Assessor Resource

FNSIBK604A
Develop and manage marketing plans for an insurance broking business

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases.

This unit describes the performance outcomes, skills and knowledge required to develop a marketing, sales and promotional strategy to grow a broking organisation. It also describes establishing agreements with intermediaries for distributing broker general and life insurance products. It encompasses setting up arrangements with suitable distribution channels to deal in the products and services provided by the brokerage.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

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

Employability Skills

This unit contains employability skills.



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 Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

identify the key market data (accurate and relevant) and the range of available information sources

analyse data and determine areas of improvement

negotiate required improvements to ensure implementation

evaluate systems against brokerage requirements and form recommendations and/or make recommendations.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation records

access to organisational policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

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.

Required skills

highly developed communication skills to:

negotiate with clients and others

determine and confirm information, using questioning and active listening techniques

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

use database management

use statistical/data analysis and interpretation

perform calculations related to achieving required outcomes

use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

access and update records electronically

access web based information services

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

research and analysis skills for accessing and interpreting relevant information

well-developed interpersonal skills

organisational skills, including the ability to plan and sequence work

project management skills

marketing skills

presentation skills

well-developed problem solving skills

well-developed planning skills

Required knowledge

current industry/organisation product and marketing mix

how to acquire and interpret relevant data

industry compliance requirements

industry market position relative to product/line of business

IT and communications systems

marketing principles

organisation industry policy wording, policy and procedures

relevant common law, legal systems and procedures

underwriters guidelines and authorities

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Brokerage objectives may be:

achievable

measurable

realistic

time defined.

Market research data may include:

Australian Bureau of Statistics (ABS)

chambers of commerce information

client surveys

data about existing clients

data about possible new clients

data from external sources such as:

data from internal sources

industry reports

internet

libraries

mail surveys

personal interviews

primary market research such as:

secondary market research (available research by other people)

small business surveys

telephone surveys

trade associations/journals.

Competitor analysis may include:

competitor offerings

competitor profile in the market place

competitor promotion strategies and activities.

Marketing position should include data on:

communication

cost components

distribution strategies

market position

marketing channels

new/changed products

place

price

pricing objectives:

profit

market penetration

pricing strategies:

cost plus

supply/demand

ability to pay

product

product differentiation from competitive products

product mix

promotion

promotion budget

promotional strategies

target audience

the augmented product (total package of consumer features/benefits)

the core product (what is bought)

the good or service provided

the tangible product (what is perceived).

Brokerage brand may include:

AIDA (attention, interest, desire, action)

brokerage image

brokerage logo/letter head/signage

facility decor

phone answering protocol

slogans

style guide

templates for communication/invoicing

writing style.

Benefits may include:

benefits as perceived by the client

features as perceived by the client.

Promotion tools include:

advertising

brochures

direct mail

networking and referrals

newsletters (print and/or electronic)

press releases

publicity and sponsorship

seminars

telemarketing/cold calling

websites.

Applicable legislation includes:

Carriers Act

Compulsory Third Party Motor Vehicles Act

Financial Services Reform Act

Insurance Act

Insurance Contracts Act

Local Government Act

Marine Insurance Act

Trade Practices Act.

Yield per existing client may be increased by methods including:

packaging fees

raising charge out rates/fees

reduce discounts

sell more services to existing clients.

Promotional package may consist of materials such as:

client newsletters or bulletins

media advertising (radio, television, newspapers, trade journals, direct marketing)

product service brochures

promotion may include sponsorship.

promotional packages can be directed to existing or new clients

promotional products or give-a-ways and third party services.

Distribution channels may include:

associations

authorised representatives common interest groups

broker's in-house staff

direct response

existing clients

other brokers

telemarketing

trade journals.

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
The brokerage vision statement is developed/reviewed 
Brokerage objectives are developed/reviewed 
Target markets are identified/refined 
Market research data is obtained 
Competitor analysis is obtained 
Market position is developed/reviewed 
Brokerage brand is developed 
Benefits of practice/brokerage products/services are identified 
Promotion tools are selected/developed within applicable legislation 
Plans to increase yield per existing client are developed 
Plans to add new clients are developed 
Proposed plans are ranked according to agreed criteria 
An action plan to implement the top ranked plans is developed and agreed 
Brokerage work practices are reviewed to ensure they support plans 
Promotional package is created to meet the requirements of the sales plan and enhance the business corporate image and all relevant legislative requirements 
Promotional strategy is implemented within budget in the timeframes specified 
Required distribution channels are obtained 
Training of the distribution channels is undertaken to ensure service knowledge and quality customer service is maximised 
Promotional materials are distributed within appropriate timeframes 
Criteria to measure the effectiveness of the sales/ promotional strategy are established 
Performance criteria for distribution channels are established so attainment of forecast sales target can be monitored 
Adjustments to the promotional strategy or service distribution are made as necessary to ensure the required result is being obtained 

Forms

Assessment Cover Sheet

FNSIBK604A - Develop and manage marketing plans for an insurance broking business
Assessment task 1: [title]

Student name:

Student ID:

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

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Result: Competent Not yet competent

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Assessment Record Sheet

FNSIBK604A - Develop and manage marketing plans for an insurance broking business

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:

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