Australian and New Zealand Institute of Insurance and Finance. Institute Handbook. 1

Transcription

1 Australian and New Zealand Institute of Insurance and Finance 2011 Institute Handbook 1

2 Australian and New Zealand Institute of Insurance and Finance Level 8, 600 Bourke Street Melbourne Victoria 3000 Australia Telephone (+61 3) Facsimile (+61 3) ABN A Company Limited by Guarantee Incorporated in Victoria Australia The head office of the Australian and New Zealand Institute of Insurance and Finance is based in Melbourne, Australia. All events, courses, qualifications, enrolments and membership services are administered at head office. Questions or concerns about course enrolment, study or membership should be directed to the Institute s Customer Service team. All prices are quoted in Australian dollars and include GST where applicable. Australian and New Zealand Institute of Insurance and Finance. Copyright The information presented in this Institute Handbook is true and correct at the time of publication.the Australian and New Zealand Institute of Insurance and Finance reserves the right to amend the information contained herein. Any amendments made to the handbook during 2011 will be made available on the Institute s website at 2 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

3 contents Welcome...4 Our Services...5 Career Pathways...6 Life Insurance Distribution...6 Life Insurance Underwriting and Claims...7 Financial Planning...8 General Insurance Underwriting...9 General Insurance Claims...10 Loss Adjusting...11 Insurance Broking...12 Risk Management...13 Bridging Pathways...14 Compliance...16 Tier 2 General Insurance General Advice...16 Tier 2 General Insurance Personal and General Advice...17 Tier 1 Personal Accident and Sickness (General Insurance)...17 Providing Personal Accident and Sickness Insurance Advice...18 Personal Accident and Sickness Knowledge for Life Insurers...18 General Insurance Personal Accident and Sickness Knowledge for Brokers...19 Providing Insurance Advice for Broking Clients...19 Tier 1 Insurance Broking (Accelerated Compliance)...20 Diploma Progression from Tier 1 Insurance Broking (Accelerated Compliance)...20 Providing Advice in Life Insurance (Accelerated Compliance)...21 Financial Planning Compliance...21 Managed Investments (Accelerated Compliance)...22 Securities (Accelerated Compliance)...22 Derivatives (Accelerated Compliance)...23 Superannuation (Accelerated Compliance)...23 Insite...24 Workshops and Events...25 Introduction to General Insurance...26 Introduction to Liability Insurance...26 Essentials of Life Insurance and Superannuation...27 Constructing a compliant Statement of Advice...27 Essentials of Insurance Law...28 General Insurance Code of Practice...28 Professional Indemnity and Directors and Officers Insurance...29 Workers Compensation Case Management...29 Essentials of Business Interruption Insurance...30 Essentials of Managing Risk...30 Essentials of Industrial Special Risks Insurance...31 Introduction to Reinsurance...31 Commercial Insurance Fundamentals...32 Business Advantage: Making Regulation Work for You...32 Creating Value in General Insurance...33 Professional Qualifications...36 Life Insurance...36 Certificate IV in Life Insurance...36 Diploma of Life Insurance...37 General Insurance...39 Certificate III in General Insurance...39 Certificate IV in General Insurance...41 Diploma of General Insurance...42 Financial Planning...46 Diploma of Financial Planning...46 Advanced Diploma of Financial Planning...47 Loss Adjusting...49 Certificate IV in Loss Adjusting...49 Diploma of Loss Adjusting...50 Insurance Broking...53 Certificate III in Insurance Broking...53 Diploma of Insurance Broking...55 Risk Management...58 Diploma of Financial Risk Management...58 Advanced Diploma of Financial Risk Management...59 Personal Injury Management...61 Diploma of Personal Injury Management...61 Studying with the Institute...62 Membership...66 Student Membership...66 Membership Benefits...66 CIP Membership Levels...68 Non-CIP Membership Levels...68 CIP Fellowship...69 Membership Administration...70 How to Elect to Become a Member...70 How to Renew Annual Membership...71 How to Upgrade a Member Level...71 How to Reinstate Membership Academic Calendar

4 Welcome to the Institute Handbook The Institute s range of practical and comprehensive financial services qualifications, contained within, are supported by a complete collection of student support services, ensuring that the people who study with us are competent, compliant and confident in their careers. The Institute is proud to introduce our key product range for The Institute is the premier professional membership body for the insurance industry and the leading insurance and financial educator in the Asia-Pacific region. This handbook outlines the Institute s most popular products and services, including: professional qualifications in Life Insurance, General Insurance, Financial Planning, Loss Adjusting, Insurance Broking, Risk Management and Personal Injury Management professional membership and the recognition of skills and knowledge that goes along with the ANZIIF post-nominal compliance products that ensure ASIC regulations are met and staff can become productive as soon as possible workshops across a range of foundation, intermediate and advanced subject areas and industry sectors Insite, the Institute s online professional development management tool. As a Registered Training Organisation (RTO), the Institute s qualifications are developed by industry and education experts under the Australian Quality Training Framework (AQTF), and are internationally recognised. They incorporate traditional distance learning education with up-to-date bestpractice thinking across a range of specialist fields. During the course of their studies students become Student Members of the Institute taking advantage of all of the professional membership benefits on offer and joining more than 15,000 insurance professionals in more than 30 countries. On completion of their Institute qualification students automatically become fully qualified members and are able to use an ANZIIF post-nominal to be recognised for their level of knowledge and skills. 4 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

5 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. Community From high-school education to insurance careers, Generation i, and Know Risk, 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. 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. 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. For more information on membership visit our website. our services 5

6 career pathw Life Insurance - Distribution The following career pathway is designed to make it easier for students to find the most appropriate life insurance education products focussed on distribution. For more information on the Institute s complete range of life insurance education products, visit Advanced (5+ years experience) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Intermediate (1-4 years experience) Complex Claims workshop Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Privacy Essential of Life Insurance and Superannuation (p.27) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Diploma of Life Insurance (p.37) Certificate IV in Life Insurance (p.36) RG 146 Life Insurance (p.21) University Pathways Deakin University Graduate Certificate in Insurance and Risk Management Pathway to Master in Insurance and Risk Management and Master of Business Administration with specialisation in Insurance and Risk Management Charles Sturt University Bachelor of Business (Insurance) Fellow CIP snr. associate CIP associate cip affiliate allied professional development qualification/compliance membership fellow 6 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

7 ays Life Insurance - Underwriting and Claims The following career pathway is designed to make it easier for students to find the most appropriate life insurance education products focussed on underwriting and claims. For more information on the Institute s complete range of life insurance education products, visit Advanced (5+ years experience) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Intermediate (1-4 years experience) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Privacy Essential of Life Insurance and Superannuation (p.27) Insite (p. 24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Diploma of Life Insurance (p.37) Certificate IV in Life Insurance (p.36) University Pathways Deakin University Graduate Certificate in Insurance and Risk Management Pathway to Master in Insurance and Risk Management and Master of Business Administration with specialisation in Insurance and Risk Management Charles Sturt University Bachelor of Business (Insurance) professional development qualification/compliance membership Fellow CIP snr. associate CIP associate cip affiliate allied career pathways 7

8 Career Pathways Financial Planning The following career pathway is designed to make it easier for students to find the most appropriate financial planning education products. For more information on the Institute s complete range of financial planning education products, visit Advanced (5+ years experience) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Intermediate (1-4 years experience) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Essentials of Life Insurance and Superannuation (p.27) Privacy Constructing a Compliant Statement of Advice (p.27) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Advanced Diploma of Financial Planning* (p.47) *Eligible to apply for Certified Financial Planner Program Diploma of Financial Planning (p.46) RG 146 Compliance Financial Planning (p.21) Managed Investments (p.22) Life Insurance (p.21) Derivatives (p.23) Superannuation (p.23) Securities (p.22) University Pathways Charles Sturt University Graduate Certificate in Financial Planning and/or Master in Applied Finance Bachelor of Business (Insurance) Fellow CIP snr. associate CIP associate cip affiliate allied professional development qualification/compliance membership 8 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

9 General Insurance - Underwriting The following career pathway is designed to make it easier for students to find the most appropriate general insurance education products focussed on underwriting. For more information on the Institute s complete range of general insurance education products, visit Advanced (5+ years experience) Responsible Manager Masterclass Business Advantage: Making Regulation Work For You (p.32) Financial Analysis* Business Interruption Insurance Claims Creating Value in General Insurance (p.33) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) *available from May 2011 Intermediate (1-4 years experience) Professional Indemnity and Directors and Officers Insurance (p.29) Essentials of Industrial Special Risks Insurance (p.31) Introduction to Reinsurance (p.31) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Intro to General Insurance (p.26) Code of Practice (p.28) Privacy Causes and Effects of Underinsurance Commercial Claims Fundamentals Intro to Personal Accident and Sickness Fundamentals of Motor Vehicle Insurance Intro to Liability Insurance (p.26) Essentials of Insurance Law (p.28) Commercial Insurance Fundamentals Essential of Business Interruption Insurance Essentials of Managing Risk Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Diploma of General Insurance (p.42) Certificate IV in General Insurance (p.41) Certicate III in General Insurance (p.39) rg 146 tier 1 personal accident and sickness (p.17) rg 146 tier 2 general insurance (p.16) Fellowship and University Pathways Deakin University Graduate Certificate in Insurance and Risk Management Pathway to Master in Insurance and Risk Management and Master of Business Administration with specialisation in Insurance and Risk Management Charles Sturt University Bachelor of Business (Insurance) professional development qualification/compliance membership Fellow CIP snr. associate CIP associate cip affiliate allied career pathways 9

10 Career Pathways General Insurance - Claims The following career pathway is designed to make it easier for students to find the most appropriate general insurance education products focussed on claims. For more information on the Institute s complete range of general insurance education products, visit Advanced (5+ years experience) University Pathways Responsible Manager Masterclass Business Advantage: Making Regulation Work For You (p.32) Creating Value in General Insurance (p.33) Business Interruption Insurance Claims Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Intermediate (1-4 years experience) Fraud Awareness Professional Indemnity and Directors and Officers Insurance (p.29) Essentials of Industrial Special Risks Insurance (p.31) Essentials of Managing Risk (p.30) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Intro to General Insurance (p.26) Code of Practice (p.28) Privacy Causes and Effects of Underinsurance Commercial Claims Fundamentals Intro to Personal Accident and Sickness Fundamentals of Motor Vehicle Insurance Intro to Liability Insurance (p.26) Essentials of Insurance Law (p.28) Commercial Insurance Fundamentals Essential of Business Interruption Insurance Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Diploma of General Insurance (p.42) Certificate IV in General Insurance (p.41) Certicate III in General Insurance (p.39) rg 146 tier 1 personal accident and sickness (p.17) rg 146 tier 2 general insurance (p.16) Deakin University Graduate Certificate in Insurance and Risk Management Pathway to Master in Insurance and Risk Management and Master of Business Administration with specialisation in Insurance and Risk Management Charles Sturt University Bachelor of Business (Insurance) Fellow CIP snr. associate CIP associate cip affiliate allied professional development qualification/compliance membership 10 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

11 Loss Adjusting The following career pathway is designed to make it easier for students to find the most appropriate loss adjusting education products. For more information on the Institute s complete range of loss adjusting education products, visit Advanced (5+ years experience) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) University Pathways Charles Sturt University Bachelor of Business (Insurance) Intermediate (1-4 years experience) Essentials of Industrial Special Risks Insurance (p.31) Essentials of Business Interruption Insurance (p.30) Essentials of Managing Risk (p.30) Fraud Awareness Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Intro to General Insurance (p.26) Commercial Insurance Fundamentals Intro to Liability Insurance (p.26) Fundamentals of Motor Vehicle Insurance Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Diploma of Loss Adjusting (p.50) Certificate IV in Loss Adjusting (p.49) professional development qualification/compliance membership Fellow CIP snr. associate CIP associate cip affiliate allied career pathways 11

12 Career Pathways Insurance Broking The following career pathway is designed to make it easier for students to find the most appropriate insurance broking education products. For more information on the Institute s complete range of insurance broking education products, visit Advanced (5+ years experience) Responsible Manager Masterclass Business Advantage: Making Regulation Work For You (p.32) Marketing in Insurance Business Financial Analysis* Creating Value in General Insurance (p.33) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) *available from May 2011 Intermediate (1-4 years experience) Essentials of Industrial Special Risks Insurance (p.31) Professional Indemnity and Directors and Officers Insurance (p.29) Essentials of Managing Risk (p.30) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Code of Practice (Broking) Code of Practice (General Insurance) (p.28) Privacy Intro to General Insurance (p.26) Causes and Effects of Underinsurance Essential of Business Interruption Insurance (p.30) Commercial Insurance Fundamentals Intro to Personal Accident and Sickness Essentials of Insurance Law (p.28) Intro to Liability Insurance (p.26) Fundamentals of Motor Vehicle Insurance Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) rg 146 tier 1 insurance broking (p.17) Certificate III Insurance broking (p.39) rg 146 tier 2 general insurance (p.16) University Pathways Deakin University Graduate Certificate in Insurance and Risk Management Master in Insurance and Risk Management and Master of Business Administration with specialisation in Insurance and Risk Management Charles Sturt University Bachelor of Business (Insurance) Diploma of Broking (p.55) Fellow CIP snr. associate CIP associate cip affiliate allied professional development qualification/compliance membership 12 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

13 Risk Management The following career pathway is designed to make it easier for students to find the most appropriate risk management education products. For more information on the Institute s complete range of financial services education products, visit Advanced (5+ years experience) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) University Pathways Deakin University Graduate Certificate in Insurance and Risk Management Pathway to Master in Insurance and Risk Management and MBA with specialisation in Insurance and Risk Management Intermediate (1-4 years experience) Fraud Awareness Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Foundation (no experience required) Essentials of Managing Risk (p.30) Insite (p.24) Institute events, seminars and conferences to maintain continuing professional development (p.25) Charles Sturt University Bachelor of Business (Insurance) Graduate Certificate/Graduate Diploma/Master of Management Advanced diploma of FINANCIAL risk management (p.59) Diploma of FINANCIAL risk management (p.58) professional development qualification/compliance membership Fellow CIP snr. associate CIP associate cip affiliate allied career pathways 13

14 bridging pathways 14 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

15 The following diagrams illustrate bridging products which allow students to progress from one type of ASIC compliance to another, or from compliance to a full qualification. These cost-effective bridging products ensure that students can make the most of the studies they have already undertaken in progressing their qualifications. For more information on the Institute s bridging pathways, visit current compliance level bridging module outcome Tier 1 Personal Accident and Sickness (General Insurance) FSB011 Providing Insurance Advice for Broking Clients (p.19) A$415 / hours Tier 1 Insurance Broking Tier 1 Insurance Broking FSI012 General Insurance Personal Accident and Sickness Knowledge for Brokers (p.19) A$415 / 7 weeks Tier 1 Personal Accident and Sickness (General Insurance) RG 146 Life Insurance FSI012L Personal Accident and Sickness Knowledge for Life Insurers (p.18) A$415 / 7 weeks Tier 1 Personal Accident and Sickness (General Insurance) Tier 1 insurance Broking to Diploma of Insurance Broking Tier 2 general insurance to Certificate IV in General Insurance FSB500 Tier 1 Insurance Broking (Accelerated Compliance) OR Tier 1 Insurance Broking from other providers FSB510 Diploma Progression from Tier 1 Insurance Broking (Accelerated Compliance) (p.28) A$425 / 7 weeks FSB503 Claims Handling for Brokers A$910 / 12 weeks FSB504 Risk Assessment and Management A$910 / 12 weeks Tier 2 General Insurance - Personal and General Advice FSI011 Providing Personal Accident and Sickness Insurance Advice (p.18) A$265 / hours FSI402 Insurance Law and Regulation A$910 / 12 weeks Tier 1 Personal Accident and Sickness (General Insurance) compliance achieved FSI403 Insurance Products A$910 / 12 weeks FSB505 Managing Broking Operations A$910 / 12 weeks OR FSB507 Insurance Products A$910 / 12 weeks Diploma of Insurance Broking (p.53) FSI404 Introduction to Underwriting A$910 / 12 weeks FSI405 Claims Handling A$910 / 12 weeks Certificate IV in General Insurance (p.41) Bridging pathways 15

16 compliance ASIC RG 146 Compliance The Financial Services Reform Act 2001 mandates that licensees and principals must ensure that their financial product advisers are competent, skilled and experienced, and receive adequate training to provide financial services advice. Australian Securities and Investments Commission Regulatory Guide 146 (ASIC RG 146) sets out minimum training standards for financial product advisers, either at Tier 1 or Tier 2 level appropriate to the complexity of their activities and their clients needs. For further details refer to the ASIC website at As a Registered Training Organisation (RTO), the Institute s compliance training programs are listed on the ASIC Training Register, which can be accessed directly via the ASIC website. Tier 1 and Tier 2 compliance There are two levels of compliance within ASIC RG 146, Tier 1 and Tier 2. Tier 1 compliance Tier 1 compliance is compulsory for those giving advice in insurance broking, life insurance, superannuation, financial planning, managed investments, derivatives, securities and personal accident and sickness products. Tier 2 compliance Tier 2 General Insurance compliance is required for those who provide advice on all general insurance products except personal accident and sickness. For more information on the Institute s range of compliance solutions, visit Tier 2 General Insurance General Advice GI Fee Workshop online A$435 [FSI015] Price is dependent on location and numbers. Contact an Institute Business Relationship Manager for more details. DURATION Workshop Online DELIVERY method Full-day Workshop or online 6 hours outcome ASIC Tier 2 General Insurance General Advice compliance A requirement for anyone providing general advice to retail clients about general insurance products and services (other than personal accident and sickness), this program covers the skills and knowledge required to obtain ASIC Tier 2 General Insurance General Advice compliance. Both the online and facilitator-led programs feature extensive case studies and interactivity to give students a chance to apply the skills and knowledge gained. Topics include the insurance environment the legal environment principal legislation General Insurance Code of Practice privacy insurance processes. For more information on this and other compliance solutions, visit 16 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

17 Tier 2 General Insurance Personal and General Advice Tier 1 Personal Accident and Sickness (General Insurance) GI [FSI020] GI [FSI401]+ [FSI402] FEE Workshop online A$605 Price is dependent on location and numbers. Contact an Institute Business Relationship Manager for more details. DURATION Workshop Online DELIVERY method Full-day Workshop or online 6 hours outcome ASIC Tier 2 General Insurance Personal and General Advice compliance A requirement for anyone providing personal advice (including general advice) to retail clients about general insurance products and services (other than personal accident and sickness), this program covers the skills and knowledge required to obtain ASIC Tier 2 General Insurance Personal and General Advice compliance. Both the online and facilitator-led programs feature extensive case studies and interactivity to give students a chance to apply the skills and knowledge gained. Topics include the financial environment the insurance environment the legal environment principal legislation General Insurance Code of Practice privacy insurance processes customer service. FEE A$910 DURATION DELIVERY method outcome Two modules: Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period). Distance learning ASIC Tier 1 Personal Accident and Sickness (General Insurance) compliance Students can obtain ASIC Tier 1 Personal Accident and Sickness (General Insurance) compliance by studying the first two modules of the Institute s Certificate IV in General Insurance. Modules FSI401 Serving the Customer Explains the impact of the economic environment on financial services products, explores creating a relationship with the client in order to establish general insurance needs and thereby identify appropriate products. FSI402 Insurance Law and Regulation Deals with legal framework, laws, regulations, Code of Practice and relevant Acts that govern the general insurance industry in Australia. It also covers health and safety in the workplace. For more information on this and other compliance solutions, visit For more information on this and other compliance solutions, visit COMPLIANCE 17

18 Compliance Providing Personal Accident and Sickness Insurance Advice Personal Accident and Sickness Knowledge for Life Insurers GI [FSI011] GI LI [FSI012L] FEE A$265 FEE A$415 DURATION hours self-paced learning DURATION 7 weeks DELIVERY method Distance learning DELIVERY method Distance learning Prerequisite ASIC Tier 2 General Insurance Personal Advice compliance PREREQUISITE ASIC RG 146 Life Insurance compliance outcome Credit towards FSI401 Serving the Customer outcome ASIC Tier 1 Personal Accident and Sickness compliance Providing credit towards the module FSI401 Serving the Customer, the completion of this bridging module provides students with a pathway into the Institute s Certificate IV in General Insurance. Topics include personal accident and sickness insurance products pre-existing conditions the role of the insurance advisor establishing the client relationship identifying and analysing customer needs developing, presenting and negotiating solutions providing ongoing service. Completion of FSI401 Serving the Customer and FSI402 Insurance Law and Regulation are required for Tier 1 Personal Accident and Sickness compliance. This seven-week course offers those who have already obtained RG 146 Life Insurance compliance with the Institute a bridge to Tier 1 Personal Accident and Sickness compliance. It builds on the knowledge and skills already acquired from FSL500 and focuses exclusively on sickness and accident insurance from a life insurance adviser s perspective. Topics include personal accident and sickness product profile responsibilities of the insured group personal accident and sickness cover personal accident and sickness cover in context general insurance law. For more information on this and other compliance solutions, visit View the diagram at the bottom of page 15 to see how this module fits in with the bridging pathway from Tier 2 General Insurance to the Certificate IV in General Insurance. For more information on this and other compliance solutions, visit 18 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

19 General Insurance Personal Accident and Sickness Knowledge for Brokers Providing Insurance Advice for Broking Clients GI IB [FSI012] IB GI [FSB011] FEE A$415 DURATION DELIVERY method PREREQUISITE outcomes 7 weeks Distance learning ASIC Tier 1 Insurance Broking compliance ASIC Tier 1 Personal Accident and Sickness (General Insurance) compliance Credit towards FSI401 Serving the Customer This seven-week course has been designed to provide a bridge from Tier 1 Insurance Broking compliance to Tier 1 Personal Accident and Sickness (General Insurance) compliance. On successful completion of this module, students will be eligible for a credit for FSI401 Serving the Customer (from the Institute s Certificate IV in General Insurance and obtain Tier 1 Personal Accident and Sickness (General Insurance) compliance. Topics include personal accident and sickness insurance establishing relationships with customers the role of the insurance adviser disclosure identifying and analysing customer needs developing, presenting and implementing solutions. For more information on this and other compliance solutions, visit FEE A$415 DURATION DELIVERY method PREREQUISITE OUTCOMEs hours self-paced learning over a maximum of 40 days Distance learning ASIC Tier 1 Personal Accident and Sickness (General Insurance) compliance ASIC Tier 1 Insurance Broking compliance Credit towards FSB501 Providing Customer Advice Credit towards FSB502 Insurance Law and Regulation for Brokers (conditions apply see below) The completion of bridging module FSB011 Providing Insurance Advice for Broking Clients, provides students with a pathway from Tier 1 Personal Accident and Sickness (General Insurance) compliance to Tier 1 Insurance Broking compliance and into the first module in the Institute s Diploma of Insurance Broking (FSB501 Providing Customer Advice). Students who have previously studied FSI402 Insurance Law and Regulation, from the Institute s Certificate IV in General Insurance, will also be given credit towards the second module of the Institute s Diploma of Insurance Broking (FSB502 Insurance Law and Regulation for Brokers). Topics include advising clients broking operations Code of Practice and dispute resolution providing advice on changes to client insurances monitoring and reviewing service performance. For more information on this and other compliance solutions, visit COMPLIANCE 19

20 Compliance Tier 1 Insurance Broking (Accelerated Compliance) Diploma Progression from Tier 1 insurance broking (accelerated compliance) IB [FSB500] IB [FSB510] FEE A$1,090 FEE A$415 DURATION 7 weeks DURATION 7 weeks DELIVERY method Online DELIVERY method Online outcome ASIC Tier 1 Insurance Broking compliance PREREQUISITE ASIC Tier 1 Insurance Broking compliance Tier 1 Insurance Broking (Accelerated Compliance) is a comprehensive and cost-effective compliance solution that is designed to have customer-facing staff suitably qualified to provide insurance broking advice within seven weeks. Topics include financial and insurance markets being a broker identifying and assessing client needs developing an insurance program and advising clients managing insurance placements managing client information and providing ongoing service codes of practice and dispute resolution monitoring and reviewing service performance. For more information on this and other compliance solutions, visit OUTCOME Credit towards the first two modules of the Diploma of Insurance Broking (FSB501 and FSB502). This seven-week course offers those who have already obtained Tier 1 Insurance Broking compliance with the Institute a bridge into the Diploma of Insurance Broking so that they can continue their studies and achieve Senior Associate membership of the Institute the benchmark of industry professionalism. Topics include the economic and financial services environment financial services legislation and regulations professional practice for brokers managing insurance placements identifying significant risk changes to broking client insurances occupational health and safety. For more information on the pathway from Tier 1 Insurance Broking to the Diploma of Insurance Broking refer to page 15. For other compliance solutions, visit 20 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

21 Providing Advice in Life Insurance (Accelerated Compliance) Financial Planning Compliance LI FP IB [FSL500] FP IB [FSP511] FEE A$1,090 FEE A$990 DURATION 7 weeks DURATION 12 weeks DELIVERY method Online DELIVERY method Online OUTCOME ASIC RG 146 Life Insurance compliance OUTCOME ASIC RG 146 Financial Planning compliance Providing Advice in Life Insurance (Accelerated Compliance) is a comprehensive and cost-effective compliance solution that is designed to have customerfacing staff suitably qualified to provide life insurance advice within seven weeks. Topics include establishing relationships with clients analysing clients needs, objectives, financial situations and risk profiles developing appropriate strategies and solutions maintaining necessary documentation and statutory record identifying changes and implications of laws and regulations. Financial Planning Compliance Students who have successfully completed FSP511 Financial Planning Compliance can enrol in this module at a reduced rate of $400 as part of the Institute s Financial Planning Compliance product range. on the related financial planning compliance products in this range can be found in the next column and on pages Students who successfully complete this course can progress to the Certificate IV in Life Insurance and the Diploma of Life Insurance. For more information on this and other compliance solutions, visit The Institute s Financial Planning Compliance course provides students with ASIC RG 146 Financial Planning compliance over a period of 12 weeks. Topics include The practice of financial planning working in the industry the financial planning process financial services guide privacy statements what is compliance? key obligations of the licensee practising as an ethical professional the legal environment. The economic environment drivers influencing the economy the economy and financial markets risk vs. return trade-off portfolio blending. Estate planning and business succession planning estate planning process business succession planning process wills powers of attorney trusts. Government assistance payment and services means testing waiting periods. Providing financial planning advice the six-step financial planning process in detail risk profiling strategies and developing recommendations producing compliant statements of advice disclosure and disclaimers client review process. Students who successfully complete this course can progress to the Diploma of Financial Planning. For more information on this and other compliance solutions, visit COMPLIANCE 21

22 Compliance Managed Investments (Accelerated Compliance) Securities (Accelerated Compliance) FP [FSP512] FP [FSP513] FEE A$400 FEE A$400 DURATION 7 weeks DURATION 7 weeks DELIVERY method Online DELIVERY method Online PREREQUISITE FSP511 Financial Planning Compliance PREREQUISITE FSP511 Financial Planning Compliance OUTCOME ASIC RG 146 Managed Investments compliance outcome ASIC RG 146 Securities compliance For students that have already obtained ASIC RG 146 Financial Planning compliance, the Institute s Managed Investments (Accelerated Compliance) course provides students with ASIC RG 146 Managed Investments compliance in just seven weeks. Topics include Understanding managed investments what is a managed investment? types of funds asset classes advantages and disadvantages building an investment portfolio investment risk. Regulation governance product disclosure documents maintaining product knowledge. The range of managed investments tax and legal structure investment choice. Investment risk risks of managed investments indicators. Fees and taxation fees and disclosure tax treatment of managed investments. Analysing and selecting managed investments manager blending. For more information on this and other compliance solutions, visit For students that have already obtained ASIC RG 146 Financial Planning compliance, the Institute s Securities (Accelerated Compliance) course provides students with ASIC RG 146 Securities compliance in just seven weeks. Topics include Introduction to the securities market what is a security? calculating returns advantages and disadvantages of securities building an investment portfolio trends governance disclosure and disclaimers maintaining product knowledge. Using debt and equity securities risks and benefits of debt security investments capital gains. Using geared securities tax and legal structure margin lending. Basic securities investment strategies different contracts investing in futures investing in Contracts for Differences. Listing on the stock exchange advantages and disadvantages of listing on the stock exchange tax treatment of managed investments. Regulation and compliance in the securities industry prospectus and their legal requirements disclosure securities industry regulatory powers failed trades. For more information on this and other compliance solutions, visit 22 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

23 Derivatives (Accelerated Compliance) Superannuation (Accelerated Compliance) FP [FSP514] FP [FSP515] FEE A$400 FEE A$400 DURATION 7 weeks DURATION 7 weeks DELIVERY method Online DELIVERY method Online PREREQUISITE FSP511 Financial Planning Compliance Prerequisite FSP511 Financial Planning Compliance outcome ASIC RG 146 Derivatives compliance OUTCOME ASIC RG 146 Superannuation compliance For students that have already obtained ASIC RG 146 Financial Planning compliance, the Institute s Derivatives (Accelerated Compliance) course provides students with ASIC RG 146 Derivatives compliance in just seven weeks. Topics include Introduction to derivatives what is a derivative? short-term interest rate derivatives long-term interest rate derivatives. Derivatives in detail options - defining options, buying and selling options, the value of options and option pricing futures - defining futures contracts (exchange-traded derivatives), buying and selling futures, forward contracts and pricing swaps - defining swaps, the value of swaps (securing the declining value of another company s assets through the commitment of shares) and pricing. Equity derivatives understanding the use of futures equities different types of warrants advantages/disadvantages of swaps and exchange-traded options over-the-counter options. Clearing and trade legislation role of the clearing house in the futures industry investing in futures the main features of the SFEs SPAN margining system legal aspect of derivatives trading. Taxation of derivatives the taxation implications of swaps, options and FRAs relevant taxation principles in order to identify the taxation implications of various instruments. For students that have already obtained ASIC RG 146 Financial Planning compliance, the Institute s Superannuation (Accelerated Compliance) course provides students with ASIC RG 146 Superannuation compliance in just seven weeks. Topics include The importance of retirement planning what is superannuation? compare super and non-super products define a complying and non-complying fund different types of superannuation entities. Superannuation, regulation and legislation early release of superannuation rules governing contributions and treatment of superannuation. Fund design and tax aspects tax components of superannuation tax treatment of employer-sponsored superannuation. Lump sums and income streams various options of income streams. Strategic retirement planning the steps involved in planning financially for retirement retirement income needs for individuals appropriate retirement strategies to meet client goals factors that can affect funds available at retirement providing advice in superannuation and retirement planning produce a compliant Statement of Advice. For more information on this and other compliance solutions, visit For more information on this and other compliance solutions, visit COMPLIANCE 23

24 Online Professional Development for the Insurance Industry members Fee A$390 A$765 non-members Maintaining compliance and ensuring that knowledge and skills are up-to-date can be an expensive and time-consuming process. Attendance at conferences, in-house training, workshops, and other professional development activities is costly and take staff away from the business. Tracking and maintenance of professional development records is also a time-consuming administrative process. Through Insite, Users can: Maintain up-to-date knowledge and skills wherever there is Internet access. Create their own personal learning plans. Track their personal progress against company or individual learning plans. Generate regular reports on their professional development progress in line with organisational and professional membership requirements. Through Insite, Managers can: Ensure all staff within the organisation maintain compliance with regulatory and professional membership requirements. Set organisation or department-wide development plans creating extensive plans which include Insite activities, in-house training and external development events such as conferences and seminars. Track and report against their company s compliance and training requirements allowing them to easily manage and monitor the professional development from the entire organisation down to any individual. Track and monitor long-term training and development records for archive and analysis. Insite offers a flexible and efficient online professional development alternative, allowing you to plan, deliver and monitor your staff s training while they maintain their professional development and compliance requirements at their own pace all without leaving their desk. Learn The new Insite offers a huge variety of learning activities to maintain knowledge and skills through constantly updated quizzes, case studies and articles relevant to the modern insurance professional. Topics covered include: Insurance broking Business skills Insurance claims Commercial lines insurance Financial planning General interest Health and medical Law and regulation Liability insurance Life insurance Loss adjusting Marine insurance Personal lines insurance Reinsurance Risk management Superannuation Insurance underwriting Workers compensation Plan and track With Insite it is easy to create an activity plan for yourself or your staff to ensure that all knowledge and compliance requirements are met. Progress is then easily tracked in real time. Report Keeping professional development records and reporting on staff progress can be a major drain on time and resources. Insite automatically records staff progress and makes it easy to generate reports for distribution to management and regulators. ANZIIF Member Discount Insite allows ANZIIF members, regardless of their location, to access a world of professional development opportunities. To ensure that professional development is always within easy reach, all ANZIIF members receive a discount of almost 50 per cent on an Insite subscription. Subscribe For more information and to arrange a trial, visit 24 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

25 workshops and events From workshops, seminars, conferences and forums, to networking and social functions. The Institute holds more than 200 professional development events each year attended by professionals from across the insurance and financial services industry. These events include: ANZIIF/AICLA Claims Convention Executive Breakfasts New Zealand Claims Conference New Zealand Fraud Conference New Zealand Life Insurance Conference Northern Regional Conference Reinsurance Study Course Southern Regional Conference State Annual Lunches Sunshine Seminar The Australia and New Zealand Insurance Industry Awards Women in Insurance Events. For more information about the events and conferences held by the Institute, visit Generation i The key focus of the Generation i program is to engender a stronger sense of community in young insurance professionals. The program achieves this primarily through a range of regular professional development events that make it easy for likeminded professionals to meet and engage with people from other facets of the industry to learn, network and develop relationships that will continue to benefit them throughout their professional lives. Generation i events represent the perfect opportunity, either through event sponsorship or staff participation, to place your company front and centre as a progressive supporter of talent and an employer of choice with this vitally important demographic. Generation i committees operate in all states across Australia. These committees are responsible for the strategic direction of the program and offer a valuable insight into this industry demographic for those organisations involved in the program. For more information and to get involved in Generation i, visit Workshops and short courses Available throughout Australia and New Zealand, the Institute s workshops assist students in gaining a practical working knowledge in their field of insurance and finance. These courses are also an invaluable refresher for those who would like to sharpen their skills and provide experienced staff with the opportunity to maintain their knowledge and help them gain that professional edge. These workshops include: Foundation workshops: Causes and Effects of Underinsurance Commercial Insurance Fundamentals Commercial Claims Fundamentals Constructing a compliant Statement of Advice (SoA) Essentials of Business Interruption Insurance Essentials of Insurance Law Essentials of Life Insurance and Superannuation Fundamentals of Motor Vehicle Insurance Introduction to General Insurance Introduction to Liability Insurance Introduction to Personal Accident and Sickness General Insurance Code of Practice Professional Indemnity and Directors and Officers Insurance Essentials of Managing Risk. Intermediate workshops: Essentials of Industrial Special Risks Insurance Introduction to Reinsurance Professional Indemnity and Directors and Officers Insurance Fraud Awareness. Advanced workshops: Business Advantage: Making Regulation Work for You Creating Value in General Insurance Industrial Special Risks Masterclass Professional Indemnity Masterclass Responsible Manager Masterclass Business Interruption Claims Management. For more information about all of the workshops held by the Institute, please visit WORKSHOPS AND EVENTS 25

26 Workshops and Events Introduction to General Insurance Introduction to Liability Insurance GI WORKSHOP GI IB WORKSHOP Members Non-members Members Non-members FEE A$590 A$825 FEE A$300 A$415 DURATION Full-day DURATION Half-day DELIVERY Facilitated workshop DELIVERY Facilitated workshop CIP Points 6 CIP Points CIP Points 3 CIP Points LEVEL Foundation LEVEL Foundation LOCATIONS Melbourne, Sydney, Perth LOCATIONS Melbourne, Sydney, Auckland Introduction to General Insurance is a one-day facilitated workshop created to enable participants to develop a broad understanding of the key concepts of insurance and the insurance sector within Australia. Who should attend This workshop is designed for new entrants to the general insurance sector, those contemplating a career in general insurance or those working in any capacity in the financial services, or other sectors who wish to gain a broad knowledge and understanding of general insurance. Learning outcomes Upon completion of the program, participants should be able to define and explain: insurance and the concept of spreading risk the key players in the Australian insurance industry the key legislative requirements and regulations governing the insurance industry the key roles within the insurance industry the main classes of insurance current challenges and opportunities in the insurance industry. For more information on this and other Institute workshops, visit The Introduction to Liability Insurance workshop provides participants with a basic knowledge and understanding of liability insurance and the opportunity to apply their learning to work-based scenarios. The content covers the need for liability insurance, its purpose, main benefits and particular features. Key underwriting and claims evaluation issues are also identified and explained. Who should attend This program is suitable for new entrants to the insurance sector and those considering a career path encompassing liability insurance. Learning outcomes Upon completion of the program, participants should be able to identify and explain: the purpose of liability insurance the various types of liability insurance the key considerations for underwriting liability insurance the general principles applying to liability claims. For more information on this and other Institute workshops, visit 26 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

27 Essentials of Life Insurance and Superannuation Constructing a compliant Statement of Advice LI FP WORKSHOP FP WORKSHOP Members Non-members Members Non-members Fee A$300 A$415 Fee A$300 A$415 DURATION Half-day DURATION Half-day DELIVERY Facilitated workshop DELIVERY Facilitated Workshop CIP Points 3 CIP Points CIP Points 3 CIP points LEVEL Foundation LEVEL Foundation LOCATIONS Melbourne, Sydney LOCATIONS Available throughout Australia This workshop provides an introduction to life insurance in Australia including the role and fundamental concepts of superannuation. Who should attend This program is suitable for participants who are undertaking or, about to undertake, a career path encompassing life insurance and superannuation. Learning outcomes Upon completion of the workshop, participants should be able to: explain recent trends in life insurance and the key underwriting and claims management issues describe life insurance and superannuation customers explain major risks and how they can be insured against under life policies describe the key features and benefits of various types of life insurance policies and contracts explain the main Acts that govern life insurance (and superannuation) describe the fundamental concepts of superannuation. The Institute s Constructing a compliant Statement of Advice half-day workshop provides students with the basic knowledge and understanding required to construct a compliant statement of advice within Australia. Who should attend This workshop is ideal for all practice staff that require knowledge and an understanding of the fundamentals of the financial planning steps. Learning outcomes This workshop has been developed to enable participants to achieve the following outcomes: explain the importance of the interview process in providing client data to build a complete client profile explain the professional and legal underpinnings of the suitability rule and the reasonable basis for advice describe the steps to provide a compliant SoA. For more information on these and other Institute workshops, visit For more information on this and other Institute workshops, visit WORKSHOPS AND EVENTS 27

28 Workshops and Events Essentials of Insurance Law General Insurance Code of Practice GI WORKSHOP GI ONLINE Members Fee A$300 A$415 DURATION DELIVERY CIP Points LEVEL LOCATIONS Half-day Facilitated workshop 3 CIP Points Foundation Melbourne, Sydney, Perth Non-members This workshop provide participants with a sound knowledge and understanding of the legal system and key legislation that governs the practice of general insurance in Australia. Who should attend This program is suitable for both new entrants to the insurance industry and those already working in the sector with a need for a more comprehensive knowledge and understanding of insurance law and regulations, and how they impact on work practices. Learning outcomes Upon completion of the program, participants should be able to identify and explain: some key aspects of the relevant legal system the features of common law and statute law key legislation affecting the general insurance sector the concepts of duty of utmost good faith, the duty of disclosure and average the key regulatory bodies. For more information on this and other Institute workshops, visit Members FEE A$215 A$300 DURATION DELIVERY CIP Points LEVEL LOCATIONS 3 4 hours Online 3 CIP Points Foundation Non-members Available throughout Australia The General Insurance Code of Practice Training Program provides participants with a comprehensive coverage of the Insurance Council of Australia s General Insurance Code of Practice. Participants will learn about the objectives and principles of the Code and how they apply in relation to customers buying insurance and making claims. Who should attend This program is a must for members of the Insurance Council of Australia and other industry participants and service providers who sign up to the Code. Learning outcomes Upon completion of the program, participants should be able to identify and explain: the nature, purpose and importance of the Code the objectives of the Code the parties and the insurance products covered by the Code the standards imposed by the Code in relation to customers buying insurance the standards imposed by the Code in relation to the handling of claims by insurers the Code s requirements for the handling of complaints and disputes the responsibilities of the parties to the Code in relation to Code monitoring and enforcement the sanctions that may be imposed on an insurer under the Code. Related products The Institute also offers a General Insurance Code of Practice for Brokers workshop. For more information on these and other Institute workshops, visit 28 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

29 Professional Indemnity and Directors and Officers Insurance Workers Compensation Case Management GI IB WORKSHOP WC WORKSHOP Members Non-members Members Non-members FEE A$175 A$205 FEE A$590 A$850 DURATION 1 2 hours DURATION Full-day DELIVERY Facilitated workshop DELIVERY Facilitated workshop CIP Points 1 CIP Point CIP Points 6 CIP Points LEVEL Foundation LEVEL Foundation LOCATIONS Available throughout Australia (subject to minimum numbers) LOCATIONS Available throughout Australia (subject to minimum numbers) This seminar has been designed to provide a broad understanding of professional indemnity and directors and officers (PI and D&O) insurances. Participants will look at definitions and key features, major underwriting considerations and risk factors, the different nature and range of claims as well as current issues facing this field of insurance. Who should attend This seminar is suitable for those who are entry level or relatively new to the insurance sector and are seeking broad understanding of a range of insurance products or those with considerable insurance sector experience but little or no exposure to PI and D&O insurance. Learning outcomes At the conclusion of the workshop, participants should be able to: explain the key features of PI and D&O insurance explain the major underwriting considerations and risk factors related to PI and D&O insurance describe the range of claims related to PI and D&O insurance. For more information on this and other Institute workshops, visit Workers Compensation Case Management is a one-day workshop which introduces participants to the medical environment, common injury types, the injury management process and treatment plans. It also looks at return to work plans and the barriers to returning injured persons to work. Who should attend This seminar is suitable for those who are entry level or relatively new to the insurance sector and are seeking broad understanding workers compensation case management or those with considerable insurance sector experience but little or no exposure to workers compensation case management. Learning outcomes At the conclusion of the workshop, participants should be able to: describe basic medical terminology and basic anatomy explain common injury types, their typical duration and typical treatment regimes explain the injury management process describe the return to work process and the potential barriers to a successful return to work. For more information on these and other Institute workshops, visit WORKSHOPS AND EVENTS 29

30 Workshops and Events Essentials of Business Interruption Insurance Essentials of Managing Risk GI IB LA WORKSHOP/ONLINE GI IB RM WORKSHOP Fee Members Non-members Members Non-members workshop A$300 A$415 Fee A$590 A$825 ONLINE A$215 A$300 DURATION Workshop Online DURATION DELIVERY Full-day Facilitated workshop Half-day 2 4 hours CIP Points 6 CIP Points DELIVERY Facilitated workshop or online LEVEL Foundation/Intermediate CIP Points LEVEL 3 CIP Points Foundation/Intermediate LOCATIONS Available throughout Australia (subject to minimum numbers) LOCATIONS Melbourne, Sydney and Australia-wide online. Delivered in either an online or facilitated workshop format, the Essentials of Business Interruption Insurance is designed to provide participants with a sound working knowledge and understanding of the key concepts and issues related to business interruption insurance. Who should attend This workshop is suitable for new entrants to the insurance sector and anyone requiring a broad understanding of business interruption insurance to enhance their knowledge and understanding of general insurance products. Learning outcomes Upon completion of the program, participants should be able to: describe business interruption insurance and its common features and sections describe the common extensions available for business interruption insurance define the underwriting considerations calculate sums insured. Related products The Institute also offers a Business Interruption Insurance Claims workshop. Essentials of Managing Risk is an interactive facilitator-led workshop, providing participants with a broad knowledge and understanding of risk management, including the AS/ NZS ISO 31000: 2009 risk management standard, and its relationship to client insurance risk exposures. The workshop consists of four sections covering an overview of risk management, the process of risk management, risk treatment, and the monitoring and review of programs to manage risk. Who should attend This program is suitable for new entrants to the general insurance and insurance broking sectors and for those already working in these sectors who require a broader knowledge and understanding of risk management in relation to client insurance risk exposures. Learning outcomes Upon completion of the program, participants should be able to: outline the approaches to, and benefits of risk management describe the risk management process identify risk treatment options and financing describe how risk management programs are monitored and reviewed. For more information on this and other Institute workshops, visit For more information on these and other Institute workshops, visit 30 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

31 Essentials of Industrial Special Risks Insurance Introduction to Reinsurance GI IB WORKSHOP/ONLINE GI WORKSHOP FEE Members Non-members Members Non-members Workshop online A$300 A$215 A$415 A$300 DURATION Workshop Online DELIVERY CIP POINTS LEVEL LOCATIONS Half-day 4 hours Facilitated workshop or online 3 CIP Points Intermediate Melbourne, Sydney, Darwin, Perth and Australia-wide online Delivered in either an online or facilitated workshop format, Essentials of Industrial Special Risks Insurance provides participants with a basic knowledge and understanding of industrial special risks (ISR) insurance in Australia and the opportunity to apply their learning to work-based scenarios. Who should attend This program is suitable for new entrants to the insurance sector who require an overview of industrial special risks insurance, to enhance their knowledge and understanding of general insurance products. It is also suitable for those with some insurance experience who have not been exposed to the concepts behind ISR insurance and the role it plays in relevant insurance programs. Learning outcomes Upon completion of the program, participants should be able to identify and explain: the purpose and features of industrial special risks insurance underwriting issues relevant to industrial special risks insurance the key considerations in evaluating industrial special risks insurance claims. FEE A$590 A$825 DURATION DELIVERY CIP Points LEVEL LOCATIONS Full-day Facilitated workshop 6 CIP Points Intermediate Melbourne, Sydney, Perth Introduction to Reinsurance is a one-day interactive facilitator-led workshop designed to provide participants with a broad understanding of the reinsurance industry. Key topics and issues covered include: the role of reinsurance, the legislative framework, classes of reinsurance, methods of reinsurance, the role of brokers, key markets and reinsurance placement. Who should attend This program is a suitable introduction for new entrants to the reinsurance sector, or anyone with previous insurance knowledge with an interest in reinsurance. The program assumes some prior knowledge of general insurance. Learning outcomes Upon completion of the program, participants should be able to identify and explain: the purpose of reinsurance the key types, methods and classes of reinsurance the role of reinsurance brokers the major considerations for reinsurance placement how the Insurance Act 1973 (Cwlth) and prudential standards govern the practice of reinsurance. For more information on this and other Institute workshops, visit For more information on this and other Institute workshops, visit WORKSHOPS AND EVENTS 31

32 Workshops and Events Commercial Insurance Fundamentals Business Advantage: Making Regulation Work for You GI IB LA WORKSHOP GI LI LA WORKSHOP Fee Members Non-members DURATION DELIVERY CIP Points LEVEL LOCATIONS A$590 A$825 Full-day Facilitated workshop 6 CIP Points Intermediate Melbourne, Sydney, Perth The Commercial Insurance Fundamentals workshop looks at the classes of commercial insurance associated with commercial property, business interruption and liability. It focuses on the underwriting principles and risk assessment processes related to commercial insurance Who should attend This program is suitable for participants who are undertaking, or about to undertake, a career path encompassing commercial insurance. It is recommended that participants should have been working in the insurance industry for two to three years. Learning outcomes At the conclusion of the program, participants should be able to: describe the cover provided by contract works insurance, industrial special risks insurance and business packs describe the strategies used and the issues associated with underwriting commercial insurances describe the scope of cover provided under the business interruption sections of office and business packs outline the cover provided by liability insurance. Related products The Institute also offers a Commercial Claims Fundamentals workshop. For more information on these and other Institute workshops, visit FEE A$525 DURATION DELIVERY CIP Points LEVEL LOCATIONS Half-day Facilitated workshop 3 CIP Points Advanced Available throughout Australia (subject to minimum numbers) Transform the burdens of regulation into an advantage for your business. The Institute s Business Advantage: Making Regulation Work for You workshop will assist you to develop and manage your company s compliance in a way that does more than merely satisfy regulatory requirements. Through this half-day interactive session, you will learn how to implement corporate governance procedures, which will assist your company to develop an organisational environment that thrives within the Australian regulatory environment. Who should attend This workshop is aimed at the board, executive and senior management levels where the responsibility for establishing the culture and ethical values of an institution lies. It also affords opportunities for aspiring managers to become aware of the regulatory imperatives and provides insights into how this can be part of the day-today business. Learning outcomes At the conclusion of the workshop, participants should be able to: explain the key regulatory requirements of insurance companies establish a cultural framework within the company to enable honest and transparent disclosure. For more information on this and other Institute workshops, visit 32 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

33 Creating Value in General Insurance GI WORKSHOP FEE Manager Series Executive Series A$525 A$1,365 DURATION DELIVERY CIP Points LEVEL LOCATIONS Half-day Facilitated workshop 3 CIP Points Advanced Available throughout Australia (subject to minimum numbers) This workshop is designed to provide those within general insurance companies with management or executive responsibilities, and those aspiring to such a role, with the skills and knowledge to maximise value generation. It outlines the key functions and result areas at every level of a general insurance company s operations in relation to revenue generation, cost management, financial capital management and business environment management. Participants will also gain insights that contribute to their company s value within their own and related fields. Who should attend This program is suitable for participants with boardroom or executive responsibilities or those who are undertaking, or about to undertake, such a role in general insurance operations. Learning outcomes At the conclusion of the workshop, participants should be able to: explain the key drivers of revenue generation and cost management in an insurance company articulate the relevance of financial capital and business environment management in an insurance company. For more information on these and other Institute workshops, visit *Australian prices subject to GST WORKSHOPS AND EVENTS 33

34 Studying with the Institute opens doors and demonstrates commitment to the industry and standards we all strive to promote. Debbie Hodrett ME Retail Underwriting Calliden 34 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

35 35

36 life insurance Certificate IV in Life Insurance Fee traineeship Duration Membership Outcome ASIC Compliance A$890 per module A$3,990 (Government funding available for eligible Australian students) Five modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Associate CIP RG 146 Life Insurance compliance is achieved by completing the module FSL500 Providing Advice in Life Insurance. Elective modules FSL500 Providing Advice in Life Insurance Covers the skills and knowledge required to provide advice regarding life insurance products in line with ASIC RG 146 Life Insurance compliance. FSL503 Life Insurance Distribution Covers the skills required to create and document a life insurance product distribution plan. Students will also learn how to action a distribution plan within established parameters, developing marketing tools within budget, and measuring ongoing results to inform the strategic reviews. The Institute s Certificate IV in Life Insurance is designed for employees starting out in life insurance. Developed to meet industry standards and regulatory compliance, the Certificate IV provides the technical knowledge and skills needed to give quality services to clients. This qualification can be undertaken through a traineeship or distance learning. Course content To be awarded the Certificate IV, students must complete four core modules and one elective module. It is suggested that each module will encompass hours of study time. Core modules Core competencies online Comprising four online programs, this section looks at the skills and knowledge necessary for working safely in an office environment and how to apply principles of professional practice to work in the financial services industry. FSL401 Life Insurance Products Provides students with an in-depth knowledge of products and services developed and sold by the life insurance sector. FSL402 Customer Service Provides students with the skills and knowledge to deliver professional services to customers including responding to enquiries, processing complaints, negotiating sales, and maintaining relationships. FSL403 Life Insurance Policy Processes Covers the information, skills, regulation and ethics of handling life insurance policies. This module introduces and explains a wide variety of policy processes, from the initial receipt and assessment of a life insurance proposal through to policy administration alterations and claims. FSL505 Life Insurance Underwriting Details the principles and practices of life insurance underwriting. Beginning with the basics of life risk and life insurance proposals, the module proceeds to cover approaches to risk acceptance, rating systems, financial and medical underwriting and the role of reinsurance. FSL506 Life Insurance Claims Management Covers the process of determining the validity of a life insurance claim, assessing its impact and calculating payments for claims made against each of the major policy types. Exit points Students wishing to exit the Certificate IV early may be eligible for the Certificate III in Life Insurance, provided they have satisfied the requirements for that award. Visit for more information. A complete listing of all AQTF competencies covered in each of the Certificate modules is available on the Institute s website at Further education Upon completion of the Certificate IV, students only need to study two more of the elective modules to obtain the Diploma of Life Insurance. To learn more about the Diploma visit or see the following page for details. Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

37 Diploma of Life Insurance Fee DURATION Membership Outcome ASIC Compliance A$890 per module Seven modules each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Senior Associate CIP RG 146 Life Insurance compliance is achieved in the Diploma by completing the module FSL500 Providing Advice in Life Insurance. The Institute s Diploma of Life Insurance is designed for employees working in life insurance. Success completion entitles the participant to Senior Associate Certified Insurance Professional (CIP) membership of the Institute the benchmark for industry professionalism. Developed to meet industry standards and regulatory compliance, the Diploma provides the technical knowledge and skills needed to give quality services to clients and effectively manage a life insurance business. Core modules Core competencies online Comprising four online programs, this section looks at the skills and knowledge necessary for working safely in an office environment and how to apply principles of professional practice to work in the financial services industry. FSL401 Life Insurance Products Provides students with an in-depth knowledge of products and services developed and sold by the life insurance sector. FSL402 Customer Service Provides students with the skills and knowledge to help them respond to customer enquires, process customer complaints, deliver professional services to customers and maintain customer relationships. FSL403 Life Insurance Policy Processes Covers the information, skills, regulation and ethics of handling life insurance policies. The module introduces and explains a wide variety of policy processes, from the initial receipt and assessment of a life insurance proposal through to policy administration alterations and claims. Elective modules FSL500 Providing Advice in Life Insurance Covers the skills and knowledge required to provide advice regarding life insurance products in line with ASIC RG 146 Life Insurance compliance. FSL503 Life Insurance Distribution Covers the skills required to create and document life insurance product distribution plans, and action those plans within established parameters. Students will also learn how marketing tools are developed and made available within budget, and how to review and revise their strategy while measuring ongoing results to inform the strategic reviews. FSL505 Life Insurance Underwriting Details the principles and practices of life insurance underwriting. Beginning with the basics of life risk and life insurance proposals, the module proceeds to cover approaches to risk acceptance, rating systems, financial and medical underwriting and the role of reinsurance. FSL506 Life Insurance Claims Management Covers the process of determining the validity of a life insurance claim, assessing its impact and calculating payments for claims made against each of the major policy types. Exit points Students who only complete the core modules for this course are eligible for the Certificate III in Life Insurance. Those who continue by studying one of the elective modules are eligible for the Certificate IV in Life Insurance. For more details, visit A complete listing of all AQTF competencies covered in each of the Diploma modules is available on the Institute s website at 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 Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) professional qualifications 37

38 The Institute provides access to quality educational and professional development programs, which in turn improves my business skills and industry knowledge. Michelle Kalin Underwriting QBE 38 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

39 general insurance Certificate III in General Insurance Fee Duration Membership Outcome asic compliance A$3,990 (Government funding available for eligible Australian students) 1 2 years depending on state requirements Affiliate Tier 2 General Insurance Personal and General Advice The starting point for school leavers or anyone wishing to develop a career in insurance at entry level, the Certificate III traineeship is a government-subsidised employment-based training program that gives new entrants a solid introduction to the insurance industry and provides a foundation for further development. Traineeships Institute traineeships are an ideal way to bring young people into your company and train them in your business culture. Delivered by a mix of distance learning resources, support from Institute staff and coaching by the employer s personnel in the workplace, the traineeship allows you the flexibility to develop your new employees into skilled, versatile and productive workers. Institute traineeships also offer the advantage of government funding and employers can receive a significant government subsidy of up to $4,000, subject to pre-existing conditions such as previous funding and prior qualifications. Visit for more details. Course structure The Certificate III in General Insurance is broken up into the following 10 sections: Section 1 Working in an office environment Examines the basic skills required to work successfully in an office environment. It looks at company procedures, effective communication, using technology and managing conflict. This section also discusses managing change within the work environment, and occupational health and safety issues. Section 2 The insurance market Analyses the specific features of the general insurance market and discusses the place of the insurance industry in the wider economic and financial environment. This section also looks at some common features of insurance policies and looks at how insurance products are priced and sold. Section 3 The financial environment Introduces the Australian economic and financial environment and identifies various financial markets, the products that are bought and sold, and the key players in these markets. This section also discusses how the economic environment influences the various financial markets. Section 4 The legal environment Introduces the Australian legal system. First it looks at the key bodies that regulate the financial services industry and then presents an overview of two specific pieces of legislation the Trade Practices Act and the Australian Securities and Investment Commission (ASIC) Act. 39

40 Certificate III in General Insurance 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. 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. A complete listing of all AQTF competencies covered in each of the certificate sections is available on the Institute s website at Further education For those wanting to go on to study the Certificate IV in 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 Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

41 Certificate IV in General Insurance Fee traineeship DURATION Membership Outcome asic compliance A$910 per module A$3,885 (Government funding available for eligible Australian students) Five modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Associate CIP Tier 1 Personal Accident and Sickness (General Insurance) FSI404 Introduction to Underwriting Covers the key categories of risk and the steps involved in managing risk. It also describes the functions of underwriting, the underwriting process and the most common forms of reinsurance, insurance contracts and processing proposals. FSI405 Claims Handling Describes the types of insurance policies available and covers the 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 is required and finalising claims. The essential qualification for those who handle claims, issue domestic insurance contracts, deal with customer enquiries, appoint intermediaries to investigate standard claims and initiate claims recovery, the Certificate IV in General Insurance is a great start to a career in insurance. Upon completion of the Certificate IV, graduates will become an Associate Certified Insurance Professional (CIP) of the Institute. Successful completion of FSI401 Serving the Customer and FSI402 Insurance Law and Regulation will also meet requirements for ASIC Tier 1 Personal Accident and Sickness (General Insurance) compliance. Course content The Certificate IV is comprised of five modules and it is suggested that each module will encompass hours of study time. The modules are: FSI401 Serving the Customer Explains the impact of the economic environment on financial services products, explores creating a relationship with the client in order to establish general insurance needs and thereby identify appropriate products. A complete listing of all AQTF competencies covered in each of the certificate modules is available on the Institute s website at Traineeships Institute traineeships are an ideal way to bring new employees into your company and train them in your business culture. Delivered by a mix of distance learning resources, support from Institute staff and coaching by the employer s personnel in the workplace, the traineeship allows you the flexibility to develop your new employees into skilled, versatile and productive workers. Institute traineeships also offer the significant advantage of government funding as employers can receive government subsidy of up to A$4,000, subject to pre-existing conditions such as previous funding and prior qualifications. Visit for more details. Further education Upon completion of the Certificate IV, students are eligible to enrol in the Diploma of General Insurance. Visit or see the following page for details. FSI402 Insurance Law and Regulation Deals with legal framework, laws, regulations, the Code of Practice and relevant Acts that govern the general insurance industry in Australia. It also covers health and safety in the workplace. FSI403 Insurance Products Covers the range of products and policies available, and describes their structure, features and benefits. It also explains how emerging technologies have affected the insurance industry. Completion of the Certificate IV also provides credit into the Bachelor of Business (Insurance) at Charles Sturt University. Visit for more information. Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) professional qualifications 41

42 Diploma of General Insurance Fee DURATION Membership Outcome SPECIALTy classes Additional modules prerequisite A$1,095 per module Four modules each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Senior Associate CIP Liability Personal Lines Commercial Lines Marine Statutory Classes Reinsurance Risk Management Certificate IV in General Insurance The Diploma of General Insurance is designed for general insurance employees who lead a claims or underwriting team, handle complex claims, underwrite complex risk, initiate and respond to legal action in relation to claims, survey risk exposure, implement claims recovery and review portfolio performance. Completion of this provides Senior Associate Certified Insurance Professional (CIP) membership of the Institute the benchmark for industry professionalism. Course content The Diploma is comprised of four modules and it is suggested that each module will encompass hours of study time. The Diploma modules are paired under specialty classes, each of which includes one module on underwriting and one on claims management. Students must complete at least one whole specialty class (two modules) and then select their remaining two modules according to work requirements and aspirations. Liability 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. Personal lines FSI503 Personal Lines Claims Management Covers the start-to-end process of handling a personal lines claim, including processing and finalising both routine and non-routine claims settlements, processing facultative and treaty claims, resolving claims disputes and reviewing settlements and policies and procedures. FSI504 Personal Lines Underwriting Management Covers the principles of personal lines underwriting, analysing risks and choosing a policy form and modifying as necessary, and providing a quotation. Commercial lines FSI505 Commercial Lines Claims Management Covers the principles and processes of commercial lines claims including commercial lines property and motor claims, portfolio management, negotiating settlement and using dispute settlement processes. FSI506 Commercial Lines Underwriting Management Covers the principles and processes of underwriting commercial lines (property), portfolio management, negotiating settlement and dispute settlement processes. 42 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

43 Marine FSI507 Marine Claims Management Covers the legal terms and concepts, and explains the process, principles and adjustment of claims. It also covers the general average and salvage and their application to hull and cargo claims and analysis, and adjustments to marine landbased claims. FSI508 Marine Underwriting Management Explains the legal terms, concepts, principles and classes of marine insurance. It also explains risk factors, carriers liability, marine liability insurance, cargo insurance for marine ventures and inland transit and covers reviewing performance of marine portfolios. 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. A complete listing of all AQTF competencies covered in each of the Diploma modules is available on the Institute s website at 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 Enrol To enrol, visit the Institute s website or give our Customer Service Team a call on (+61 3) professional qualifications 43

44 The Institute has helped me round out a better understanding of the industry, particularly the areas that impact my role on a daily basis. Lewis Beange Underwriter Industrial Special Risks Lumley Insurance 44 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

45 financial planning Diploma of Financial Planning Fees Core Diploma modules FSP511 Financial Planning $990 FSP512 Managed Investments FSP515 Superannuation FSL500 Providing Advice in Life Insurance BFU001 Business Fundamentals $400 Diploma of Financial Planning $2590 Optional elective modules FSP513 Securities FSP514 Derivatives $400 Duration* Membership Outcome ASIC Compliance FSP511 Financial Planning** Core Diploma and Optional elective modules BFU001 Business Fundamentals Senior Associate CIP Diploma: Financial Planning, Managed Investments, Superannuation, Life Insurance. Elective modules: Securities and/or Derivatives. 12 weeks 7 weeks 4-6 hours * five modules with the option of two optional additional specialist electives, depending on your compliance requirements ** students must complete FSP511 as a prerequisite to all other modules Business Fundamentals must be taken as the final module The Institute s Diploma of Financial Planning offers an internationally-recognised qualification that will satisfy RG 146 compliance and the skills and knowledge requirements of a modern Australian Financial Planner with the flexibility to add customised specialist product compliance at any time. On successful completion of the Diploma students will be able to demonstrate the fundamental knowledge required for working in the financial services industry, understand how to research and evaluate investment products within Australia, understand the function and purpose of superannuation and retirement products, and insurance (both general and life) products. There are two optional specialist product modules that may be taken as additional electives to broaden your specialist adviser knowledge and gain compliance in securities and/or derivatives. Course content To be awarded the Diploma, students must complete the following five core modules. There is also the option to complete two additional elective modules however this is not a compulsory requirement of the Diploma. Core modules FSP511 Financial Planning FSP511 is a prerequisite to all the other modules in the Diploma. This module provides industry compliance with the ASIC RG 146 requirements of generic knowledge, the specialist knowledge requirement of financial planning and the planner skills requirement. The course also covers estate planning and business succession planning and the underpinning competencies required for the various product modules. FSP512 Managed Investments Managed investments are a common form of investment recommended by financial planners. This module describes the various types of funds and the ways in which they are commonly classified, operation of financial markets as well as outlines the process used to analyse and select managed investments. A key topic covered is the analysis of risk in managed investments. professional qualifications 45

46 Diploma of Financial Planning FSP515 Superannuation This module focuses on the major features of a complying superannuation fund, the different types of superannuation funds and how benefits can be calculated. A focus will be on the roles of the major regulators of superannuation funds, the major Acts governing them and the role of the trustee. Students will learn to identify the investment restrictions imposed on superannuation funds and formulate effective planning strategies. FSL500 Life Insurance This module incorporates the best possible combination of practical knowledge and required skills for working in life insurance. It will teach students to analyse client needs, objectives, financial situation and risk profile to identify appropriate solutions and strategies. Students will also develop essential life insurance product knowledge. BFU001 Business Fundamentals Comprising of four online programs, this module looks at the skills and knowledge necessary for working safely in an office environment and how to apply principles of professional practice to work in the financial services industry. BFU001 must be taken as the final module in the Diploma. Elective specialist modules can be taken at a later date if students choose that option. Optional elective modules FSP513 Securities In this module, students will discover the different types of securities including equities and fixed interest. The course outlines advice consideration including the operation of the market, factors influencing returns, trading strategies and research. A balanced portfolio usually entails some level of shareholding and this module will assist students in answering client queries about how their existing shareholdings fit into their overall financial strategy. FSP514 Derivatives In this module, students will learn about derivatives, a distinct type of financial product derived from, and bound to, basic underlying financial products. The main focus in relation to derivatives is recognising how they work and under what circumstances they could benefit a client s investment position. Students will be able to explain how derivatives operate within certain managed funds that may be recommended to clients. The derivatives accreditation also provides ASX Accredited Derivatives Advisor Level 1 recognition which is currently an ASX requirement. After a student has undertaken FSP511 Financial Planning Compliance, they can complete any of the subsequent compliance modules to achieve specific product compliance, depending on individual financial planner requirements and compliance needs. For more information on compliance, refer to pages A complete listing of all AQTF competencies covered in each of the Diploma modules is available on the Institute s website at Further education Successful completion of the Diploma of Financial Planning provides you with entry into the Institute s Advanced Diploma of Financial Planning. To learn more about this next career move, visit or see the following page for details. Students who wish to continue their studies to Bachelor level will be eligible for credit into the Bachelor of Business (Insurance) at Charles Sturt University (CSU). Upon successful completion of the Diploma students will also be eligible to receive credit towards CSU s Master of Applied Finance (Financial Planning). Further information regarding university pathways is available on the Institute s website at Successful completion of the Diploma also provides students with a pathway to study for the Certified Financial Planner (CFP) program with the Financial Planning Association of Australia (FPA). Enrol To enrol visit our website or give our Customer Service Team a call on (+61 3) Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

47 Advanced Diploma of Financial Planning Fee DURATION Membership Outcome PREREQUISITE A$1,045 per module Three modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Senior Associate CIP Diploma of Financial Planning The Institute s Advanced Diploma of Financial Planning focuses on client-centred advice and management processes, and is essential in developing the skills and knowledge of experienced financial planners who are serious about their career prospects. All modules in this Advanced Diploma of Financial Planning are accredited by the FPA. Course content To be awarded the Advanced Diploma of 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 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. In addition, this module covers portfolio theory and performance and measurements in more detail. FSP603 Providing Professional Guidance 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 continuing education training plans, and ways to review and maintain up-to-date best practices principles. A complete listing of all AQTF competencies covered in each of the Advanced Diploma modules is available on the Institute s website at Further education Studies in the Advanced Diploma provide credit towards Charles Sturt University s Master of Applied Finance (Financial Planning), specifically the Advanced Diploma gives credit into FIN560 Introduction to Financial Planning. For more information visit Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) FSP602 Innovative Financial Planning Strategies Covers the skills and knowledge required to establish alternative and specialised investments and strategies to suit a client s goals, and the scope of advice required. You will also learn how to identify key issues that might affect the quality of that advice, and finally, to investigate company performance measurements ratios, research data on investments and how to apply that knowledge to relevant strategies and to develop an innovative or complex financial strategy to include in the Statement of Advice. professional qualifications 47

48 My studies with the Institute have helped progress my career and develop my industry knowledge and networks. Natalie Hunt Account broker AON 48 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

49 loss adjusting Certificate IV in Loss Adjusting Fee Duration Membership Outcome A$3,990 (Government funding available for eligible Australian students) 1 2 years depending on state requirements Associate CIP A complete listing of all AQTF competencies covered in each of the certificate modules is available on the Institute s website at Traineeships The Institute s Certificate IV in Loss Adjusting traineeship is ideal for loss adjusting companies wanting to develop the skills of their employees, by having them complete a nationally recognised accredited qualification which leads to Associate Certified Insurance Professional (CIP) membership of the Institute. Course content The Certificate IV in Loss Adjusting traineeship comprises five modules. It is suggested that each module will encompass hours of study time. FSI401 Serving the Customer Explains the impact of the economic environment on financial services products, explores creating a relationship with the client in order to establish their general insurance needs and thereby identify appropriate products. FSI405 Claims Handling Describes the types of insurance policies available and covers the 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 is required and finalising claims. FSA501 Introduction to Loss Adjusting See the following page for module description. FSA502 Loss Adjusting Practice See the following page for module description. FSA504 Loss Adjusting Law and Regulation See the following page for module description. Institute traineeships are an ideal way to bring new employees into your company and train them in your business culture. Delivered by a mix of distance learning resources, support from Institute staff and coaching by personnel in the workplace, the traineeship allows you the flexibility to develop new employees into skilled, versatile and productive workers. Institute traineeships also offer the advantage of government funding and employers can receive a significant government subsidy of up to A$4,000, subject to pre-existing conditions such as previous funding and prior qualifications. Visit for more details. Further education Upon completion of the Certificate IV, students are eligible to enrol in the Diploma of Loss Adjusting. Visit or see the following page for details. AICLA The traineeship program also incorporates three of the four modules required to obtain the Australian Institute of Chartered Loss Adjuster s (AICLA) Certificate in Loss Adjusting Practice. For more information visit AICLA s website at Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) professional qualifications 49

50 Diploma of Loss Adjusting Fee Duration Membership Outcome A$830 per module Eight modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Senior Associate (CIP) Developed for employees already practising loss adjusting and who are ready to take the next step in their career. The Institute s Diploma of Loss Adjusting is essential for those seeking expertise and a qualification in the specialist area of claims assessment and provides Senior Associate Certified Insurance Professional (CIP) membership of the Institute the benchmark for industry professionalism. Course content To be awarded the Diploma, students must complete six core modules and two elective modules. It is suggested that each module will encompass hours of study time. Core modules FSA501 Introduction to Loss Adjusting Covers how the loss adjusting industry has evolved and the roles, responsibilities and the key skills required of a loss adjuster, including the parties they may deal with. 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. FSA504 Loss Adjusting Law and Regulation Explains why loss adjusters need to know about the law, including researching the law, the legal system, how laws are developed and interpreted, underlying legal concepts, applying relevant laws, regulations, codes and principles. FSA505 Managing Operations Covers the characteristics of loss adjusting businesses, including their scope, operations and client groups. Students will look at how the role of the manager contributes to the effective operational management of an organisation and the purpose and characteristics of business plans. This module will also cover the process of developing business plans and the key steps involved in monitoring operational performance. FSA506 Property and Casualty Loss Adjustment This module looks at the role of the loss adjuster in relation to property claims, the purpose of property cover and loss, insurable interest, property policies, the cover provided and issues relating to property cover. Students will also study the reasons for physical measurement or photographic evidence when verifying loss, interviewing processes of an insured, types of combustions, fire spreads, common causes of ignition and evidence of forced entry in a fire loss. Also covered is commercial stock loss, the insured and insurers rights in loss mitigation, the purpose of casualty cover and the effects of a casualty loss. 50 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

51 Elective modules FSA507 Business Interruption Loss Adjustment Discusses the business interruption policies available, the purpose of business interruption cover and the effect business interruption can have on business. Students will learn about the role of the loss adjuster in the preparation and assessment of business interruption claims, the claim triggers to business interruption and the calculations and preparation costs needed to assess a claim under an Industrial Special Risks (ISR) policy. FSA508 Liability Loss Adjustment Examines the purpose of liability cover and the effects of legal liability, determining circumstances of a claim, establishing liability and triggering indemnity under a liability policy. This module will also look at the types of liability policies available and the cover they provide; defences to liability claims and the role of the loss adjuster in the preparation and assessment, and the investigation and verification of liability claims. FSA509 Building Loss Adjustment Looks at the purpose of building insurance and what constitutes a loss, insurable interest and proximate cause, differences between the building insurance policies available and the types of issues when conducting a building loss adjustment. This module also covers the loss adjuster s role in building claims, the process of investigation and verification of a building claim and investigating a loss caused by fire. FSA510 Theft, Money and Fidelity Loss Adjustment Concentrates on the role of the loss adjuster in theft, money and fidelity loss, including the effects of each type of loss, the policies available, their purpose, scope of cover and typical claim triggers. FSA511 Construction Loss Adjustment Investigates the cover provided by a typical construction insurance policy including policy cover, extensions, exclusions and conditions, and their effect on construction loss. This module also covers the types of contracts that can be encountered on a construction project and their implications for a construction loss and the loss adjustment process. Students will also learn what is required for the successful completion of a construction loss adjustment, relevant case law and legislation applicable to construction losses and types of enquiries that are required for a specific construction loss situation. A complete listing of all AQTF competencies covered in each of the Diploma modules is available on the Institute s website at Further education Completion of the Diploma provides credit in to the Bachelor of Business (Insurance) at Charles Sturt University (CSU). Further information regarding university pathways is available on the Institute s website at AICLA Successful completion of FSA501, FSA502, FSA504 and FSA506 fulfils the educational requirements to obtain AICLA s Certificate in Loss Adjusting Practice. For more information visit AICLA s website at Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) 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. professional qualifications 51

52 Studying with the Institute provided me with an overall understanding of the insurance industry as well as formal training which is widely recognised by my peers. Neil Martin senior claims specialist - builders warranty claims Lumley 52 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

53 insurance broking Certificate III in Insurance Broking Fee Duration Membership Outcome ASIC Compliance A$3,990 (Government funding available for eligible Australian students) 1 2 years depending on state requirements Affiliate Tier 2 General Insurance Personal and General Advice The starting point for school leavers or anyone wishing to develop a career in insurance at entry level, the Certificate III traineeship is a government-subsidised, employment-based training program that gives new entrants a solid introduction to the insurance industry and provides a foundation for further development. Traineeships Institute traineeships are an ideal way to bring young people into your company and train them in your business culture. Delivered by a mix of distance learning resources, support from Institute staff and coaching by personnel in the workplace, the traineeship allows you the flexibility to develop your new employees into skilled, versatile and productive workers. Institute traineeships also offer the advantage of government funding and employers can receive a significant government subsidy of up to $4,000, subject to pre-existing conditions such as previous funding and prior qualifications. Visit for more details. Course structure The Certificate III in Insurance Broking is divided into the following 10 sections: Section 1 Working in an office environment Examines the basic skills required to work successfully in an office environment. It looks at company procedures, effective communication, using technology and managing conflict. This section also discusses managing change within the work environment, and occupational health and safety issues. Section 2 The insurance market Analyses the specific features of the general insurance market and discusses the place of the insurance industry in the wider economic and financial environment. This section also looks at some common features of insurance policies and examines how insurance products are priced and sold. Section 3 The financial environment Introduces the Australian economic and financial environment and identifies various financial markets, the products that are bought and sold, and the key players in these markets. This section also discusses how the economic environment influences the various financial markets. Section 4 The legal environment Introduces the Australian legal system. First it looks at the key bodies that regulate the financial services industry and then presents an overview of two specific pieces of legislation the Trade Practices Act and the Australian Securities and Investment Commission Act (ASIC). professional qualifications 53

54 Certificate III in Insurance Broking 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. 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. A complete listing of all AQTF competencies covered in each of the certificate modules is available on the Institute s website at Further education The next step in a career in insurance is the Diploma of Insurance Broking. Visit or see the following page for details. Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) 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. 54 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

55 Diploma of Insurance Broking Fee Duration Membership Outcome ASIC Compliance A$910 per module Five modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Senior Associate CIP RG 146 Tier 1 Insurance Broking and RG 104 and 105 The Institute s Diploma of Insurance Broking is designed for general insurance brokers employed at an account executive or broking manager level, and provides Senior Associate Certified Insurance Professional (CIP) membership of the Institute the benchmark for industry professionalism. The Diploma develops technical knowledge and skills to effectively manage a broking business and provide quality insurance services to clients. Successful completion of FSB501 Providing Customer Advice and FSB502 Insurance Law and Regulation for Brokers will also provide ASIC Tier 1 Insurance Broking compliance. Course content To be awarded the Diploma, students must complete four core modules and one elective module. It is suggested that each module will encompass hours of study time. Core modules FSB501 Providing Customer Advice 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, preparing business submissions, implementing changes to the client s insurance program and advising on risk, as well as reviewing the client s insurance program and the broker s performance. FSB502 Insurance Law and Regulation for Brokers 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. FSB503 Claims Handling for Brokers Covers the start-to-end process of handling a claim, including registering claims, obtaining the relevant information from the client along with proper documentation, and advising insurers and liaising with service providers. It also covers the basics of reviewing the incidence of loss for clients, and dispute resolution. FSB504 Risk Assessment and Management Covers how to implement an insurance program for clients, identifying and assessing risks and assessing and negotiating complex risk portfolios. Elective modules FSB505 Managing Broking Operations Provides an overview of broking operations, followed by sections on licensing obligations, business plans, marketing, financial management and human resources. FSB507 Insurance Products Discusses the importance of product knowledge, statutory issues, insurance documents and provides insurance product profiles. A complete listing of all AQTF competencies covered in each of the Diploma modules is available on the Institute s website at Further education Completion of the Diploma provides credit in to the Bachelor of Business (Insurance) at Charles Sturt University (CSU). Further information regarding university pathways is available on the Institute s website at Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) professional qualifications 55

56 My studies with the Institute have created more opportunities for me and resulted in my career progressing further in the industry. Siobhán Purcell senior underwriter Calliden 56 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

57 57 professional qualifications

58 risk management Diploma of Financial risk management Fee Duration Membership Outcome A$910 per module Four modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Senior Associate CIP FSR503 Operational Management of Risk Develops the knowledge and skills required to identify the interrelationship of operational areas within an organisation. Students will learn how to establish risk management processes across operational areas, identify risk exposures and develop a risk register. This module will also teach students how to design and analyse treatment plans. The Institute s Diploma of Financial Risk Management is designed for those employed in or managing operational areas, strategic planning, occupational health and safety, fraud and project management. For those looking for the next step in their career, the Diploma will develop technical knowledge and skills to provide effective management of risk. Course content To be awarded the Diploma, students must complete the following four modules. It is suggested that each module will encompass hours of study time. FSR501 Introduction to the Management of Risk Covers the principles and processes of risk management within an organisation. This module introduces the concepts of a risk management framework, risk identification, risk analysis and evaluation, risk treatment and monitoring, and review of a risk management program. FSR502 Integrated Management Develops the knowledge and skills required to integrate risk management within the whole organisation while working with the principles, practices, structure and language of management. This module explores the link between developing an organisational framework and the organisation s strategic planning, aims and management. FSR504 Management of Specific Risk Exposures Builds on the student s knowledge of the risk management process and practicalities, exploring techniques and strategies for addressing risk associated with undertaking projects, events and outsourcing, preserving reputation and financial performance, assessing environmental and occupational health and safety impacts as well as protecting against fraud and privacy breaches. A complete listing of all AQTF competencies covered in each of the certificate modules is available on the Institute s website at Further education Successful completion of the Diploma provides you with entry into the Institute s Advanced Diploma of Financial Risk Management. To learn more visit or see the following page for details. Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

59 Advanced Diploma of Financial Risk Management Fee Duration PREREQUISITE A$1,045 per module Four modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Senior Associate CIP The Institute s Advanced Diploma of Financial Risk Management is a general risk management program for experienced risk managers. It develops the skills and knowledge required to provide a comprehensive range of services and explores innovative strategies for dealing with complex risk management issues. Course content To be awarded the Advanced Diploma, students must complete a Diploma of Financial Risk Management and the following four Advanced Diploma modules. It is suggested that each module will encompass 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. FSR603 Risk Management Framework and Documentation 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. FSR605 Business Continuity Management Students will examine the different areas that need to be analysed for creating a business continuity management strategy and learn the skills needed to implement the strategy in a crisis situation. A complete listing of all AQTF competencies covered in each of the Advanced Diploma modules is available on the Institute s website at Further education Successful completion of the Advanced Diploma also gives credit into Deakin University s Master of Insurance and Risk Management. Visit for more information. Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) FSR602 Risk Mitigation and Financing Gives an overview of the processes of risk treatment and risk financing, and the steps in implementing, monitoring and reviewing initiatives. professional qualifications 59

60 The Institute provides me a gateway to the industry and access to a broad network of insurance and finance professionals. Scott Gangell Risk and client services manager - fleet Lumley Insurance 60 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

61 personal injury management Diploma of Personal Injury Management Fee A$890 per module Duration Four modules Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.) Membership Outcome Senior Associate CIP The Institute s Diploma of Personal Injury Management is designed for workers compensation claims and underwriting personnel, and provides Senior Associate Certified Insurance Professional (CIP) membership of the Institute. The Diploma develops the technical knowledge and skills required to provide quality workers compensation and personal injury management for all schemes, in all jurisdictions in Australia including the self-insurance environment. Course content To be awarded the Diploma, students must complete the following four modules. It is suggested that each module will encompass hours of study time. FSW501 Workers Compensation Framework Provides a snapshot of workers compensation and the different schemes operating in Australia. The module covers a history and overview of the political, social and economic landscape and examines current issues in workers compensation and stakeholder relationships. Students will learn the role of a claims and compensation claims officer, risk identification and underwriting concepts and occupational health and safety (OH&S). 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 Information (FOI) Act and OH&S Act. This module will also examine the role of the supervisor in a workers compensation environment. FSW503 Workers Compensation Claims Processes Provides an overview of the workers compensation/injury management claims handling process and identifies the milestones in this process, as well as regulatory obligations. Students will learn OH&S and workers compensation legislative obligations around documentation requirements, procedural fairness and recoveries, injury notification and reporting. The module will also cover claim estimation, investigation processes, liability, payment entitlements and monitoring, reviewing and closing a claim file. FSW504 Workers Compensation Case Management Examines the role of the case manager and the case management process, the medical environment, the injury management process, and the return to work process. This module will provide an overview of case management techniques and the medical environment including terminology, basic human anatomy, common injury types and typical duration of treatment. Students will also learn about dispute resolution processes and negotiation skills, injury management and treatment plans, rehabilitation and return to work plans and rights and obligations of parties to workers compensation/injury management claims. A complete listing of all AQTF competencies covered in each of the Diploma sections is available on the Institute s website at Enrol To enrol visit the Institute s website or give our Customer Service Team a call on (+61 3) professional qualifications 61

62 Studying with The Institute offers students the options of distance learning, or recognition of prior learning to ensure they can find the best way to study, reflecting their own experience and learning preferences. While studying, the Institute s award-winning support services ensure that students are able to get the most out of their studies and always have the assistance that they need to succeed. The following information relates to the delivery of the Institute s award qualifications. For information on studying our Accelerated Compliance programs or any of our online courses, please visit the Institute s website Professional qualification delivery (Certificate, Diploma, Advanced Diploma) The Institute offers two ways to gain credit for its modules and complete a qualification: 1. Distance learning 2. Recognition. 1. Distance learning Distance learning is a flexible method of study where comprehensive learning and assessment materials are provided in a printed or online format, allowing you to study at your own pace. Study and assessment takes place within a Study Period which has fixed dates for beginning and completing your studies. In view of training package changes, it is recommended that students complete their qualification within five years of commencing the first module. A subject pass is current for five years, which includes the year the subject was passed. Thus, a subject passed in January 2007 lapses on 31 December If a student has passed a subject which is no longer current, they will need to be either re-examined in that subject or apply for Recognition of Prior Learning. Study Periods There are six Study Periods throughout 2011, which are broken into two separate Study Streams. The enrolment intake dates are every two months throughout the year. Students can pick one of either of the two Study Streams, or mix-and-match between Study Streams. Each Study Stream allows students to complete three modules in one year without overlapping their studies. The Study Periods within each stream are approximately 12 weeks in duration. Once a student completes a Study Period and has received their results they have ample time to enrol in their next subject. Study materials All students, with the exception of re-enrolments, are sent study 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 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. All Institute examinations are conducted online. Students have the ability to choose to sit their examination at an Institute venue or at their own place of work, using an Institute-approved person to act as their examination supervisor. For those students who are completing their examination at an Institute venue, students may request one of four possible examination times throughout the exam day, however the Institute will not be able to accommodate all requests and preference will be given to those students who enrol early. Final results are available from the Institute s website approximately three weeks after the examination date (please refer to the 2011 Academic Calendar on page 72 for specific dates). Results Results are available online from 10.00am AEST on the day results are released. Official Statements of Attainment are issued by mail within three business days of the results being released online. Key dates For easy reference, the 2011 Academic Calendar includes all key dates for each Study Period and can be found on page 72. All students will be provided a breakdown of their result per question. 62 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

63 the Institute 2. Recognition The Institute acknowledges skills and knowledge from a range of learning settings (formal, informal and non-formal): Formal Credit Transfer (Exemption) Credit Transfer (National Recognition) Informal and Non-Formal Recognition of Prior Learning (RPL). For more information on RPL and to find out if students are eligible, visit Student Support services The true value of the Institute and what distinguishes it from other education providers, is the comprehensive and supportive learning environment provided. The Institute offers the following support to assist students while they are studying: Customer Service The Institute s expert Customer Service team are available to assist students with any queries that they may have relating to the administration of their enrolment, such as course details, Study Period transfers and special consideration, as well as Recognition of Prior Learning, assessment and membership. Please contact the Customer Service team directly on (+61 3) or customerservice@theinstitute.com.au. Student Support staff To ensure that students get the most out of their learning experience, the Institute s dedicated Student Support staff are available to provide them with guidance and assistance while they work towards their qualification. Student Support provide assistance ranging from assistance with study material content queries, to explaining assignment and exam requirements, making the most of online study and mentoring, to advising on credit transfers and educational pathways. Subject Matter Experts The Institute has Subject Matter Experts (SMEs) to assist students throughout their study. Contacted via the Institute s online discussion forums, they hold a wealth of financial services knowledge and respond to requests for assistance within one to two business days. The latest learning resources Institute modules have comprehensive printed learning resources that provide substantial technical detail, with self-help questions and answers. The Institute s SMEs are drawn from the who s who of financial services, and it shows in the quality of the materials. Many modules have printed learning materials to use in addition to the online materials, providing an opportunity for peer learning. Online support and references The Institute provides a range of online materials and services designed to support and assist students to learn effectively and apply their knowledge and skills in the workplace. This includes online discussion forums, which they can use to submit enquiries regarding their studies and be answered by an industry expert. The Institute s website also features guidelines for writing the assignment, preparing for exams and a glossary of financial services terminology. Education Support program The Institute s Education Support program provides access to experienced and qualified insurance professionals in a one-onone mentoring situation to support students with their studies. Mentors are experts in their field and are ready and able to provide assistance and guidance with studies. Student newsletters Institute student newsletters provide the latest information on module and assessment requirements, learning and study tips and forthcoming workshops and conferences. Institute study groups Institute study groups are an ideal way to make contact with other students who have enrolled in the same module, and who have nominated to participate in a study group. The study groups are initiated by Student Support, but run by the students themselves. Study group members can choose to interact via , phone or face-to-face if suitable. Study groups can be a great support to learning and provide a way to network with industry contacts from all over the world. For more information on student administration, course delivery, assessment, student support services and academic awards and scholarships visit studying with the institute 63

64 Studying at the Institute has given me access to a wide range of resources and a valuable network of industry professionals to assist in my career development. Megan Duckworth underwriter QBE 64 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

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66 membership The Institute is first and foremost the leading professional membership organisation for the insurance and finance industry in the Asia-Pacific. Enrolling in any Institute Certificate IV, Diploma or Advanced Diploma will provide complementary Student Membership, and upon completion of qualifications, access to internationally-recognised membership levels. ANZIIF Post-nominal Fellow ANZIIF (Fellow) CIP Senior Associate ANZIIF (Snr Assoc) CIP Associate ANZIIF (Assoc) CIP Student Membership Student Membership aims to support and enhance the careers of students while they are studying towards a professional qualification. Affiliate Allied Student ANZIIF (Aff) ANZIIF (Allied) No post-nominal Upon enrolling, a student automatically becomes a Student Member, joining thousands of other insurance and finance students and a community of more than 15,000 professionals who are committed to fostering high professional standards and contribute to an innovative, vibrant and competitive industry. Being an Institute member is often a requirement for career progression in many insurance companies. Student Members are able to take advantage of a range of membership benefits. The Student level of membership provides the same level of access to all benefits excluding the use of the Certified Insurance Professional (CIP) post-nominal, which becomes available to students upon completion of their qualification. Membership Benefits Recognition Institute members are internationally recognised and renowned throughout the financial services industry as professionals who are qualified, regulated and truly knowledgeable in their field. Being an Institute member shows your dedication to career development and progression. The ANZIIF Post-nominal Members of the Institute are able to be recognised for their level of experience and qualifications through use of the ANZIIF post-nominal. The ANZIIF CIP post-nominal is the most widely used and recognised mark in the insurance industry representing insurance professionals who are qualified, regulated and who maintain their skills and knowledge. While Student Members have no post-nominal, upon completion of a qualification, Student Members are automatically upgraded to the appropriate level of Institute membership and corresponding post-nominal. Code of Ethics ANZIIF CIP members meet the ANZIIF Code of Ethics and conduct themselves with integrity and dignity, acting in an ethical manner in their dealings with the public, clients, customers, employers, employees, colleagues and the broader insurance and finance industry. Membership database The ANZIIF membership community is listed in a searchable database on the Institute s website - displaying your membership level and years of service to the professional insurance industry. Knowledge Events Institute members receive access to a world of information and opportunities, through discounts to hundreds of Institute conferences, seminars, and training events each year to support study and career development, along with access to a vast bank of knowledge and experience through networking with experts in every field of insurance. Professional Development Institute members receive discount access to Insite, the Institute s online professional development and learning management system. Allowing them to plan, track and report against their compliance, learning and development progress at their own pace - all without leaving their desk! They will also gain access to a 9 per cent discount at the Co-op Bookshop, Australia s largest provider of educational and lifelong learning resources, which has a facility for customers to order online. My Institute My Institute is the Institute s online portal to all personalised Institute services including Insite, member s personal Learning Portfolio, online discussion groups, study tools and information about local branch events. 66 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

67 Networking Institute members are part of a vast community of insurance professionals committed to their industry. Through networking events or any of the hundreds of other professional development workshops and seminars that the Institute runs each year we assist members to connect with the right people and build long-lasting professional relationships. Up to 40 per cent member discounts to Institute events Institute members receive discounted access to numerous Institute professional development and networking events to keep them in the know throughout the year. Institute events provide market knowledge, local and global trends and best practices delivered by prominent figures to empower members in their career. Information Being an Institute member opens up a world of information for the insurance industry. Journal Institute members receive the Institute Journal, the flagship insurance and financial services publication which keeps them up-to-date on industry topics and trends, profiles of industry leaders, and provides the latest thinking on technical issues. The Journal covers every field of insurance and is the longest running and most widely read insurance publication in the Asia-Pacific region. Community Institute members are part of a community of insurance professionals across 30 countries people from all facets of the industry who are joined together by their interests and commitment to professionalism. The member community exchange ideas, establish lifelong connections and create value and new knowledge that benefits the entire industry through groups such as Generation i, discussion groups, study groups and the education support program. Scholarships Institute members have access to industry scholarships that can open doors to career and travel opportunities in London, the United States, Asia and Australia. Retired and Maternity Leave members Members who retire from the industry or go on maternity leave gain access to a 50 per cent discount to their membership fees. This means that members can continue to receive all member benefits and remain connected to the insurance community. To find out more about membership please visit Journal Online Library Institute members also enjoy access to the Journal online allowing them to search through a back catalogue of Journals as reference. Higher Education Institute members get exclusive access to graduate and post-graduate university programs to continue their studies to the highest levels. membership 67

68 Membership Membership levels There are several levels of membership that reflect the different qualifications and experience of Institute members. All members enjoy the support of an international community of like-minded professionals. Certified Insurance Professional (CIP) members are afforded the CIP post-nominal which designates members who undertake an annual program of continuous professional development to maintain their skills and knowledge at the highest levels. The membership tables below explain the eligibility requirements for each member level. CIP membership CIP Level Eligibility Post-Nominal Election Fee Annual Fee Fellow Senior Associate Associate Fellowship is the most prestigious level of membership, representing insurance professionals who have completed postgraduate qualifications in financial services and have strong technical knowledge of, and experience in, the industry. Senior Associate membership represents financial services professionals who have completed a specific insurance/finance qualification equivalent to the Institute s Diploma or Advanced Diploma level. Associate membership represents financial services professionals who have completed a specific insurance/ finance qualification equivalent to the Institute s Certificate IV level. ANZIIF (Fellow) CIP A$185 A$395 ANZIIF (Snr Assoc) CIP A$185 A$330 ANZIIF (Assoc) CIP A$185 A$295 Non-CIP membership Member Level Eligibility Post-Nominal Election Fee Annual Fee Affiliate Allied The Affiliate level of membership recognises members who have achieved the level of education and knowledge that is required and regulated in their local industry. In Australia the criteria for entry into the Affiliate level is successful completion of ASIC Compliance (Tier 1 or 2). In Hong Kong the criteria for entry to the Affiliate level is successful completion of the Insurance Intermediaries Qualifying Examination (IIQE). The Allied level of membership represents a strong cohort of dedicated professionals who support insurance and the insurance industry. These members do not have a specific insurance or finance qualification. ANZIIF (Aff) A$185 A$260 ANZIIF (Allied) A$185 A$260 Student No post-nominal Complimentary Complimentary 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 2011 will be made available on the Institute s website at Gaining CIP membership with overseas qualifications The Institute offers special membership arrangements for graduates with overseas qualifications. The Overseas Qualification Table can be found on the Institute s website ( and 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 customerservice@theinstitute.com.au. 68 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

69 CIP Fellowship Members are eligible to upgrade their membership to the most prestigious Institute membership level of Fellow CIP by obtaining 100 points through the Fellowship Passport system, outlined in the table below. To become a Fellow CIP, the following criteria must be met: a total of 100 points a minimum of two years as a qualified member of the Institute prior to applying a minimum of five years of insurance/finance industry work experience successful completion of the Business Ethics Programme (BEP). The Fellowship Passport system considers a variety of factors in an applicant s professional knowledge and experience, including: postgraduate qualifications, industry contribution, relevant university studies and professional development that contribute to the requirements for CIP Fellowship. Each factor is assigned a specific value using a points-based system. Prospective CIP Fellows are able to allocate and combine the points under each category, as relevant to their situation, to attain the required 100 points to be eligible for CIP Fellowship. Applicants will be required to supply certified documentation supporting their application. Fellowship criteria and point allocation Category Points List of approved Postgraduate programs assessed by the Institute as meeting the Fellowship requirements 100 Deakin University (Australia): Graduate Diploma of Insurance Graduate Diploma of Financial Services (Insurance) Graduate Diploma of Financial Services (Financial Planning) Master of Insurance and Risk Management MBA (Insurance/Risk/Financial Planning specialisation required) Master of Commerce (Insurance/Fin Planning specialisation required) Charles Sturt University (Australia): Master of Applied Finance (need to also have completed an Institute award course to receive the 100 points) 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 Postgraduate Certificate or Diploma with four subjects directly applicable to the insurance/finance/risk sector (insurance, life insurance, financial 80 planning, superannuation, reinsurance, risk management, actuarial studies, loss adjusting, distribution and insurance law)* Postgraduate Certificate with three subjects directly applicable to the insurance/finance/risk sector (insurance, life insurance, financial planning, 60 superannuation, reinsurance, risk management, actuarial studies, loss adjusting, distribution and insurance law)* Postgraduate Diploma or higher in finance, commerce, business, law, economics, accounting, management, marketing* 60 Charles Sturt University (Australia): Bachelor of Business (Insurance) 35 Senior Associate CIP membership or Completion of an AQTF Diploma or Advanced Diploma in: 25 Insurance Broking Financial Planning General Insurance Risk Management Loss Adjusting Life Insurance Superannuation Personal Injury Management University of Technology Sydney (UTS) (Australia): Executive Certificate in Insurance 25 (need to also have completed an Institute qualification) Associate CIP membership or completion of an AQTF Certificate IV in General Insurance or more years industry experience (written application is required confirming that insurance/financial services activity has been the applicant s 10 central role for 10 or more years) Completion of RG146 Tier 1 Compliance or other overseas law and regulation training recognised by the Institute ** (needs to be more specific) 10 Note: * points may only be accrued once for undertaking one postgraduate qualification in a nested qualification ** points may 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 NB. Points are cumulative provided that the qualifications attained are different membership 69

70 Membership CIP and ongoing professional development opportunities The Institute places great importance on the ongoing professional development of its members. The professionalism of the insurance and financial services industries is dependent on all participants maintaining a rigorous professional development program to reinforce their skills and knowledge beyond their qualifications. The professional development requirements of CIP membership are flexible, allowing CIPs the freedom to build a professional development program that best suits their career requirements. All professional development activities, whether delivered by the Institute, the workplace or any other education provider, contribute towards a member s annual CIP requirement. Examples of activities that can be used to claim CIP points include: attendance at seminars and conferences online professional development in-house training professional reading successful completion of an award course module presentation at a seminar mentoring Institute professional qualification students. For more information on the professional development requirements of CIP membership and the types of activities that can be counted towards CIP points, visit the Institute s website at The Institute offers a wide range of professional development opportunities for CIPs to maintain their technical and practical skills and industry knowledge. Institute events The Institute offers a comprehensive range of conferences, seminars, training and networking opportunities and events to support the careers of insurance professionals. These events regularly take place all over Australia, New Zealand and Hong Kong and are also conducted in many other major centres around Asia. 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 per cent 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. Membership administration How to elect to become a CIP member after completing a qualification Upon completion of a qualification Student Members are automatically upgraded to the appropriate professional level of ANZIIF membership and become a Certified Insurance Professional (CIP). Those who studied with the Institute prior to this will need to follow the process below: 1. Identify the appropriate CIP level and corresponding entry requirements (see the membership tables on page 68). 2. Calculate the appropriate membership fee depending on the membership level. An election fee is applicable in addition to the annual membership fee. 3. Students qualifying for membership through an Institute course can apply online via the Institute s website at Alternatively, applicants can obtain a Membership Election form from the website or by contacting Customer Service at customerservice@theinstitute.com.au, or telephone (+61 3) Complete the Membership Election form and send via post with appropriate payment to the Australian and New Zealand Institute of Insurance and Finance, Level 8, 600 Bourke Street, Melbourne VIC 3000, Australia. 70 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011

71 External qualifications If applying for membership with qualifications from another education provider, applicants will need to provide certified copies of their qualifications via post with the application (for information on how to have documents certified please visit The Institute s website lists the educational requirement for each membership level. As a professional association, the Institute reviews its membership criteria, benefits and eligibility requirements from time to time. All decisions on election to membership will reflect the requirements at the time of application, there is no guarantee of admission at the same level of membership that applied when studies were completed. How to renew annual membership Institute membership renewal is due and payable by 31 January of each year. Current members can renew: Online Renew membership on the Institute s website at A valid credit card, your Institute Master ID and date of birth will be required to do this. Complete and a Membership Renewal form which is available from the Institute s website to the Customer Service Team at customerservice@theinstitute.com.au. Telephone Contact Customer Service on (+61 3) to pay by credit card. 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 customerservice@theinstitute.com.au. 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. 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 form from and then contacting our Customer Service on (+61 3) Fax Complete and fax a Membership Renewal form which is available from the Institute s website to the customer service team at (+61 3) For more information on membership For more information on any of the CIP services, contact our Customer Service team at customerservice@theinstitute.com.au or by calling (+61 3) membership 71

72 2011 academic calendar FEB 2011 MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2012 FEB/ MAR Stream A Study Period 1 27/01/2011 Study Period Commences 08/03/2011 Enrolment Change Cut-Off 22/03/2011 Assignment Due 07/04/2011 Assignment Results 14/04/2011 Exam 05/05/2011 Results Stream B Study Period 1 10/03/2011 Study Period Commences 19/04/2011 Enrolment Change Cut-Off 28/04/2011 Assignment Due 19/05/2011 Assignment Results 26/05/2011 Exam 16/06/2011 Results Students must enrol before the Study Period commences to ensure access to study materials. Stream A Study Period 2 12/05/2011 Study Period Commences 28/06/2011 Enrolment Change Cut-Off 12/07/2011 Assignment Due 28/07/2011 Assignment Results 04/08/2011 Exam 25/08/2011 Results Stream B Study Period 2 14/07/2011 Study Period Commences 30/08/2011 Enrolment Change Cut-Off 13/09/2011 Assignment Due 29/09/2011 Assignment Results 06/10/2011 Exam 27/10/2011 Results Stream A Study Period 3 01/09/2011 Study Period Commences 18/10/2011 Enrolment Change Cut-Off 02/11/2011 Assignment Due 17/11/2011 Assignment Results 24/11/2011 Exam 15/12/2011 Results Stream B Study Period 3 10/11/2011 Study Period Commences 17/01/2012 Enrolment Change Cut-Off 24/01/2012 Assignment Due 09/02/2012 Assignment Results 16/02/2012 Exam 06/03/2012 Results FEB 2011 MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2012 FEB/ MAR 72 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2010

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76 Australian and New Zealand Institute of Insurance and Finance Level 8, 600 Bourke Street Melbourne Victoria 3000 Australia Telephone Facsimile customerservice@theinstitute.com.au ABN A Company Limited by Guarantee. Incorporated In Victoria Australia. 76 Australian and New Zealand Institute of Insurance and Finance Institute Handbook 2011