News Matrix Insurance Group

Month: May 2024

What Kind of Training do Insurance Brokers Undergo? A Brief Guide to Understanding Professional Requirements and Ongoing Responsibilities
What Kind of Training do Insurance Brokers Undergo? A Brief Guide to Understanding Professional Requirements and Ongoing Responsibilities

Posted on May 21, 2024 | by | Posted in Insurance

Although many of us might assume that insurance is a relatively new phenomenon in the evolution of human history, its roots go back much further than expected. As early as 1750 B.C., the Babylonians exhibited a code of conduct cited as the earliest antecedent of the practice. It is only in the 14th Century, however, that we find the first actual insurance policies similar to those we recognise today, created in early-Renaissance Genoa. This article examines the modern-day insurance industry and how insurance brokers must be trained to operate effectively within it. 

What service do insurance brokers provide?

Before we analyse the educational and training requirements licenced insurance brokers must adhere to, it is helpful to provide a basic description of their role, which is as follows:

  • An insurance broker acts as an intermediary or liaison between a potential client and their insurance provider. They aim to secure the optimum policy for each individual, negotiate terms and prices, and represent the consumer in all interactions. Although insurance brokers typically work on commission, a fee may also be required to engage their services. 

The pivotal role of insurance brokers

Although increased access to the online realm has fundamentally changed how the insurance industry is advertised and accessed by consumers, the role of professional insurance brokers should not be underestimated. The power of individual consumers to drive bargains and analyse the small print of complex insurance policies is significantly diminished without the assistance of professional insurance brokers. The service they provide almost always pays for itself in the long run. Through an in-depth understanding of the state of the industry at any given time and mutually beneficial relationships with insurance providers, they can often generate deals and additional caveats that solo consumers cannot hope to emulate. 

Why do insurance brokers need training?

Like so many professional roles in our societies, developing a successful career as an insurance broker requires approaching the subject from several directions. A deep, nuanced understanding of the industry is essential to serve their clients effectively and maximise the benefit of their services. 

As times change, so do trends, legal requirements, potential pitfalls, and many other factors. Without robust, comprehensive training, the chances of getting to grips with the complexities of insurance policies and how the systems that promote and operate them work, there is almost no chance of success. Nothing will test client loyalty and the prospect of repeat custom faster than incompetence, especially if it costs the client money or creates unnecessary issues and associated stress. Several proven ways to enhance any career in insurance broking include:

  • Work experience 
  • Consistently honing skills
  • Continued training and education 
  • Creating robust, professional working and client relationships

It is not just in the best interests of individual insurance brokers to continuously better themselves and their understanding of the industry that employs them. It is also of great advantage to anyone who engages in their services, either as an employer in a firm of brokers or as a client seeking exceptional outcomes. 

What kind of training do insurance brokers undergo?

The primary educational and legal requirements to become an insurance broker vary depending on the country where they practice their trade. In Australia, the educational and training requirements are as follows:

  • Complete a Certificate III in insurance broking 
  • Earn an Australian Financial Services Licence

The Australian Certificate III covers everything from the basic concepts and mechanisms that drive the industry to detailed specifics and key components, including:

  • Licensing and regulation
  • Insurance products and services 
  • How insurance broking functions (theoretically and practically)
  • Handling insurance claims
  • Advising clients with complex needs
  • Marketing and practice-management skills
  • Compliance regulations

Perhaps counter-intuitively, a bachelor’s degree is not essential to make one’s way successfully in the insurance broking world. It pays to remember, however, that competition in the industry can be fierce, and every advantage an applicant can avail themselves of is sure to be advantageous. Natural subjects to study that will ease passage into the insurance industry include:

  • Finance and economics
  • Business studies (including business administration)
  • Accounting
  • Marketing
  • Communications
  • Sociology and psychology

Additional desirable qualifications and attributes

  • Post-certificate diploma in insurance broking 
  • Extensive work experience (via internships and trainee positions)
  • Advanced digital training 

Staying ahead of the curve with ongoing education and career development

As a bare minimum, any professional insurance broker needs to remain constantly aware of the state of the industry and note any changes or trends. Only through vigilant, concerted effort can any professional broker claim to be in a position to serve their clients’ best interests and act as the keystone that holds their insurance provisions together.  

The critical nature of technology and how it affects insurance brokers

As in many walks of life, technological advancements have revolutionised the insurance industry and its associated careers. The ease with which consumers can compare and contrast large numbers of insurance policies online is a game-changing development that cannot be undermined or reversed. 

Insurance brokers must prove that their expertise, professional integrity, industry relationships, and reputation are worth investing in and that they will show demonstrable results. This can only be achieved if the brokers intimately understand the technology in question and recognise its limitations and how to improve them. Offering a personal touch is an old-fashioned concept that many individuals still desire and respect, and counteracting the impersonal nature of searching for policies online is as good a place to start as any. 


We hope this article has helped clear up some of the misconceptions about insurance brokering and how to train and develop a career in the industry effectively. The bottom line is that there can be no resting on one’s laurels once initial certifications and requirements are met. In such a constantly shifting, complex landscape, the only way to rise above the competition is to stay ahead of the game every step of the way. We can all benefit from lifelong learning in many aspects of our lives, and being a professional, highly sought-after insurance broker is no exception.  

Contact us

If you want to learn more about Matrix Insurance, how we conduct our daily business, and our non-negotiable standards and ethical practices, please do not hesitate to contact us. We have an incredible team of trained, knowledgeable staff standing by to help however possible and offer all the advice, information, and guidance you need.  

Avoid the Common Pitfalls to Make Sure Your Business Insurance Claim is Successful
Avoid the Common Pitfalls to Make Sure Your Business Insurance Claim is Successful

Posted on May 13, 2024 | by | Posted in Insurance

Filing a claim on your business insurance might not seem like an easy task. With the additional stress most people are under in such situations, thoughts of paperwork and getting all the details right can be off-putting for many people. However, it is important to understand the key parts of the process, so that you know how to simply and easily file a claim should the need arise. If you ever have to make a business insurance claim, you will want to make sure that you have done everything you need to do from your side to receive any compensation due as soon as possible. From reviewing your policy to liaising with your insurance company, this guide will break down all you need to know to make sure your insurance claim is successful. 

Important Things to Remember for a  Smooth and Simple Insurance Claim

1 – Time is of the Essence

Most insurance companies have strict time limits on when the insured party must file a claim after an incident occurs. It is important to contact your insurance company as soon as possible to initiate the claims process. When you contact your insurance provider, you should make sure you have the following information to hand. You will need to have your policy number, the effective start date of your cover, and any other relevant information specific to your policy. Whilst contacting your insurance company in good time starts the ball rolling, it is important to consider the following points that will help your claim to be processed efficiently. The better prepared you are when you deal with your insurance company, the smoother the process will be from start to finish.

2 – Document Everything

When filing a successful insurance claim, documenting evidence is an integral part of claiming what is owed to you.  Video and photographic evidence relating to aspects of your claim will help provide the details your insurance company needs to assess everything. As well as photos and videos, it is also important to keep a record of any expenses incurred concerning your claim. These can be receipts showing anything that you have had to pay out concerning your claim. If applicable to your claim, a police report will also be strong supporting evidence to support the situation. Ensuring you have as much documentation as possible can help avoid any potential discrepancies with your insurance provider. 

3 – Understand Your Policy

Insurance policy documents are often lengthy and complicated. It is important to know what is in your policy to ensure you get the compensation you are entitled to. If you need to file a claim, reviewing your insurance policy is an important step. The better you understand your policy and what you are covered for, the more straightforward the claims process will be. Enlisting the services of a reputable insurance broker can help you make sense of your insurance policy quickly and easily. Matrix Insurance Services, a leading Perth-based insurance broker that covers the whole of Australia, can help you understand all aspects of your policy and give you clear and impartial advice to make your claim a success.

4 – Cooperating with Your Insurance Company 

For many people, it may feel like it is ‘us and them’ when thinking about having to deal with insurance companies. That old cliché that insurance companies will do everything they can to not pay out is not true in most cases. Your insurance company has a duty to check if the claim is legitimate, and you have a duty to show that you are making a valid claim for the compensation you are owed.  Even if you have already provided the company with plenty of documentation, they may still require more to deal with your claim. Ensure that you send any further documents or evidence they request and answer any questions they have so that they can process your claim sooner rather than later.  

5 – The Outcome of Your Claim

Once your claim is approved, the settlement process will begin. Depending on your specific insurance policy terms and conditions, you may have different options when it comes to how your insurance company will compensate you. An insurance broker can help you understand the choices available to you, and make sure that you get the best outcome based on your insurance policy. When your claim has been approved, you will receive an estimated timeframe for when it will be resolved along with when any payments will be received. Should your claim be denied by your insurance company, you will be given an explanation with the reasons why. In this case, most insurance providers will advise you of the next steps you may take to dispute the outcome. If you are unhappy with the decision, you can request your insurance company to carry out an internal review regarding the outcome.

Make Sure Your Business Insurance Claim is Hassle-Free

Following the above advice, from timely contact with your insurance company to providing relevant documented evidence, will help speed up the claims process. Filing any kind of insurance claim can be a complicated and stressful time. It can seem like there is a lot of responsibility on your side; when all you want to do is receive what you are owed. After all, that is the point of taking out an insurance policy in the first place. Making errors along the way when filing a business insurance claim can hold up receiving any payment you are due. In worst-case scenarios, your insurance claim may be denied if you fail to fulfil your obligations. To ensure any insurance claim you file is a success, Matrix Insurance is here to help you every step of the way. We are 100% Australian-owned and operated, and our dedicated team are experts in business insurance. Contact us today to find out how we can help you with all your business insurance needs.

Request a FREE Quote