List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Establish relationship with client | 1.1 Use appropriate communication skills to establish client’s knowledge level and type of advice required 1.2 Respond to enquiries for advice on new or renewed insurance program by explaining range of insurance products and broking services available, associated fees and charging methodologies, role of adviser or principal responsible for adviser’s conduct and procedures for complaints handling |
2. Identify client objectives and risk situation | 2.1 Complete risk assessment in compliance with brokerage guidelines to gather appropriate client information and determine client risk profile 2.2 Confirm effective dates for insurance changes with client 2.3 Maintain comprehensive records of risks assessed and actions taken 2.4 Check and review records regularly to ensure information is current |
3. Analyse changes to client’s insurance program | 3.1 Identify and record in writing all required changes using information gathered 3.2 Compare new and additional risks with current insurance program so that discrepancies are clear 3.3 Consult with client throughout analysis and seek advice about required changes without delay 3.4 Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required 3.5 Obtain client declarations as required by underwriter |
4. Negotiate program changes with insurers as required | 4.1 Obtain terms to meet client requirements 4.2 Clarify terms required for renewal and change of client's insurance with insurers |
5. Communicate options to client and obtain instructions | 5.1 Advise clients about outcomes of negotiation with insurers to enable informed decisions to be made 5.2 Clarify options for client that specify client benefits and disadvantages 5.3 Present justified recommendations clearly to clients, responding to questions as required 5.4 Obtain client instructions to enable precise action to be taken 5.5 Forward renewal notices to client at least 14 days before policy expiry according to organisational timeframe requirements |
6. Provide ongoing service where requested by client | 6.1 Agree on type and form of ongoing service with client 6.2 Explain fees and costs of ongoing services and confirm client understanding 6.3 Provide ongoing service as requested by client |
Evidence of the ability to:
collect information about a client’s risk needs using appropriate brokerage risk assessment tools and guidelines
undertake an assessment of client’s risks
conduct research to identify appropriate products and undertake a product comparison and cost–benefit analysis to support recommendations
use effective communication skills in working with clients and product providers to ensure appropriate insurance program solution is attained.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
outline the application of company or organisational policy, procedures and authorities relating to implementing new or renewed insurance programs for broking clients
describe the analysis and application of information on insurance industry trends and developments in the advisory process
outline the analysis of insurance product types and company or industry policy wordings in developing recommendations for broking clients
identify and outline the relevant generic knowledge requirements as identified by the regulator for advice to retail clients.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance broking field of work and include access to:
common office equipment, technology, software and consumables
organisational records
organisational policy and procedures.
Assessors must satisfy NVR/AQTF assessor requirements