Assessor Resource

FNSISV304
Issue insurance renewal advice

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to issue notices covering invitations to renew existing insurance contracts.

It applies to individuals in customer service, data processing or underwriting roles in a range of insurance sectors within organisations of various sizes and across a range of customer bases.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on 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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify contracts due for renewal

1.1 Access computer generated reports to determine policies due for renewal

1.2 Identify contracts requiring further investigation prior to invitation to renew, and assess appropriately against organisational operating protocols

1.3 Refer contracts requiring further investigation to appropriate personnel for resolution

2. Advise renewal terms of insurance to the insured

2.1 Issue notices and information required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures

2.2 Advise customer on any disclosures that need to be made, noting any privacy considerations

2.3 Action errors and changes required to database records as a result of non-delivery of renewal advice according to organisational operating procedures

3. Finalise renewal terms

3.1 Finalise terms of renewal according to operating procedures and specified criteria

3.2 Complete all relevant documentation promptly according to operating procedures

3.3 Carry out customer follow up as required and action enquiries according to organisational guidelines

Evidence of the ability to:

issue renewal advice accurately and effectively following organisational policy and procedures, codes of practice and legislative requirements

enter data in organisational systems and complete workplace documentation, ensuring accuracy and attention to detail.

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:

identify relevant industry legislation as it applies to insurance renewals

explain the wording of industry sector insurance policies in terms of the organisation and departmental policy, procedures and authorities

identify and describe the organisation’s insurance products available to customers

explain how information technology and communication systems are used in processing insurance renewals

outline the relevant industry sector compliance requirements

explain the term 'duty of disclosure’

outline principles of privacy policy when dealing with customers.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software

an appropriate work environment and conditions.

Assessors must satisfy NVR/AQTF assessor requirements.


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify contracts due for renewal

1.1 Access computer generated reports to determine policies due for renewal

1.2 Identify contracts requiring further investigation prior to invitation to renew, and assess appropriately against organisational operating protocols

1.3 Refer contracts requiring further investigation to appropriate personnel for resolution

2. Advise renewal terms of insurance to the insured

2.1 Issue notices and information required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures

2.2 Advise customer on any disclosures that need to be made, noting any privacy considerations

2.3 Action errors and changes required to database records as a result of non-delivery of renewal advice according to organisational operating procedures

3. Finalise renewal terms

3.1 Finalise terms of renewal according to operating procedures and specified criteria

3.2 Complete all relevant documentation promptly according to operating procedures

3.3 Carry out customer follow up as required and action enquiries according to organisational guidelines

Evidence of the ability to:

issue renewal advice accurately and effectively following organisational policy and procedures, codes of practice and legislative requirements

enter data in organisational systems and complete workplace documentation, ensuring accuracy and attention to detail.

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:

identify relevant industry legislation as it applies to insurance renewals

explain the wording of industry sector insurance policies in terms of the organisation and departmental policy, procedures and authorities

identify and describe the organisation’s insurance products available to customers

explain how information technology and communication systems are used in processing insurance renewals

outline the relevant industry sector compliance requirements

explain the term 'duty of disclosure’

outline principles of privacy policy when dealing with customers.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software

an appropriate work environment and conditions.

Assessors must satisfy NVR/AQTF assessor requirements.

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
Access computer generated reports to determine policies due for renewal 
Identify contracts requiring further investigation prior to invitation to renew, and assess appropriately against organisational operating protocols 
Refer contracts requiring further investigation to appropriate personnel for resolution 
Issue notices and information required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures 
Advise customer on any disclosures that need to be made, noting any privacy considerations 
Action errors and changes required to database records as a result of non-delivery of renewal advice according to organisational operating procedures 
Finalise terms of renewal according to operating procedures and specified criteria 
Complete all relevant documentation promptly according to operating procedures 
Carry out customer follow up as required and action enquiries according to organisational guidelines 

Forms

Assessment Cover Sheet

FNSISV304 - Issue insurance renewal advice
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

FNSISV304 - Issue insurance renewal advice

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: