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Insurance Business | 08 Sep 2017, 06:07 AM Agree 1
Brokers need to address the problem before the Government can take action - expert
  • Street Broker | 08 Sep 2017, 11:44 AM Agree 0
    I agree. Professionalism will be a huge issue. Sadly, the insurance broking sector has diluted its expertise with the stampede to appoint Authorised Representatives. I'm NOT talking about AR's who are full time professionals with years of experience. It's the car sales yards, the finance brokers, the financial planners or life guys who tack on a General Insurance broker authorisation. So perhaps a tertiary degree is the only way to claw back our previously hard earned professionalism.
  • since 1983 | 08 Sep 2017, 03:09 PM Agree 0
    I am sorry but I disagree. The only thing you can "learn" at University is all the rules and regulations. That does nothing to assist proper advice and full understanding Insurance Contracts to meet any particular requirements. I do however agree that certain AR's really have no place in the Industry- basically in many cases have no understanding of what any Particular Contract really covers. Going back to the "knock on the door" life salesmen (persons!) back in the late 1960's & 70"s. Insurance is hands on experience and working at any one particular Insurance Company certainly does not give you a full understanding of Insurance Contracts that vary from Insurer to Insurer. A University course would or could not give you this knowledge. FINALLY- understanding the Market and the changes, and providing your client with knowledgeable advice is a pre-requisite to being a Registered Broker and indeed an experienced General Insurance AR.
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