Broker 101

Course Objectives

Get a comprehensive head-start with practical industry knowledge, complete with case studies, exercises, and real life examples. By the end of these 4 modules you will be able to:

• Evaluate risk & risk management
• Effectively avoid E&O claims
• Deal with difficult customers
• Utilize varied solutions for a customer focused sale

Who should take this?

This course has been designed for new brokers who are already licensed, those working toward their licensing, or those within the industry who may be interested in exploring the role of an insurance broker as a possible career choice.

Modules

CEs will be provided upon completion of each module. Once complete all four intial modules we will provide a total of 11 CE credits toward general licenses.

 

B101 – Module 1: Introduction to the World of Insurance

1.5 CE credits toward general licenses

We'll start with the basics. In this module we will cover:

• How insurance works—an overview
  • Pooling of risks – what is it?
  • Managing Risks – “CART”
  • Reinsurance – how does it work?
  • Key Performance Indicators that influence the marketplace
• The Global Insurance Landscape – why does it matter?
• The local landscape – factors that influence insurance premiums

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B101 – Module 2: Broker Legal Duties

3 CE credits toward general licenses

Module two will explore the legal duties, responsibilities, and obligations brokers face when dealing with both their clients and the insurance companies.

• General Insurance License
• Contractual Duties
• Duty of Care
• Fiduciary Duty
• Minimizing Errors & Omissions
• Fair Treatment of Customers

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B101 – Module 3: The Customer Experience

4.5 CE credits toward general licenses

Through examples, worksheets, and interactive excercises learn how to engage with clients and provide them an optimal experience.

• Building rapport
• Being the first call from customers
• Identifying and creating customer personae
• Meeting organizational goals & targets
• Avoiding the “sale pitch”
• Next steps, after the sale

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B101 – Module 4: Dealing with Different Clients

1.5 CE credits toward general licenses

Not every client is the same, sometimes it's best to anticipate challenges before we encounter them. Learn to meaningfully engage with different personality types and avoid barriers before they become a problem.

• Overview of DiSC personality Types
• Strategies for dealing with The Difficult Client
• Strategies for dealing with 6 other client types you will most likely encounter: Impatient, Indecisive, Angry, Demanding, Vague, Unhappy

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B101 – Module 5: Dealing with Different Clients

0.75 CE credits toward general licenses

Module 5 focuses on the five steps in the risk management process. By the end of this module, you will be able to apply these five steps to help your clients manage their risk.

• Scope of Risk Management
• Objectives of Risk Management
• The Brokers Role in Risk Management
• The Risk Management Process

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B101 – Module 6: Building Your Book of Business

1 CE credits toward general licenses

Your personal brand is how you define the distinctive value that you bring to your career. This module focuses on helping you build a strong business plan and will provide you with the necessary tools to build a strong personal brand.

• Trust & Authority
• Featured in Media
• Build your Network
• Attract more Clients
• Premium Pricing
• Lasting Platform

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B101 – Module 7: Choosing the Right Product to Sell

0.75 CE credits toward general licenses

Module seven will teach you how to "sell" your clients' business to your chosen insurer. For personal lines and small commercial risks, developing strong selling strategies is vital when you have an unusual or non-standard risk to present to your insurer.

• Sale Plans
• Types of Markets
• Market Selection
• X-Dates
• File Documentation

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B101 – Module 8: The Claims Process

0.5 CE credits toward general licenses

As a new broker, the claims environment can be really intimidating. This module will help you tackle some of the most challenging components of the claims environment.

• The significance of the claims process in the client relationship
• The mental impact of claims on your client
• How to talk to your client about claims
• The financial impact on your brokerage

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Instructor | Tracy Harty, CAIB, CIP, FCIP

With 33+ years in the insurance industry, Tracy has a wide range of experience, working in a single-office brokerage in Calgary, large multi-office brokerages operating across Western Canada, and in business development for Aviva Canada. No stranger to IBAA, she served as Calgary local council chair and later as a director at large for several more years. Tracy obtained her CAIB, CIP, FCIP, Management Certificate, and Degree Minor in Workplace Learning (University of Calgary). Currently, as IBAA's in-house professional development facilitator, Tracy facilitates many of our CAIB, licensing, webinar, and seminar courses, develops PD material, and shares her passion for insurance, life-long learning, and years of experience with all students.