What is Tier 1 and Tier 2 in insurance?

Starting a career in insurance can be confusing when there is a lot of new terminology to learn. In addition to understanding the difference between brokerage, underwriting, and claims (and what they actually do), Tier 1 and Tier 2 are also discussed.

But you don’t need a specific degree to work in insurance…do you? that’s what you may have been told when you started looking into this as a possible career path. never fear. You don’t need Tier 1 or Tier 2 qualifications to start your insurance career! however, you will likely need to earn at least your level 2 qualification to have a long and successful insurance career.

Reading: What is tier 2 insurance

One of our future insurance program partners, Gold Seal, specializes in providing Tier 1 and Tier 2 qualifications to professionals in the insurance industry. We caught up with Gold Seal CEO Sheila Baker to find out everything you need to know about Tier 1 and Tier 2 qualifications!

first of all, what is level 1 and level 2 in insurance?

Levels 1 and 2 are the education levels financial product advisors must attain before they can provide advice. each consists of sets of knowledge and skill requirements that vary, depending on whether the advisor is providing general or personal advice and what products they are advising on.

Level 1 level of education is partially equivalent to Diploma level under the Australian Qualifications Framework and Level 2 level of education is partially equivalent to Certificate level III.

getting your insurance scores

what areas of insurance does it apply to?

Sickness and accident insurance requires a level 1 qualification to authorize the advisor.

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General insurance level 2 is required for all retail general insurance products other than accident and health insurance. these are:

• motor vehicle
• housing construction
• home content
• consumer credit
• travel
• personal and household property
• medical indemnity

what experience do you need before you get these qualifications?

To enter the Gold Seal Level 1 and Level 2 programs, students must be currently employed at an insurance underwriting or brokerage agency or be an authorized representative of a financial services licensee. students require the support of the management in their studies.

It is recommended that graduate students have a minimum of 3 months of brokerage experience prior to admission.

how long does it take to complete level 1 and level 2?

Gold Seal Level 1 is almost half of an insurance brokerage degree. it is completed as distance learning over a six-month period and is estimated to take 50 hours to complete.

Level 2 is also completed through distance learning and is estimated to take approximately 30 hours for junior staff.

why is it so important to have these qualifications? Does someone who works in insurance need both?

In addition to legal requirements, many employers have minimum qualification requirements. The staff may not be advising on health and accident insurance, but the employer may require all brokerage staff to have Level 1 clearance.

If you could give one piece of advice to someone starting a career in insurance, what would it be?

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Hold on tight – you’re in for the ride of a lifetime! it is a fantastic industry in which to make your mark and offers significant career options. The thing to remember is that lifelong learning plays a key role in insurance success and will always benefit those who choose their career in this exciting industry.

stories of insurance futures graduates

tomair bennett – business development assistant at future insure graduate program mat norman – broker support officer at future insure daniel bartlett – claims assistant

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who is the golden seal?

gold seal was founded in 1993 by valerie baker to provide professional services to insurance brokers and underwriting agencies. They have been providing diploma level education since 2005. In 2011 they established their online learning platform, Campus Goldseal. In addition to providing industry education, they also provide an extensive number of professional development courses designed to bridge the gap between general insurance education and the skills required to practice the art/science of general insurance underwriting and brokerage. /p>

sheila baker, sister of valerie and now CEO of gold seal, joined gold seal in 2004 after five years leading her own human resources and learning department. development consulting business. In 2013, she was appointed to the position of MD, which encompasses serving many insurance brokerage and underwriting agency clients in business practices including compliance, human resources, and learning and development.

gold seal and future insurance

The Gold Seal Future Insurance Graduate Training is a structured formal learning program to specifically support future insurance graduates in their new role and includes three stages; induction, training and accreditations/professional qualifications.

To learn more about Future Insure’s graduate program, visit our profile here!

Source: https://amajon.asia
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