Assessor Resource

FNSIBK518
Implement changes to insurance programs of broking clients

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to identify and implement insurance program changes for an insurance broking client, including undertaking a review of the existing portfolio and insurance history. It involves making changes following a prior review of the client’s personal and/or business needs.

The unit applies to both general and life insurance brokers in small or large brokerage organisations who provide advice to wholesale and retail clients. It applies to those who apply well-developed interpersonal, analytical and communication skills when dealing with retail and/or wholesale 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 changes to broking client’s insurance program for at least two different clients.

In the course of the above, the candidate must:

review existing client portfolio and client insurance history to identify gaps in the portfolio and recommend strategies to cater to client needs

undertake risk assessment to ensure changed insurance program is suitable

develop a communication strategy that demonstrates gathering and analysis of information and development of options, and shows justification for recommended lines of action.

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 relating to implementing changes to broking clients’ insurance programs

organisational policies and procedures relating to improving service to broking clients

principles and methods of cost-benefit analysis in recommending changes to client insurance programs

available communication strategies relevant to recommendation of changes to insurance programs

commercial and financial lines product knowledge and offerings available in the market

key features of risk-management strategies available to broking clients

aspects of ongoing service provision, including:

reporting on performance

review of insurance program.

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 changes to broking client’s insurance program for at least two different clients.

In the course of the above, the candidate must:

review existing client portfolio and client insurance history to identify gaps in the portfolio and recommend strategies to cater to client needs

undertake risk assessment to ensure changed insurance program is suitable

develop a communication strategy that demonstrates gathering and analysis of information and development of options, and shows justification for recommended lines of action.

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 relating to implementing changes to broking clients’ insurance programs

organisational policies and procedures relating to improving service to broking clients

principles and methods of cost-benefit analysis in recommending changes to client insurance programs

available communication strategies relevant to recommendation of changes to insurance programs

commercial and financial lines product knowledge and offerings available in the market

key features of risk-management strategies available to broking clients

aspects of ongoing service provision, including:

reporting on performance

review of insurance program.

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 required changes to program using checklist or questionnaire 
Identify alternative risk management strategies to provide client with viable options 
Review current insurance program to determine whether existing cover can be endorsed and whether new covers are required 
Seek instructions from client about required changes according to organisational procedures 
Establish availability of market with terms relevant to client requirements 
Negotiate terms required for change with suppliers 
Identify options for client according to client requirements 
Communicate negotiation outcome, and benefits and disadvantages of identified options 
Assist client to make decisions on program changes according to legislative requirements 
Record agreed client instructions on changes according to organisational procedures to ensure information is current 
Confirm client instructions and protect interests of both broker and client 
Complete required documentation according to organisational procedures 
Agree to type and form of ongoing service with client 
Explain fees and costs for ongoing and specifically defined services, and confirm client understanding 
Implement procedures and schedule for agreed ongoing service according to organisational policies and procedures 

Forms

Assessment Cover Sheet

FNSIBK518 - Implement changes to insurance programs of 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

FNSIBK518 - Implement changes to insurance programs of 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: