executive Certificate in Insurance 25
Associate CIP of the Institute or the completion of a specific insurance/finance qualification equivalent to the ANZIIF 20 Certificate IV level**
10 or more years’ industry experience (a written application is required confirming that insurance/financial services activity 10 has been the applicant’s central role for 10 years)
Completion of Australian Securities Investments Commission (ASIC) RG 146 Tier 1 compliance or other overseas law and 10 regulation training recognised by the Institute***
Completion of the Institute’s ethics module via Insite 5
Applicants who are within five (5) points of gaining Fellowship may submit an application to the Institute requesting consideration of their individual case. Applicants will need to provide evidence that their specific circumstances are worthy of review and consideration for the discretionary award of five (5) points. For example, demonstrated exceptional leadership in the industry beyond the scope of what is outlined in the Fellowship Passport. The Institute’s Fellowship Review Committee has the discretion to review the application and determine whether Fellowship will be granted.
^Applicants need to have completed an Institute award course in addition to the completion of Master of Applied Finance to achieve 100 points. m e ber s hi p * Points may only be accrued once for undertaking one postgraduate qualification. ** Points may only be accrued once for undertaking either a Certificate IV or a Diploma. *** Points can only be accrued once for undertaking ASIC compliance modules. Similarly, an overseas applicant can only accrue points once for undertaking other overseas law and regulation training recognised by the Institute. The information in this table is true and correct at the time of publishing. The Australian and New Zealand Institute of Insurance and Finance reserves the right to amend the information contained herein. Any amendments made to this table during 2010 will be made available on the Institute’s website at www.theinstitute.com.au. www.theinstitute.com.au 63 Membership
CIP and ongoing professional development Membership administration opportunities How to elect to become a CIP member after completing The Institute places great importance on the ongoing professional a qualification development of its members. The professionalism of the insurance From 2010, upon completion of a qualification Student Members and financial services industries is dependent on all participants are automatically upgraded to the appropriate professional maintaining a rigorous professional development program to level of ANZIIF membership and become a Certified Insurance reinforce their skills and knowledge beyond their qualifications. Professional (CIP). Those who studied with the Institute prior to The professional development requirements of CIP membership this will need to follow the process below: are flexible, allowing CIPs the freedom to build a professional 1. Identify the appropriate CIP level and corresponding entry development program that best suits their career requirements. requirements (see the membership tables on page 62). All professional development activities, whether delivered by the 2. Calculate the appropriate membership fee depending on the Institute, the workplace or any other education provider, contribute membership level. An election fee is applicable in addition to towards a member’s annual CIP requirement, including some not the annual membership fee. directly related to the industry. Examples of activities that can be 3. Students qualifying for membership through an Institute course used to claim CIP points include: can apply online via the Institute’s website at www.theinstitute. • attendance at seminars and conferences com.au/membership. Alternatively, applicants can obtain a • online professional development membership election form from the website or by contacting • in-house training Customer Service at [email protected], or telephone (+61 3) 9613 7280 • professional reading (New Zealand freecall 0800 103 675). • successful completion of an award course module Complete the membership election form and send via post with • presentation at a seminar appropriate payment to the Australian and New Zealand Institute • mentoring ANZIIF award course students. of Insurance and Finance, Level 8, 600 Bourke Street, Melbourne VIC 3000, Australia. For more information on the professional development requirements of CIP membership and the types of activities that External qualifications can be counted towards CIP points, visit the Institute’s website at www.theinstitute.com.au/cip. If applying for membership with qualifications from another education provider, applicants will need to provide certified copies The Institute offers a wide range of professional development of their qualifications via post with the application (for information opportunities for CIPs to maintain their technical and practical on how to have documents certified please visit www.theinstitute. skills and industry knowledge. com.au/membership). The Institute’s website lists the educational Institute events requirement for each membership level. As a professional association, the Institute reviews its membership The Institute offers a comprehensive range of conferences, criteria, benefits and eligibility requirements from time to time. seminars, training and networking opportunities and events to All decisions on election to membership will reflect the support the careers of insurance professionals. These events requirements at the time of application, there is no guarantee of regularly take place all over Australia, New Zealand and Hong Kong admission at the same level of membership that applied when and are also conducted in many other major centres around Asia. studies were completed. The Institute also runs a range of discussion groups in selected capital cities. These groups regularly meet to discuss specialised areas of interest to members. Institute CIPs and non-qualified members receive up to 20% discount on registration to this type of event. Institute events are a valuable resource for networking and professional development opportunities, and all insurance professionals are encouraged to take advantage of these opportunities and become involved in their local events.
64 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010 How to renew annual membership For more information on membership Institute membership renewal is due and payable by For more information on any of the CIP services, contact our 31 January of each year. Customer Service team at [email protected] or by calling (+61 3) 9613 7280 (New Zealand freecall 0800 103 675). Current members can renew: Online Renew membership on the Institute’s website at www.theinstitute.com.au/membership. A valid credit card, your Institute Master ID and date of birth will be required to do this. Email Complete and email a membership renewal form (available from the Institute’s website) to [email protected]. Telephone Contact Customer Service on (+61 3) 9613 7280 (New Zealand freecall 0800 103 675) to pay by credit card. Fax Complete and fax a membership renewal form (available from the Institute’s website) to (+61 3) 9642 4166. Post a membership renewal form to: The Australian and New Zealand Institute of Insurance and Finance Level 8, 600 Bourke Street Melbourne VIC 3000 Australia Bulk renewal This process is applicable if membership is arranged by an employer through a company bulk renewal process. To find out more about this process contact the Institute’s Membership Team at [email protected].
How to upgrade a member level Upon successful completion of an Institute award course your membership will be automatically upgraded to the eligible CIP membership level. An upgraded member’s enhanced status and higher skill level is reflected through the issuing of a new membership certificate and through access to a higher Institute post-nominal. Those who qualify with another organisation may upgrade their membership via a membership upgrade form which is available from the Institute’s website. This form should be completed and returned with payment and a certified copy of the qualification certificates and/or academic transcript to the Australian and New Zealand Institute of Insurance and Finance, Level 8, 600 Bourke Street, Melbourne VIC 3000, Australia. The membership upgrade fee is A$95, NZ$95 or International A$95.
How to reinstate membership If membership has expired for more than 12 months, applicants can easily reinstate their membership by downloading and completing a reinstatement application m e ber s hi p form from www.theinstitute.com.au/membership and then contacting our Customer Service on (+61 3) 9613 7280 (New Zealand freecall 0800 103 675).
www.theinstitute.com.au 65 2010 Academic Calendar
FEB FEB 2010 03/02/2010 2010 Enrolment 16/03/2010 Enrolment Change MAR MAR Cut-Off y Peri od 1 10/03/2010 30/03/2010 Enrolment
S t u d Assignment Due 20/04/2010 APR 15/04/2010 Enrolment Change APR Cut-Off Assignment Results y Peri od 1 04/05/2010 22/04/2010 Assignment Due Exam MAY 20/05/2010 MAY 13/05/2010 Assignment Results
S tr e am A Results 27/05/2010 Exam JUN 20/05/2010 JUN 17/06/2010 Enrolment Results
S tr e am B t u d 06/07/2010 Enrolment Change Cut-Off y Peri od 2 JUL 20/07/2010 JUL Assignment Due
05/08/2010 15/07/2010 Assignment Results AUG Enrolment AUG 12/08/2010 31/08/2010 Exam Enrolment Change
y Peri od 2 Cut-Off 02/09/2010 SEP Results 14/09/2010 SEP S tr e am A t u d Assignment Due 30/09/2010 09/09/2010 Assignment Results Enrolment OCT 07/10/2010 26/10/2010 OCT Exam Enrolment Change Cut-Off 28/10/2010 y Peri od 3 Results S tr e am B t u d 09/11/2010 NOV NOV Assignment Due 25/11/2010 Assignment Results 11/11/2010 Enrolment DEC 02/12/2010 DEC Exam 18/01/2011 Enrolment Change Cut-Off 23/12/2010 y Peri od 3
S tr e am A t u d Results 25/01/2011 JAN JAN Assignment Due 2011 2011 10/02/2011 Assignment Results
FEB/ 17/02/2011 FEB/ MAR MAR Exam
10/03/2011 Results S tr e am B t u d
66 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010
Australian and New Zealand Institute of Insurance and Finance Level 8, 600 Bourke Street Melbourne Victoria 3000 Australia Telephone +61 3 9613 7280 Facsimile +61 3 9642 4166 [email protected] www.theinstitute.com.au ABN 56 004 320 076 A Company Limited by Guarantee Incorporated In Victoria Australia
68 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010