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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.

How to Navigate the Insurance Claims Process in Several Easy Steps
How to Navigate the Insurance Claims Process in Several Easy Steps

Posted on April 16, 2024 | by | Posted in Insurance

Making an insurance claim can seem daunting and overwhelming on the first attempt. Here at Matrix Insurance, we want all our clients to feel comfortable and secure in the process, so we have broken it down and created the following guidelines. The exact nature of some of the following steps depends on the reason for the claim, but most hold true in any circumstance and will facilitate the smooth processing and payment of your claim. 

Gather information 

The more information you have about an insurance claim, the easier things will be. Provided you have the means and it is safe to perform the following actions, it is far better to have too much information than too little.

  • Take as many photographs and videos of the scene or related areas as possible. Common sense will dictate this; you must not endanger yourself while documenting unsafe areas or items. 
  • Create a list of the items you wish to include in your claim, and try to note where and when they were purchased. If you have receipts for items, attach those to the list. 
  • If you were present, write a clear, concise account of the events as you saw them unfold. If emergency officials attended the scene, ask for their badge numbers and a reference number for the incident. List the names of any witnesses or involved parties. 
  • If a building has been damaged, document and list any affected structural elements, flooring, or large pieces of furniture if they are safe. 

Making the claim

Your insurance provider should provide clear instructions for making your claim; do not hesitate to contact them if you need clarification. If you have friends or family members familiar with making insurance claims, draft them in to help relieve some of the stress and burden. Work systematically through the instructions and check off each action once completed. 

  • If the provider informs you that your inability to provide documentation precludes you from continuing your claim, seek legal assistance. 


Your insurance provider may send an assessor to your location. It is critical to be as honest and cooperative as possible, showing them any relevant items and locations and running through the story again if necessary. The assessor may wish to conduct interviews, speak with independent witnesses, and review the reports filed by any attending emergency services.

  • Most importantly, only sign documents once you agree and understand the details and repercussions. You may wish to seek legal advice before signing.

Facilitating faster payments

If you are in a dire financial situation, insurers are required to do everything possible to fast-track your claim. The General Insurance Code of Practice implicitly states this, and you should familiarise yourself with its contents and mention it if necessary. An advance payment must be made within five days of your demonstration of financial difficulties. This will be deducted from your final balance. 

  • If problems occur or the insurer refuses to adhere to the code, you can request a review or complain to the Australian Financial Complaints Authority (AFCA).

Timeframe and final steps

Your insurance company must inform you of its decision within ten business days of receiving your claim unless it requires more information and assessments.

  • If, under normal circumstances, you haven’t received a decision from your insurer within those ten business days, you may wish to write a letter of complaint or request an internal review of the matter.

Rejected claims

If your claim is rejected and you believe it is unfair, ask your insurer to review it internally. If they do not respond within fifteen business days or the matter is unresolved, you can escalate proceedings to a senior level within the company. They then have forty-five calendar days from that point to give you a final assessment of their decision. If your complaint remains unresolved, contact the AFCA and request an independent review. This request must be made within two years of the final decision. 

  • If you remain unsatisfied with the result of these investigations, you can pursue the matter in court at your own expense. 

Luckily, most insurance claims never reach the latter stages of these guidelines, so it is acceptable to be aware of your rights and tackle each phase as and when it occurs. 

Contact us

If you want to learn more about Matrix Insurance and our comprehensive range of quality insurance policies, please do not hesitate to contact us. Our trained, knowledgeable staff are standing by to assist in any way they can. Our reputation as a trusted broker means everything to us, and this is built on honesty and professional integrity. We will never try to sell you unnecessary insurance coverage and will always give you open, honest advice on the best course of action in your circumstances.

Comparing Business Insurance and Providers: What to Look For
Comparing Business Insurance and Providers: What to Look For

Posted on March 04, 2024 | by | Posted in Insurance

It goes without saying that in the modern world, all businesses require some insurance. Whether it is to protect themselves and their property should a natural disaster strike or ensure that any mistakes and accidents affecting outside parties are covered, the list is long and complex. So, where do you begin comparing business providers and the policies they offer? Here at Matrix Insurance, we have gathered a series of tips and strategies to employ and created a brief guide to help you through a process many people find daunting and stressful.  

Opt for proven, reputable insurance companies

As tempting as it may be to lean towards smaller, more obscure insurance companies that offer lower premiums, they must first be recognised as financially stable and robust enough to provide protection. Many independent agencies exist that evaluate insurance companies and will grade them according to a range of factors. Seek out those grades and dismiss those that do not make the cut, switching your focus to reputable companies. 

Insurance companies are not renowned for their flexibility or tendency to make exceptions but remember, they are keen to get your name on the dotted line. The insurance industry is filled to the brim with competing providers, and they may be prepared to strike a deal. This is where the assistance of professional insurance brokers like Matrix Insurance Group can be invaluable, as they will have an in-depth understanding of the market at any given moment and which buttons to push to secure the best deals. 

Don’t assume all insurance quotes are created equally

The last thing you need if the time comes to claim on your insurance is a policy that only provides part of the coverage you require. We will look at the specific details to check for shortly but be aware that differences exist and can be fundamental to the efficacy and value of your chosen policy.  

What kind of insurance does your business need?

Although many businesses fall into the same categories for convenience and ease of organisation, no two are ever truly the same. From premises style and location, staff numbers and stock levels, environmental issues, and more. Some common types of business insurance options for Australian business owners include:

  • Cyber Liability—Protection against losses from a malicious data breach or other digital issues, from viruses to accidental emails and misplaced hardware.
  • Business Insurance Pack—Coverage for accidental damage to your property, usually including your business premises and its contents, plus any stock therein. 
  • Commercial Property/Building—Similar to Business Pack Insurance, this insurance covers any loss or damage to the building, loss of rent due to said damage, and the property owner’s liabilities.
  • Public Liability—Necessary for businesses of all types and sizes, this insurance provides cover if any member of the public is injured or has their property damaged due to your business activities. This includes them spending time at your location and any employees working outside the premises under your instruction. If a brick falls from a hod through a car window, you need public liability insurance to protect yourself. 
  • Professional Indemnity—This insurance protects against claims of alleged negligence or breaches of duty during the delivery of professional services of any kind.

Coverage and exclusions

When comparing business insurance quotes, carefully reviewing each policy line and benefit is essential. Luckily for consumers, Australian regulations mean that insurance companies must lay out their policy benefits and exclusions in a clear, straightforward way. Gone are the days when the fine print is used to hide unsavoury elements of any policy in the hope that it will not be noticed. If an insurance company offers confusing, unclear coverage descriptions or seems vague and unhelpful, dismiss it immediately. There are dozens more, and it is a competitive buyers market.

  • Coverage—The maximum liability or risk the insurance company is prepared to pay for.
  • Exclusions—Anything not covered by the insurance policy for any reason. 

Compare policy financial limits and deductibles

When comparing your shortlist of business insurance providers, do not neglect any limits or deductibles they apply to a given policy. 

Limits—represent the stated maximum amount the insurance company will pay in any given circumstance. If your business is more susceptible to external claims due to damage or injury, you should focus on policies with higher liability limits at the expense of property coverage and vice versa. 

Deductibles— The amount you will be liable to pay yourself before the insurance company steps in to take the burden. Most are familiar with deductibles when renting a car or purchasing vehicle insurance. Higher deductibles usually mean lower premiums.

Additional considerations

Before you begin this process, carefully assess your reasons for purchasing business insurance and research your legal responsibilities. Certain types of businesses can only legally interact with clients if fully insured with the correct policy, so do your homework carefully and know where you stand regarding your responsibilities. 

If you can avoid choosing your policy based on premiums alone, you open yourself up to a superior range of options and levels of coverage. Small businesses often operate on a fiercely tight budget, especially in the early days, and it is tempting to select the cheapest policy, but that can be a costly mistake. 


Comparing as many business insurance quotes as possible is crucial to getting a good feel for the market, what to expect, and understanding how the process works more accurately. Give yourself ample time to complete the process satisfactorily and feel confident you have covered all the bases. If in doubt, speak to reputable insurance brokers like Matrix Insurance Group and let them take the weight off your shoulders and handle the job for you. Key factors to focus on include:

  • Risks to your business
  • Exclusions
  • Coverage limitations

Contact us

If you wish to learn more about our role as one of Western Australia’s leading insurance brokers, please do not hesitate to contact us at your earliest convenience. With an experienced, knowledgeable team and unrivalled access to more than 120 competing insurers and underwriters, we can offer you incredible choice and flexibility, no matter your business model. We look forward to speaking with you in the near future and hopefully partnering with you moving forward. 

Breaking down the differences: public liability vs professional indemnity insurance explained
Breaking down the differences: public liability vs professional indemnity insurance explained

Posted on March 04, 2024 | by | Posted in Insurance

The world of insurance can be a little overwhelming to navigate, and understanding whether you need public liability or professional indemnity insurance is one of the complexities that many people come across. There are instances where you may need both depending on your profession but in short, public liability protects you against lawsuits for damage or injury that may occur to a customer or their property, while professional indemnity insurance is to cover you personally in the event of professional negligence or errors. Let’s look a little deeper into what this means.

Public liability

Public liability is a type of insurance suited to any sized business that could potentially be sued for damages arising from a client or member of the public claiming they were injured or had property damage due to your business activities. Examples of public liability claims could include a customer slipping on a wet floor and sustaining injuries or a delivery driver damaging a customer’s letterbox as they entered the driveway. 

Professional indemnity

Professional indemnity insurance will cover you personally against a client or patient bringing charges of negligence. You may be a surgeon who performed a procedure your patient was not happy with or a financial adviser who has a client who feels you gave bad advice resulting in a significant financial loss. Essentially, professional indemnity insurance is to ensure that any costs associated with a dissatisfied customer who feels you were negligent in performing your professional services are covered.

How to tell which insurance you need

Some industry and registration requirements for certain professions and trades will dictate which insurance you need; however, the best way to discover what is required to keep you covered appropriately is to consult an experienced insurance broker such as Matrix Insurance. While there may not be a regulatory requirement for certain insurance, assessing your risk status will reveal if you need public liability insurance, professional indemnity, or both.

Public liability cases

To execute a public liability insurance claim, a member of the public will first need to establish that you failed to exercise a duty of care. In this event, their injury or damage could have come about from faulty equipment, maintenance issues, or avoidable hazards that could have reasonably been rectified or cordoned off before any injuries occurred. Examples include an overloaded shelf collapsing and crushing a customer, a puddle on the floor causing a slip hazard, or perhaps you have a lot of moving machinery in an area the public can access, allowing for accidental collision or impact injury.

Professional indemnity cases

Typically, we would think of professional indemnity as a type of insurance that is attributable to healthcare professionals and malpractice lawsuits. It actually extends to all professions, with examples being an IT consultant accused of breach of confidentiality, an accountant making an error that causes serious financial issues, or a lawyer accused of misrepresentation. If you offer services that could cause financial losses or physical injury, professional indemnity will keep you covered for any potential costs arising from claims of malpractice.

Costs associated with lawsuits

If a claim is made against you there are several types of damages that you could be liable for. Medical costs, compensation based on the severity of the injury, construction costs in the case of property damage, and loss of income could all be brought against you. Couple this with your legal fees and potentially the legal fees of the person suing, it can amount to quite a substantial sum of money. Having the appropriate insurance safeguards you in the event of a claim against you, seriously affecting you and your business financially.

Where to from here?

If you are still unsure if you need public liability insurance or professional indemnity insurance, consider this. Does the service you provide have room for error? Is there a possibility you may cause property damage? Are there any hazards within your premises that may cause injury? From something as simple as serving coffee that burns a customer, or a lawnmowing service that accidentally breaks a window from a stone flying up, or a masseuse who may have gone a little too hard on a person’s body, the potential for lawsuits or claims for compensation are constantly present.

The vast number of options available in the market when considering insurance makes it a wise choice to enlist an experienced insurance broker. Find someone with a proven track history of successfully finding the best insurance for their clients such as Matrix Insurance. With a nationwide client base, and a wealth of access to some of the best insurers in Australia, the ideal match for your insurance needs is but a phone call away.

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