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. Identify required risk changes to insurance program | 1.1 Establish all required changes using appropriate checklist or questionnaire 1.2 Determine alternative risk management strategies to provide client with viable options 1.3 Review current insurance program to determine whether existing cover can be endorsed or whether new cover/s are required 1.4 Seek instructions from client about required changes without delay |
2. Negotiate change with insurers | 2.1 Establish availability of market with suitable terms for client requirements 2.2 Negotiate all terms required for change with suppliers to provide most beneficial outcome for client |
3. Communicate options for changes to client | 3.1 Advise client about outcomes of negotiations with insurers to enable informed decision to be made 3.2 Identify options for client that specify benefits and disadvantages 3.3 Justify all recommendations |
4. Obtain client instructions for program amendments | 4.1 Communicate options for changes clearly so that client can make informed decisions on program changes 4.2 Obtain clear and concise client instructions to enable precise action to be taken 4.3 Record client instructions according to operating procedures to ensure information is current 4.4 Confirm all client instructions to protect interests of both broker and client 4.5 Complete relevant documentation |
5. Provide ongoing service where requested by client | 5.1 Agree with client type and form of ongoing service, including reporting on performance and review of insurance program 5.2 Explain any fees and costs for ongoing and specifically defined services, and confirm client’s understanding 5.3 Schedule and provide ongoing service as required |
Evidence of the ability to:
review existing client portfolio and client insurance history to identify gaps in the portfolio and recommend strategies to cater to client needs
develop a communication strategy that demonstrates gathering and analysis of information, and development of options, and shows how a recommendation for a chosen line of action is justified.
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 application of the principles and practice of cost–benefit analysis in recommending changes to client insurance programs
provide analysis of product offerings available in the market to cater for the varying needs of broking clients that covers evaluation of insurance benefits and supplier services
evaluate the organisation’s policy and procedures that cater to the improvement of service to broking clients
summarise the various risk management strategies available to service broking clients
explain the responsibility for compliance with legislative requirements in recommending changes to insurance programs.
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.