Assessor Resource

FNSIBK412
Implement new and renewed insurance program for insurance broking clients

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to implement a new or renewed insurance program based on a client’s current objectives and risk profile.

The unit applies to those working in insurance broking who assess and review information for retail clients.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement at least one new and one renewed program, each for a different insurance broking client.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements, regulatory and brokerage guidelines relating to implementing insurance programs for insurance broking clients

organisational policies, procedures and authorities relating to implementing new and renewed insurance programs for broking clients, including for:

identifying client needs and objectives

gathering client information

completing risk assessments

maintaining client risk and program records

referring clients to specialist advisers

available insurance products, product types, and broking services and programs, and:

associated fees

charging methodologies

organisational and industry policy wording in developing recommendations for broking clients

key features of client risk assessment, including risk profile

roles and responsibilities of adviser or principal responsible for adviser’s conduct

methods for comparing researched products and completing associated cost-benefit analyses

regulatory requirements for providing advice to retail clients.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement at least one new and one renewed program, each for a different insurance broking client.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements, regulatory and brokerage guidelines relating to implementing insurance programs for insurance broking clients

organisational policies, procedures and authorities relating to implementing new and renewed insurance programs for broking clients, including for:

identifying client needs and objectives

gathering client information

completing risk assessments

maintaining client risk and program records

referring clients to specialist advisers

available insurance products, product types, and broking services and programs, and:

associated fees

charging methodologies

organisational and industry policy wording in developing recommendations for broking clients

key features of client risk assessment, including risk profile

roles and responsibilities of adviser or principal responsible for adviser’s conduct

methods for comparing researched products and completing associated cost-benefit analyses

regulatory requirements for providing advice to retail clients.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Establish client’s knowledge level and type of advice required 
Identify client’s objectives according to organisational policies and procedures 
Respond to enquiries for advice on new or renewed insurance program and explain program components 
Gather client information according to organisational procedures to determine client risk profile 
Complete risk assessment in compliance with brokerage guidelines and applicable legislative and regulatory requirements 
Confirm effective dates for insurance changes with client 
Maintain comprehensive records of risks assessed and actions taken according to regulatory requirements and organisational procedures 
Check and review records regularly to ensure information is current 
Research and recommend appropriate products based on product comparison and cost-benefit analysis 
Identify and record required changes to program using information gathered 
Compare new and additional risks with current insurance program so that discrepancies are clear 
Consult client throughout analysis and seek advice about required changes within required timeframe 
Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required and according to organisational policies and procedures 
Obtain client declarations as required by underwriter 
Obtain terms to meet client requirements 
Clarify terms required for renewal and change of client’s insurance with insurers 
Advise clients about outcomes of negotiation with insurers to enable informed decisions 
Clarify options for client that specify client benefits and disadvantages 
Present justified recommendations clearly to clients, responding to questions as required 
Obtain client instructions to enable precise action to be taken 
Forward renewal notices to client according to organisational timeframe requirements 
Explain fees and costs of ongoing service and confirm client understanding 
Agree to type and form of ongoing service to be provided 
Implement procedures for agreed ongoing service according to organisational policies and procedures 

Forms

Assessment Cover Sheet

FNSIBK412 - Implement new and renewed insurance program for insurance broking clients
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSIBK412 - Implement new and renewed insurance program for insurance broking clients

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: